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Source: Reuters -
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Westpac looks set to follow the Bank of New Zealand (BNZ) and scrap honour and dishonour fee charges.
Dishonour fees are charged by when customers has insufficient funds in their accounts; and honour fees are charged when an account is overdrawn without an overdraft facility.
BNZ last week announced it would abolish its honour, dishonour and unpaid bill fees on transaction and savings accounts as of September 1, saying that the fees were a source of frustration for both customers and staff.
Westpac's Australian parent, Westpac Banking Corporation, on Monday announced that it would reduce fees across credit cards and personal and business accounts.
A Westpac spokesman says as the result of a review, changes are being considered.
He expects the changes will be "warmly welcomed by customers"
and hopes to announce them within the next few weeks.
