Banks defend position on exception fees

National Business Review

17.05.2010

New Zealand has a different legislative framework in respect of fees. The Credit Contracts and Consumer Finance Act 2003 provides strong consumer protection to New Zealand banking customers.

New Zealand banks provide their customers with a package of products and services to meet their banking needs. The combination of fees and interest rates customers pay are fair and reasonable. Customers also benefit from a significant number of services within their banking package being free. Banks fees are often avoidable and customers who meet terms with their bank should not have to bear the costs of those who do not.