Westpac dropping fees to attract clients

WESTPAC aims to have more customers bank electronically with the “reduction or removal” of fees associated with such transactions, Westpac managing director Adrian Hughes, pictured, says.
“Our customers will benefit greatly from the reduced electronic fees,” Hughes said.
This will encourage them to continue using our ATMs, Eftpos and In-store networks and do so more often.
“The reduction or removal of many electronic transaction fees will encourage customers to make use of our electronic channels, offering them convenience, 24-hour service and saving them time and money.”
The bank recently conducted a full scale review of fees and charges which came into effect yesterday.
The biggest consideration was for their customers in the rapidly changing banking environment, with most customers now preferring to bank via electronic channels rather than visiting a bank branch.
The major changes are the reduction or removal of fees on most electronic channels as customers were altering their transaction behaviour due to new payment methods being available.
The full list of changes was published on Nov 1, with the exception of the Electronic Transaction Account monthly maintenance fee change of K3.50 to K10 which will be effective from Feb 1, 2018.