August 31, 2009

ANZ is to announce a revamp of its fee structure in the next few weeks, after CEO Mike Smith acknowledged there are valid criticisms of bank fees. "I don't think our industry has covered itself in glory round this issue and we've got to do a better job on it," Mr Smith said."What we're doing is a complete revamp of our complete fee structure and some fees will be dropped and other fees will be increased," Mr Smith said.

"We have been undercharging for some products and, quite clearly, less than transparent with others."We have to do a better job on that and hopefully we'll be announcing that in the next few weeks," he said.The other three major banks have already cut their exception fees, particularly penalty fees, leaving Melbourne-based ANZ to play catch-up.