The Commonwealth Bank of Australia (CBA) is the latest major lender to slash its fees on personal and business accounts.
CBA yesterday said it would slash late payment fees on mortgages from $45 to $25.
It will also reduce dishonour fees from $35 on business and personal transaction accounts to $5, while overdraft fees would be reduced from $30 to $10.
According to CBA’s retail banking services group executive, Ross McEwan, the bank will also introduce a ‘safety net’ to help customers avoid incurring fees by sending SMS and email balance alerts.
“We want to provide significant fee reductions while retaining a positive incentive for our customers to help them avoid any exception fees,” Mr McEwan said in a statement.
“The Commonwealth Bank will continue to review all of our fees and pricing to ensure we respond to our customers’ needs, as well as delivering new and innovative tools and functionality to help them manage their own money effectively,” he said.