How to improve customer relationships
July 30, 2009 | alternatives, international | Comments (0)According to one bank in Australia, the way is to end overdraft protection. Apparently, overdraft fees are a huge issue “down under”:
“Although banks have always charged fees for overdrawing your account, they have been struggling with the negative publicity every since the Reserve Bank revealed the banks reaped $1.2bn through penalty fees last year,” Canstar Cannex financial analyst Peter Arnold said.
The research group said more banks were expected to follow suit.
The decision by NAB to axe its overdrawn fee is part of its efforts to improve its relationships with customers.
It should also put the bank on a more even footing with credit unions and building societies, who are generally more forgiving when it comes to customers being accidentally overdrawn.
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