National Australia Bank Ltd
(ASX:NAB) is to abolish overdrawn account fees on all NAB personal transactions and savings accounts effective immediately.
The move is three weeks earlier than planned with the bank originally targeting to remove the fee’s by October 1.
According to the Sydney Morning Herald the bank says it has undertaken extensive work making changes to its systems so that customers can benefit from the removal of these fees sooner.
The overdrawn fee’s impact around 700,000 personal transaction or savings account customers a year. NAB’s 2008 net profit was $4.5 billion.
