ANZ Access Limited, which will be available from September 15, is an account which limits customers’ ability to overdraw their account and is free of exception fees. For a monthly service fee of $6, ANZ Access Limited customers will be able to access unlimited ANZ transactions through branches, EFTPOS, ANZ ATMs and Internet Banking.
ANZ Group Managing Director, Personal Division, Mr Brian Hartzer said ANZ Access Limited provided a choice to customers who wanted an account without exception fees.
The ANZ Access Limited account builds on ANZ’s efforts to help customers understand and avoid exception fees. A comprehensive explanation of exception fees and ANZ’s policies are available for credit cards and transactions accounts at anz.com.
These policies state that ANZ will ensure there is no exception fee charged on an account as a result of a fee causing the customer’s account to overdraw. ANZ also waives the first occurrence of an exception fee for customers who come to ANZ to discuss how to avoid them. ANZ has also assisted low income earners by reducing exception fees for concession card holders who have an ANZ Access Basic account from $35 to $10. The same reductions also apply to the credit cards of ANZ Access Basic account holders.
“These initiatives reflect the same approach to transparency and accountability that ANZ has taken in recent years with its Customer Charter and Responsible Lending Code,” Mr Hartzer said.
Exception fees on transaction accounts are the fees banks charge to process withdrawals that exceed the level of funds in the account (honour fees) and fees charged when the bank is unable to make a payment on an account due to a lack of cleared funds (dishonour and periodical payment non-payment fees).