In response to legal action on bank fees announced today the New Zealand Bankers’ Association said it expected the case to be vigorously defended.
“Fees of this nature are usually avoidable. Customers concerned about their fees should talk to their bank to make sure they have the accounts and products that suit their needs,” said New Zealand Bankers’ Association chief executive Kirk Hope.
“If people are looking for an easier way to resolve the issue they should talk to their bank. Looking at the Australian experience, the action has gone on for a very long time and remains unresolved.
“The New Zealand banking sector is very competitive and customers have a huge choice.
“Our banks communicate very clearly on fees, and the vast majority of customers don’t incur these kinds of fees.
“Banks work hard to attract and keep their customers, and will work with them to reduce their fees. This came through in Consumer NZ’s survey last year which found 92 per cent of bank customers were happy with their bank,” Hope said.