Our Community believes that every community group throughout Australia should be looking to get the best value from their banking products. We recognise that many community groups are not aware of the fees and charges that apply to many transaction accounts. In this help sheet we provide some information for you to identify these fees.
Our Community recommends that you discuss your fees and charges and the best account that suits your needs with your local bank. They should be able to explain why you are being charged the fees and/or charges and recommend a more suitable account for your transaction patterns.
These account fees and charges vary between banks but are basically similar in nature. Names and codes may vary.
This is a fee that is generally charged for the account every month ostensibly for account keeping. Look for an account that minimises this fee and has way of further reduction by way of a rebate.
While most community groups do not use ATMs for transactions and enquiries note that if you do use these that they generally are lower fees than over the counter and can save substantial amounts. Any enquiry will generally be charged including account balance checks.
This is generally the most expensive fee you will be charged by your bank. This is one area where you should investigate the option of trying to minimise these transactions as much as possible. Look for ways you can get people who pay you to pay by alternative methods such as direct deposit into your account or an electronic transfer.
If deposits are made to your account via other banks (a bank not holding your account ) will incur even higher fees than deposits made at your own bank. These should definitely be avoided and every effort made to use your own bank to transact.
These transaction methods are the lowest fee based methods and can save substantial amounts of money in fees. Look at how your organisation can use these methods. Phone banking is one example that does not generally require any expenditure to but equipment and is simple to use.
Your bank would be pleased to discuss how this can be implemented.
Banks often have accounts that provide some offset for keeping a credit balance or keeping transactions below a certain level.
Check with your bank to see what options they provide.
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