BNZ drops overdraft penalty fees

BNZ has generated good news this week, with its announcement that the bank is dumping overdraft penalty fees. Honour fees, dishonour fees on transaction and savings accounts for both business and personal accounts, will be dropped from 1 September.

CEO Andrew Thorburn told the New Zealand Herald that the fees generated a large number of customer complaints every year and were a source of frustration to customers and staff.

“We believe this is the right thing to do for our customers, clients and staff. It’s also a strong business decision,” said Thorburn. “It’s a competitive market and we’re always looking for ways to improve our relationship with customers.”

The BNZ will have further opportunity to generate good news stories by giving a fair deal to staff in bargaining this year.

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