ANZ has promised National Bank customers the only change they will see is the colour of their bank, but its own customers will face a shakeup in fees and interest rate charges as part of the merger.
The country's largest bank from October 29 will increase the excess interest rates
on some flexible loan facilities when the borrower exceeds their arranged limit but drop its fees for unarranged overdrafts, declined bill payments and stopped cheques.
An ANZ spokesman said it was moving all of its ANZ customers on to the National Bank's technology system in the last weekend of October and, as part of the merger, it would move to a single ANZ-branded product with one set of pricing.
"The pricing of most ANZ and National Bank products has already been aligned, but the remaining changes will take place from conversion."
Though there would be no pricing changes for National Bank customers, ANZ customers would face changes as they were moved on to the National Bank system, the spokesman said. "In recent months we've been writing to customers to let them know of the changes to their accounts, if any."
