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Australian SME s welcome fee cut

Small and medium sized businesses in Australia have welcomed a reduction in some bank fees, set to help cash flow in the months ahead.

The National Australia Bank has abolished business fees for dishonoured cheques, electronic payments and deferred periodic payments.

The move by the NAB signals that the bank is aware of customer concerns, as these types of fees upset customers.

Business customers believe that the fees imposed for dishonoured payments and over the counter transactions were out of proportion with the cost to the bank.

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