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Some superannuitants are still being charged fees on bank accounts despite a belief the banks agreed not to charge under a mysterious deal back in the days of New Zealand banking deregulation and privatisation.

All the big banks offer fee waivers on selected accounts into which people have their NZ Super pensions deposited by the state. Some, like Westpac and National Bank, go further and allow fee waivers for those doing the same for their private pensions, or even UK pensions. National Bank has a generous package for superannuitants called Freedom Years.

However, it's hard to know just how much effort banks are putting into making sure superannuitants are receiving the waivers.

Some banks appear very active in ensuring they tell customers about the fee waivers. Westpac and Kiwibank put them through automatically; others rely on periodic contact campaigns or branch staff. That means some banks like Kiwibank feel confident virtually all superannuitants get waivers but others like BNZ and ANZ admit some are not. Westpac and Kiwibank waive fees for those receiving pensions from overseas, but no banks make that clear on their websites.

Just why waivers are in place is a moot point, with some believing they were introduced as a kind of quid pro quo deal for banking deregulation in the 1980s and 1990s.

Progressive Party MP Jim Anderton told the Sunday Star-Times he clearly recalls a deal being done, but says it was "not written in blood", a claim echoed by controversial campaigner Gray Eatwell, whose book You Can Bank on It is subtitled "Hidden fees in banks' profit line – Hidden fees are illegal".

But the architects of deregulation, Richard Prebble and Roger Douglas, said they could not recall any such deal and the banks said they knew nothing of it either, though one ANZ customer called up last month to voice the suspicion that banks were quietly backtracking on a pledge he said he clearly remembered.

That's certainly how Eatwell sees it, claiming the banks have cashed in to the tune of millions of dollars by failing to tell all their customers that the fee waivers are available to them.

"It may seem like only a few dollars a month, but it adds up," said Eatwell, brother of Suzanne Edmonds, co-ordinator of the vocal Eufa protest group, which has detractors as well supporters. "And some superannuitants need every dollar just to get by."

Eatwell claims to have personally helped superannuitants even get refunds of hundreds of dollars, although refund policies, like many things about banks' superannuitant fee waivers, are hard to pin the banks down on.

HOW BANKS TREAT SUPERANNUITANTS

WESTPAC: No fees on its Electronic or Access accounts provided NZ Super, UK Retirement Pension, or NZ War Pension is direct credited. The press office said it allowed some with pensions from overseas to get the same. Fees are waived automatically with NZ Super once payments begin.

NATIONAL BANK: Freedom Years is a package for those who have Super or an equivalent private scheme credited directly. There is no annual fee on a standard credit card and a half fee on a gold card. Free deposit envelopes save $14 a year. Customers have to apply, but the call centre said customers were "usually" sent a letter to encourage them.

ANZ: Upon application, fees on ANZ's Everyday account are waived (saving $5 a month), if the customer's NZ Super or War Pension is direct credited to that account. The call centre said customers had to wait until three pension payments had been made to get the waiver, but ANZ's press office said that was not the case. ANZ's call centre said customers were not contacted once they became eligible, but the bank's press office said staff are trained to review customers' banking and offer waivers.

BNZ: Silver Service account has no account fees or monthly base fees if NZ Super or a foreign equivalent is direct credited. Customers have to apply, but periodic campaigns are in place to notify customers. ASB: Customers whose NZ Super, War, Widows or Army pension is direct credited to their Omni account get a waiver for the first $20 of transaction fees each month. It is done automatically if they have an Omni account, otherwise it is up to them to switch accounts.

KIWIBANK: The website says: "SuperGold cardholders pay no transaction fees on any of their Kiwibank everyday accounts no matter how many they have", but all 65+ clients get the waiver. The call centre said customers had to ask; the press office said they were automatic.

- © Fairfax NZ News