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Westpac announces fee changes to personal transaction accounts

10 October, 2017

 

Westpac today announced a change to outdated transaction accounts helping over 1.3 million customers and simplifying our transaction banking products.

 

Effective 1 November 2017, Westpac Group will provide unlimited free everyday domestic transactions across all Westpac, St.George, Bank of Melbourne and BankSA personal transaction accounts.

 

In addition, Westpac will cap the monthly Account Keeping Fee on all personal transaction accounts at a maximum of $5 per month, regardless of the type of account a customer holds with the bank.

 

George Frazis, CEO of Westpac Consumer Bank, said: “As part of our getting it right program, Westpac has been proactively reviewing products, processes and policies to ensure they meet community standards and are in the customers’ best interest.

 

“Today’s initiative in removing out-dated fee structures on these legacy products is another step in reducing and simplifying fees.

 

 “Many of these products were created at a time when there were fewer ways to do your banking and branch transactions in particular were more popular.

 

“With the rapid growth of online and digital banking, we must have products that take the hassle out of banking and ensure any fees are transparent.

 

“We will continue to look at all fees and services and how best to continue to deliver for our customers,” Mr Frazis said.