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Business |
ANZ hikes fees, charges
Costlier services
needed to catch up with three other banks: Tunstall
By BIBIAN BARRENG
THE ANZ Bank has increased its fees and charges effective last Jan
8.
ANZ managing director Garry Tunstall said there were several
factors for the new fees and charges.
They were: 1) to a catch up with the other three banks on their
current bank charges; 2) to help the bank to provide better
technology in today’s modern banking; and 3) to generate
reasonable returns for their shareholders.
Mr Tunstall said much of the fees and charges imposed were neither
an increase nor decrease while there have been a few increases in
some fees.
“Our fees are much lower while we offer quality and efficient
services to our customers,” Mr Tunstall said.
For forward exchange commission, there is a charge of K20 for new
contracts, K20 for extensions and K100 for cancellations.
For telegraphic transfers, there is an issuance charge of K40;
repurchase will cost K50, tracing K60 and stop payment K40.
For early cheque clearance, K100 will be charged for a same day
special clearance for ANZ customers and K200 for other bank
customers.
There was a K100-fee for outward cheque dishonour, K25 for inward
cheque dishonour, and K25 for issuance of a bank cheque.
ANZ had plans to bring in 16 new automatic telling machines (ATMs)
at the cost of A$60,000 (K100,000) each.
The bank also had plans to aqcuire 600 new EFTPOS (electronic fund
transfer from point of sales) machines at a cost of K1,100 per
unit over the next 12 months bringing the number to 2,000.
“This will be a boost to the 85 terminals currently in operation,”
said Mr Tunstall.
Mr Tunstall said plans were also under way to expand distribution
that will see the opening of an ANZ branch in Alotau and another
in Lihir while considering 20 agencies rollout in the next 12
months.
Although this will be a costly exercise, Mr Tunstall said the bank
aimed to “becoming a different bank that is bold to meet the
clients banking needs”.
 
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