4 Aug 2009

Westpac not yet ready to trim account fees

7:26 pm on 4 August 2009

Westpac New Zealand says it is too early to say whether it will follow its owner's lead in Australia where banking fees are being trimmed.

Westpac Australia says the move means the impact on its cash earnings this financial year will be $A210 million.

National Australia Bank last week abolished penalty fees on retail accounts that have gone into the red.

But Westpac New Zealand says it's still conducting a detailed review of its exception fee structure.

The bank, which operates separately to its Australian owner, says it is considering changes that will be welcomed by its customers. It expects to announce those changes within the next few weeks.

Westpac Australia's reductions, which will take effect from the beginning of October, are expected to reduce revenue by $A300 million.

Commonwealth Bank of Australia and ANZ also say they are reviewing their fees.