Competition to lower fees
(7 November 2011 – Australia) The Australian banking industry’s smaller brands are luring customers away from the ‘big four’ with fee-free everyday banking, rebates and free overseas services.
Citibank has taken the fee-free concept a couple of steps further with the revamp of its Citibank PlusTransaction Account, removing all additional service fees such as bank cheque issuance, cheque dishonour and extra statement fees, and offers free access to a network of 3000 ATMs.
It has also removed fees for overseas ATM withdrawals, point-of-sale transactions and funds transfers.
''We have removed absolutely everything. We claim to have the only fully free account in Australia,'' says Citibank's head of retail banking, David Mouille.
Citibank has also included transaction account customers in a dining partnership program that was developed for its credit card business. Customers are eligible for a free bottle of wine when they dine at any of 300 partner restaurants.
In June, HSBC launched its Day to Day Account, which has no account-keeping fees and a A$10 monthly ''feebate'' for customers who deposit at least A$2000 into their account every month.
ING Direct also uses rebates to attract business. The bank puts 50¢ into an Orange Everyday customer account each time the customer takes out more than A$200 in cash during a debit transaction.
HSBC Australia has launched a 24-hour foreign exchange pricing and trading service online or via mobile for retail customers, which its head of savings and investments, Michael Danby, says in combination with instant transfers is a first for the Australian retail banking market.
It has also removed fees for overseas ATM withdrawals, point-of-sale transactions and funds transfers.
''We have removed absolutely everything. We claim to have the only fully free account in Australia,'' says Citibank's head of retail banking, David Mouille.
Citibank has also included transaction account customers in a dining partnership program that was developed for its credit card business. Customers are eligible for a free bottle of wine when they dine at any of 300 partner restaurants.
In June, HSBC launched its Day to Day Account, which has no account-keeping fees and a A$10 monthly ''feebate'' for customers who deposit at least A$2000 into their account every month.
ING Direct also uses rebates to attract business. The bank puts 50¢ into an Orange Everyday customer account each time the customer takes out more than A$200 in cash during a debit transaction.
HSBC Australia has launched a 24-hour foreign exchange pricing and trading service online or via mobile for retail customers, which its head of savings and investments, Michael Danby, says in combination with instant transfers is a first for the Australian retail banking market.
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