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St.George Bank cuts exception fees on all personal transaction, savings, credit cards and business accounts

Effective 1 October 2009, St.George will reduce all its exception fees to $9. This includes account payment honour fee, outward dishonour fees and credit card late payment and over limit fees.

St.George Bank CEO Greg Bartlett said the choice to make such significant cuts across the whole range of accounts, including business, will benefit every customer.

?We wanted to ensure that all St.George customers would benefit from this significant and comprehensive fee reduction. We believe it is fair that all customers can obtain the benefits from today?s initiative, not just a small section.

?St.George has been reviewing and making changes to its fee structure for some time now, including significantly reducing exception fees on our concession account. We will continue to work with our customers to ensure they fully understand the many ways they can avoid these fees.

?However, we believe it is appropriate that we continue to apply this reduced fee as there are actual costs when accounts are overdrawn or credit card payments are missed.

?It?s important to remember that maintaining a fee for service does not affect customers who meet their commitments, but ensures that we don?t encourage customers to overdraw their accounts and pay unnecessary interest rate charges,? Mr Bartlett said.

?We listen to our customers and take their feedback seriously and believe these changes will reinforce to our customers that St.George really is a great place to bank,? Mr Bartlett said.

St.George already assists customers in avoiding these fees by regularly promoting the many ways they can plan their banking to avoid these fees altogether. St.George Bank customers have access to an expanded ATM network, scheduled payment options, fee-free Internet and Phone Banking and realtime email and SMS alert options.

St.George also recently announced it is offering customers the opportunity to get rid of their monthly Account Service Fees. Existing and new customers with a St.George Complete Freedom account now benefit from a reduced monthly account service fee, from $7 to $5 per month. Additionally, if the customer deposits at least $2000 per month into their account (for example their wage), then for each month they do so, their monthly account service fee will be waived.

For more information, please call 13 33 30 or visit www.stgeorge.com.au