What community groups should be looking for in a transaction account
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. What are you charged for:
While most community groups do not use ATM's 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. Electronic Transactions
Check with your bank to see what options they provide. Check:
For more useful information on the financial management of a community group consult the Guide for Community Treasurers , which has been produced by Westpac - Australia's First Bank - and Our Community, working together to help community organisations to achieve their goals. Together, we have created a Guide that provides hands-on advice to help you manage your organisation's finances effectively.
In this spirit, Westpac has embraced its responsibility to provide low-cost basic financial facilities for community organisations and has extended this to include a range of discounts and benefits. For more information on how to minimise fees and charges and to save time and money on your banking refer to Banking Solutions for Community Organisations |