Wednesday, July 29, 2009

New zealand: BNZ ends resent overdraft penalty

The Bank of New Zealand planned to drop the highly unpopular penalty fees for customers who go over their overdraft restrictions.

It says the cost, which bring in $25 million a year, have become more problem than they are worth.

From September 1, customers who have lacking funds in their account to cover a payment or withdrawal will no longer be charged a fee.

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