ANZ follows BNZ and ASB to offer overdraft 'opt-outs'VITALIY kYTAYKO/123RF Kiwi account holders are generally in the "red" to the tune of over $5 billion with ANZ, Westpac and BNZ alone. From next month ANZ will allow customers to opt out of going into unarranged overdraft. DAVID WHITE/FAIRFAX NZ ANZ will join BNZ and ASB in allowing customers to "opt out" of unauthorised overdrafts. READ MORE:* ANZ closing Ngaruawahia branch and has six others in its sights* Fair Play on Fees case against ANZ settledASB and BNZ customers could already opt out of unarranged overdrafts, but neither Westpac nor Kiwibank offered opt-outs. At the ANZ there's a $25 application fee to set up an authorised overdraft limit on an account, and a monthly fee of 0.12 per cent of the agreed overdraft limit, with a minimum monthly fee of $5.

Source: Stuff October 08, 2016 16:00 UTC