Westpac Banking Corporation (WBC) has decided to end the shareholders benefits package due to low take up and increasing costs. The bank said only 10% of shareholders had taken advantage of the package.

Westpac said the package had been difficult to administer as a result of the expansion of the group’s suite of brands and products.

The package was originally suspended in November 2008, with shareholders being asked to provide feedback to assist in a review.

The company said it received plenty of feedback from shareholders, with many of the benefits seen as of little relevance to their needs and of little value.

Westpac said for shareholders who have accessed a term deposit or a BT Margin Loan benefit prior to 30 June 2009, the benefit would continue until the next rollover or expiry date in the case of a term deposit, and the renegotiation/closing of any discounted margin loan account.

As for those holding a Westpac Choice account under the package, as at 30 June 2009, the company said would continue to receive that benefit. 

At 1120 AEST, Westpac shares were down 15c to $19.53.