Woot! BNZ Cuts fees!

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Forums › Finance and wealth management › Woot! BNZ Cuts fees!

networkn

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#231931 20-Mar-2018 21:20

https://www.stuff.co.nz/business/102439794/bnz-cuts-fees-across-mortgages-personal-loans-credit-cards

I am not a BNZ customer, but I am really hoping, like when a bank cut it's ATM Access fee's, that other banks will feel compelled to follow!

No bank should charge ANY fees for setting up an account payee online for example. Ever!

sonyxperiageek

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#1980727 20-Mar-2018 21:34

I'm pretty sure a lot if not all of them have already followed suite, despite cutting the fees at different times, most after April 1st.

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networkn

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#1980735 20-Mar-2018 21:48

sonyxperiageek: I'm pretty sure a lot if not all of them have already followed suite, despite cutting the fees at different times, most after April 1st.

Any links about that from any other banks?

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#1980736 20-Mar-2018 21:49

"Christopher Walsh, a spokesman for financial information site MoneyHub, said the reductions were significant. He said credit cardholders would save an average of $30 a year per card."

It rather appears that Mr Walsh and I differ markedly in our understanding of the word "significant"....!

networkn

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#1980740 20-Mar-2018 22:01

Geektastic:

"Christopher Walsh, a spokesman for financial information site MoneyHub, said the reductions were significant. He said credit cardholders would save an average of $30 a year per card."

It rather appears that Mr Walsh and I differ markedly in our understanding of the word "significant"....!

You aren't who these charges will be targeted at. For someone on the average wage in NZ, $360 combined with the other fee cuts could be significant. Every bit helps.

sonyxperiageek

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#1980742 20-Mar-2018 22:15

networkn:

sonyxperiageek: I'm pretty sure a lot if not all of them have already followed suite, despite cutting the fees at different times, most after April 1st.

Any links about that from any other banks?

Wait, are you talking about the ATM fees between different banks too?

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networkn

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#1980743 20-Mar-2018 22:19

sonyxperiageek:

networkn:

sonyxperiageek: I'm pretty sure a lot if not all of them have already followed suite, despite cutting the fees at different times, most after April 1st.

Any links about that from any other banks?

Wait, are you talking about the ATM fees between different banks too?

No, I am talking about the general fees not the ATM. This thread is about the BNZ general fee drops. I am hoping it encourages Kiwibank et al to follow suit.

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#1980777 21-Mar-2018 01:56

When does it happen?

Can't see no mention of it on BNZ's web site, and all fees still look the same to me.

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#1980792 21-Mar-2018 06:37

Looks like it's time to move banks!

I have been a longtime BNZ customer but when they do stupid stuff like this it's time to move.

First they just reduce the fees, but you mark my words in the next 6 months or so they'll start to credit their customers account with fees instead of charging them, then it's all downhill. It'll be my account, and yours, that have to start accumulating these credits.

Given the paper thin margins the banks make these days, dumb ideas like this are going to ruin banking for the other big banks. I hope the Government steps in and starts to tax our account, or some other method to keep things balanced properly.

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#1980806 21-Mar-2018 07:58

BNZ fees have reduced*

*except for the fees that have increased

https://www.geekzone.co.nz/forums.asp?forumid=48&topicid=231921