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ANZ Banking Group Ltd. says it will reduce credit card fees, the latest Australian financial institution to do so. On 15 Dec., late-payment fees will decrease to AU$20 (US$17.50 or 11.80 euros) from AU$35, and fees for exceeding credit card limits will drop to AU$20 from AU$35, the bank says in a statement. Earlier this year, Australia's Westpac Bank reduced its late-payment fee to AU$9 from as high as AU$40 (CardLine Global, 4 Aug.). The fee reductions come as issuers anticipate legislation that would make it easier for consumers to challenge penalty fees for credit cards, savings accounts and other services. Matthew Sinclair, executive director with Australia-based Carpadium Consulting, tells CardLine Global ANZ's fee cuts were inevitable because other major banks have taken similar measures. "There is still a lot of room for improvement with the Australian banks on fees," he adds. Immediate comment from ANZ was unviable.
