One of Australia's largest banks announced on Jan. 31 that it would begin trimming transaction fees, setting the stage for a heated competition between the country's leading financial institutions.
According to Australian Associated Press, ANZ Banking Group Ltd. will trim annual fees for customers that make more than ten transactions per month through electronic means from around $14 American to about $12. Along with the lower annual fees, the bank will offer six free electronic withdrawals and unlimited Internet withdrawals.
In response, Commonwealth Bank of Australia Ltd. officials said the bank was issuing a set of fees changes to its branches, but would not specify the changes. Commonwealth Bank already offers lower ATM transaction fees, according to the Australian Associated Press, offering charges of about 65 cents for non-bank customers compared to 75 cents for ANZ customers.
Officials from Westpac Banking Corp Ltd. and National Australia Bank Ltd. did not indicate if their institutions would make any adjustments to their transaction fees.
