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National Australia Bank is calling on the government to tighten its ban on over-the-limit credit card fees.
NAB wants the government’s proposed bill, which currently applies to new customers only, to apply to existing customers as well.
The ban would mean all NAB credit card customers would be exempt from over-the-limit fees.
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“Crucial consumer protections will apply to new customers from commencement only, leaving existing customers unable to benefit,” NAB group manager for government policy Dallas McInerney told The Australian Financial Review.
“The rationale behind whether any of the reforms should or should not extend to existing customers has not been provided, nor has it been included in the Regulatory Impact Statement.”
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