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ANZ reduces fees on personal bank accounts

Document date:  Thu 31 Jan 2002
Published:  Mon 04 Feb 2002 08:50:20
Document No:  186646
Document part:  A
Market Flag:  N
Classification:  Other


HOMEX - Melbourne                                                     

ANZ today announced the introduction of two new transaction banking
accounts providing customers with lower fees and easy-to-understand
fee structures.

ANZ's new Access Advantage account will provide unlimited
transactions through all ANZ channels, including branches, for a flat
monthly fee of $5, saving heavy transactors up to $125 each year in

For low transactors with 10 monthly transactions via electronic
channels, ANZ's new Access Select account will reduce their annual
fees by $3.60 to $24 per year.* Access Select has no monthly account
servicing fee, lower transaction fees and a cheque book option.

The Access Advantage and Access Select accounts will be available to
all new customers from 4 February 2002. ANZ's current range of
transaction accounts - Access Flexible, Value and Simplicity, and
Personal Cheque accounts - will be phased out over the next three
months and ANZ will transfer customers to the most appropriate new
account. ANZ's Access Deeming and Access Basic accounts will remain
available. Features of the new accounts include:

- Access Advantage - unlimited transactions through any channel
(excluding non-ANZ ATMs) and cheque book option for a flat monthly
fee of $5

- Access Select - a low-cost option with no monthly fee, six free
electronic withdrawals, unlimited free internet transactions and a
cheque book option

- Excess withdrawal fees have been simplified with all cheque, ATM,
EFTPOS and Phone transactions now $0.50 (previously between $1.00 and
$0.50 cents) and the internet transaction fee now free (previously

- Children, students and customers over-60 will receive fee waivers
on their account servicing fee, which means they will have fee-free
banking with the Access Advantage account.

                     (to be phased 

Account Service Fee  $6               $5                $0

ASF Waiver           $2,000           No Waiver         N/A

Free Withdrawals     8 (2 branch)     Unlimited         6 electronic,

Excess Withdrawals  Branch     $2.50  Branch   Free     Branch   $2.50
                    Cheque     $1.00  Cheque   Free     Cheque   $0.50
                    ATM        $0.65  ATM      Free     ATM      $0.50
                    EFTPOS     $0.50  EFTPOS   Free     EFTPOS   $0.50
                    Phone      $0.50  Phone    Free     Phone    $0.50
                    Internet   $0.20  Internet Free     Internet Free
                    Non-ANZ           Non-ANZ           Non-ANZ
                    ATM        $1.50  ATM      $1.50    ATM      $1.50

Note: All deposits are free. Existing waivers continue to apply to
eligible customers.

The redesign of ANZ's transaction accounts is part of a series of
steps taken by the bank during the past 12 months to improve its
value to customers and relationship with the community.

ANZ Chief Executive Officer, Mr John McFarlane said: "Customers have
told us that the complexity and level of fees are among their biggest
concerns and they are our largest source of complaints."

"We have therefore decided to tackle these issues head-on and take a
real step forward in providing better value accounts. This now means
that all our personal customers will get cheaper or fee-free banking.

"When we introduced fee-free transaction banking for over-60s, we
increased customer numbers by over 25%. This initiative is designed
to add value for our existing customers and to attract new customers
to ANZ," Mr McFarlane said.

"Together with our Customer Charter we are now starting to make
progress in tackling the issues at the heart of people's problems
with banks  service and cost. I know there is a lot more to do but
we now have some momentum on this issue.

ANZ's new Access accounts are supported by a range of specialist
savings accounts including ANZ Progress Saver, term deposits and the
ANZ V2 Plus cash management account.

A new account will also be introduced for customers who are saving
for a home deposit - ANZ Progress Home Saver Account. ANZ Progress
Home Saver account customers who achieve savings goals will benefit
from a discount of up to 0.50% off a new ANZ Standard Variable Rate
Home Loan or ANZ Variable Rate Residential Investment Loan.

The introduction of the new Access accounts follows other customer
and community initiatives introduced during 2001 including:

- Seniors Privilege, an initiative that provides unlimited fee-free
transactions for customers aged 60 or over from their ANZ personal
transaction account.

- ANZ Access Basic, a new basic bank account, which provides a simple
and affordable banking solution for Centrelink payment recipients and
health care cardholders. It offers 15 fee-free transactions including
over the counter transactions, no minimum account balance and no
monthly account-keeping fee.

- Introduction of the ANZ Customer Charter which established
benchmarks for the provision of service to customers in five areas -
simple, fast account opening; access to services; privacy; plain
language communication and complaint resolution.

For media enquiries, contact:

Paul Edwards
Telephone: 03-9273 6955 or 0409-655 550 (mobile)

* High transactor and low transactor examples are detailed in the

A full copy of the High Transactor & Low Tansactor Examples are
available for purchase from ASX Customer Service on 1 300 300 279.
Charges apply.