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2 July 2007

Westpac releases more information on exception fees

Westpac Banking Corporation has released more information about exception fees on credit cards and transaction accounts as part of an industry-wide effort to enhance customer understanding of these fees. The information includes details of specific exception fees and assistance on how to avoid them.

'Exception Fees' is a collective reference to account overdrawn fees, outward dishonour fees, credit card missed payment fees and credit card overlimit fees.

The banking industry has agreed to publish more information on exception fees, following discussions with the Australian Securities and Investments Commission (ASIC).

Westpac has committed to this process as part of its efforts to help customers minimise or avoid these fees and to ensure that customers have the right products and services to meet their individual requirements.

This includes already-available initiatives to help customers manage their account balances through facilities such as online banking, telephone banking, ATM enquiries and branches. Automatic payment options are also available to help ensure account balances remain in the positive.

Information on exception fees and charges related to Westpac's products and services are outlined in the Product Disclosure Statements provided at the time of purchase of the product and available in branches - as well as now being available conveniently online.

In addition customers are able to have a Banking Review conducted to ensure that they are using the most appropriate products to meet their needs. Banking reviews are available at any Westpac Branch.