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Bankers On Superannuitants Fee-Free Accounts

MEDIACOM-RELEASE-NZ-BANKERS'-ASSOC

Sir John Anderson, Chairman of the Bankers Association, today commented on the remarks made by the Bank Customer Action Group spokesperson Mr Gray Eatwell.

Mr Eatwell stated to the Media that a verbal agreement between the Banking Industry and the Government was made in 1993 before deregulation, requiring banks to offer superannuitants fee - free accounts.

Sir John, who was also Chairman of the Bankers Association in 1993 said in response:

"Deregulation of the Banking Sector occurred in 1984, not 1993.

The Banking Industry made no verbal agreements then, or at any other time, with the Government on Superannuitants Accounts or any other matter."

Sir John further said "The New Zealand Banks all introduced different products that were offered to different customer groups.

Some Banks, but not all registered Banks, have included a variety of different account products for Superannuitants. Some of which have been available for over ten years. Some accounts included no fees, some included fees. It was a matter of choice which account the Customer preferred to choose from their Bank."

ENDS....

MEDIA RELEASE FROM THE NEW ZEALAND BANKERS' ASSOCIATION

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