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Simplifies Small Business Accounts

Document date:  Wed 07 May 2003
Published:  Wed 07 May 2003 11:29:47
Document No:  204009
Document part:  A
Market Flag:  N
Classification:  Other

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2003-05-07  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ today announced changes to its small business transaction
accounts providing a simpler, easy-to-understand fee structure and
improved account statements for customers.

The new account structure follows ANZ's Customer Charter promise to
have account structures that are simple and transparent, and market
research indicating small business customers wanted
easy-to-understand accounts for their day-to-day business banking.

The changes are effective from this week and apply to ANZ's most
popular small business transaction products including the ANZ
Business Classic Account. The changes include:

- Lifting restrictions on the number of free face-to-face
  transactions allowing customers to use the majority of their free
  transactions through any channel. *
- Rationalisation of six different types of transaction fees to just
  three easy-to-understand fee categories - Staff Assisted, Paper and
  Electronic.
- Lower overall fees for the majority of small businesses, especially
  for those using electronic banking.
- Improved account statements giving customers more detail on their
  transaction activities making it easier for them to understand the
  costs and waivers applied to their account.

      OLD FEE STRUCTURE             NEW, SIMPLER FEE STRUCTURE

      Staff Assisted:      $0.60    Staff Assisted          $0.60

      Collections          $0.30
      Cheques Written      $0.40    Paper                   $0.40

      ANZ ATM              $0.40
      EFTPOS, Phone, Auto  $0.30    Electronic              $0.20
      ANZ Internet Banking $0.20

Note: There are no changes to the existing account servicing fees.

The improvements to ANZ's small business transaction accounts are
part of a specialist service proposition developed for small business
customers. This includes empowering staff to make quicker pricing and
credit decisions, increasing the number of relationship bankers
serving customers and building specialised teams to serve new market
segments such as the rapidly growing franchise sector.

ANZ Managing Director Corporate and Small to Medium Enterprise
Banking Mr Graham Hodges said the changes built on the momentum in
ANZ's small to medium enterprise specialist business.

"The new transaction account structure is the latest initiative in an
ongoing commitment by ANZ to deliver the best product and customer
service proposition to the small business sector," Mr Hodges said.

"Small business banking fees have been overly complex in the past. We
want to ensure small business banking at ANZ is straightforward and
that customers have greater control and flexibility in managing their
banking.

"Our objective is to provide customers with great products supported
by personal service from dedicated relationship bankers. Our approach
is already showing results with increasing customer satisfaction and
continued growth in customer numbers," he said.

To assist customers in determining the most suitable business
transaction account ANZ has also introduced a new on-line cost
management tool called Product Selector. Product Selector includes a
'Fee Minimiser' feature to help customers reduce their bank fees.
Product Selector is located under Small Business Solutions on
www.anz.com.

For media enquiries, contact:

Paul Edwards
Head of Group Media Relations
Telephone: 03-9273 6955 or 0409-655 550 (mobile)
Email: paul.edwards@anz.com

* A limit of 20 free Collections transactions (cheques or merchant
slips deposited) remains in place.