To give more concession customers access to a low-cost banking product, Westpac is moving nearly all customers receiving an Australian government benefit payment to an account with no account keeping fees.
This account gives customers access to the Westpac app and a range of other features including a dynamic CVC for added security. Customers have the choice to continue to keep their existing account if they wish.
The majority of concession customers already use a low-cost bank account, however, under these changes more customers will be moved to this option.
Westpac has also refunded account keeping, debit interest and overdrawn fees dating back to July 2019 for customers in ASIC’s Better Banking for Indigenous Consumers Project pilot postcodes and those receiving ABSTUDY.
“We have taken a considered approach to working through our offer for customers receiving government payments to ensure the majority have access to a low-cost account,” said Westpac Consumer Chief Executive, Jason Yetton.
“We recognise there is more work to do to support Indigenous customers and we will continue to place a high priority on improving our services,” said Mr Yetton.
Westpac supports Indigenous customers across our services and channels including a dedicated Indigenous Call Centre where we have translators available to support Indigenous languages.
