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ANZ Announces Pricing And Product Changes

Friday 16 March, 2000

ANZ today announced changes to some of its banking services.

The changes include an ATM fee decrease and the introduction of an opt-out of the honour fee service. Three fee increases and several non-fee related adjustments will come into effect from 1 May 2001.

ANZ Head of Group Marketing Mark Thomas said over the coming month ANZ customers are being sent information on the changes along with advice on how to lower their cost of banking. ANZ is also launching a customer education campaign in April on getting the most from everyday banking, part of which focuses on minimising fees.

“The signing of an interchange agreement between ANZ and ASB means the cost of using ASB ATMs for ANZ customers falls from $5.00 to 50 cents. The two-transaction cap on the honour fee is being removed to further discourage customers from going into overdraft without having funds available. However ANZ is introducing the ability for customers to opt-out of the honour fee.

“Monthly administration fees on some transaction accounts rise from $3.00 to $3.50, the service fee for automatic payments increases from 25 cents to 30 cents and the transaction fee-free threshold rises on ANZ Key Saver.

“The non-fee related changes include adjustments to ANZ’s Phone Direct service, its Qantas Telstra ANZ Visa (QTAV) credit card, and the composition of the credit interest paid on ANZ Serious Saver.”

Mr Thomas said that after the fee changes up to one half of ANZ’s customers across different accounts will still pay no or very little fees. These include superannuitants, non profit organisations, tertiary students, tertiary graduates, customers under 18 years of age who apply for exemptions, and those with high deposit and lending volumes.

Mr Thomas says the fees charged reflect the value of the wide range of services ANZ provides. They also reflect the need for the Bank to more fairly apply fees based on the services its customers use. The non-fee changes are in response to changing customer habits.

“Ongoing pressure on lending rates over recent years has reduced the cross-subsidy of transaction services and most banks have asked customers to pay more towards the cost of the services they use.”

Mr Thomas said the costs associated with a range of ANZ’s services, such as over-the-counter withdrawals, are still not covered by what customers pay in fees.

“Banking provides a much wider range of services than even a few years ago. If customers have a transaction account with ANZ then $3.50 per month gives them access to 149 branches around the country, the second largest ATM network in the country, access to funds 24 hours a day through Internet and phone banking services, monthly statements, interest income, free product and service information, customer service advice and more.”

ANZ will continue to monitor fees and services in line with costs, market conditions and in response to customer feedback. A limited number of further changes are being considered for home loan, small business and farm credit line customers later in the year.

“We believe the fees we charge, are a very fair reflection of the scope of service we now provide. We will continue to work hard in the coming months to assist our customers with these changes and to help them get the most value they can from our banking services,” says Mr Thomas.

ENDS


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