NAB Business Banking announced today it will abolish a number of its fees and it’s particularly good news for small businesses.
From Monday (February 1), NAB will get rid of several fees, including:
- Fees for cheques that are dishonoured
- Fees for electronic payments that are dishonoured
- Fees for deferring periodic payments–when there are insufficient funds in a customer’s account to meet a recurring payment schedule
- Cash handling fees for deposits or withdrawals made over the counter.
It will also introduce a $1,000 buffer for Overdrawn (Reference) Fees from May 1, providing relief for small business customers in particular. The buffer will eliminate 65% of all overdrawn fees currently charged to NAB’s small business customers.
More than 500,000 business account holders will benefit from the changes. Fees generate the most customer complaints in Business Banking.
Group Executive NAB Business Banking Joseph Healy said: “Australian small businesses have been through a challenging time. We hope the changes we are announcing today will remove the fees that annoy our small business customers
