Commonwealth Bank has decided to join the other major banks and reduce late fees across a range of personal and business transaction accounts.
Commonwealth Bank stated that they were implementing safety nets to help customers avoid these fees in the future.
From October 1st they will be reducing dishonor fees from $35 to $5 on business and personal accounts. Commonwealth Bank have stated that overdraft fees would be reduced from $30 to $10 on business and personal transaction accounts to provide a competitive fee structure that also encourages consumers to take care of their accounts.
Late payment fees will also be reduced on personal and home loan accounts from $45 to $25.
Commonwealth Bank's decision followed a review of its fees and that it already had a zero fee account for a range of customers who qualify. Ross McEwan retail banking services group executive stated that a range of opt in safety nets, such as SMS and email balance alerts to allow customers to avoid fees and manage their accounts better.