Westpac Banking Corporation
(ASX:WBC) and St George Ltd have today announced a reduction in bank penalty fees across credit cards, personal accounts and business accounts.
From the first of October, Westpac and St George will reduce a range of penalty fees to $9. This includes account overdrawn fees, outward dishonour fees, periodic payments not made, and credit card missed payment and over the limit fees.
Westpac says the reduction in fees is expected to impact the group’s full year revenue in fiscal 2010 by approximately $300 million, with the impact on cash earnings and reported profit expected to be around $210 million.
The move follows that of rival NAB who announced plans to cut the entire overdraft fee for personal customers from the first of October.
Westpac’s profits have been increasing year on year for the past four years.
