ANZ Bank, along with Commonwealth Bank, NAB, and the Westpac-St. George Group, is slashing penalty fees charged to banking customers, to the tune of $750 million collectively.

New legislation, taking effect in January, allows customers to challenge the amount of penalty fees charged for overdrafts, dishonours, and late payments. Mindful of this, and also aware of the overall unpopularity of such fees, the Big Four banks have initiated reductions that are estimated to strip as much as $500 million from their collective annual profits. read more..