(18 October 2005 – Australia) Bank of Queensland has sought to prevent customers from being tempted by rival retail deposit products by launching its Reverse Charge Account.Customers who maintain a A$2,000 balance in their transaction account will receive $2 each month, have their fees waived and have unlimited free transactions.
BoQ managing director David Liddy said the account was the only day-to-day transaction account of its type in Australia.
“As a fast-growing regional bank, spreading nationally with our branch network for the first time, we felt we needed a day-to-day transaction account which would, quite frankly, blow the others out of the water,” he said.
“If a customer has less than $2,000 in their transaction account they pay a competitive flat monthly account keeping fee of $4 for a full access account. But if that customer keeps $2,000 in their account as a minimum monthly balance, not only will we waive the $4 flat monthly fee, but we’ll pay the customer $2 a month for unlimited free transactions,” Liddy said.
He said the online savings account and the flat fee account had dominated the market in new deposit products over the past few years.