Finance Finance News Westpac and NAB respond
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Westpac and NAB respond

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We put the following questions to two of the big banks about late fees. This was their responses:

1. Westpac has reduced its late payment fees significantly since the class actions funded by IMF Bentham were launched. Is it reasonable to assume that Westpac will keep its late payment fee on credit cards at $9 or less?

2. Why did Westpac lower late payment fees to $9?

3. Would Westpac be opposed to new legislation that would cap late fees to the average costs borne by the bank for customers who pay their credit card late?

Westpac:

Westpac reduced its credit card late payment fee back in 2009, from $35 to $9. 

In terms of our official statement re fee levels:

Westpac keeps all of its fees constantly under review, taking into account a wide range of factors. We also focus on creating ways to help customers avoid these fees.

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NAB’s response to the same questions:

In 2009, NAB reduced or removed many of the fees and charges that annoy customers the most.

We are the only major bank to have a fully-featured personal transaction account available to all customers with no monthly account keeping fees.

NAB’s Late Payment Fee is avoidable, and there are a number of ways customers can prevent getting charged this fee, including by setting up direct debits and SMS alert.

We encourage our customers to contact us if they’re incurring the Late Payment Fee, so we can help them manage their finances.