Revolutionary new Reverse Charges Account™ launched
Bank of Queensland today launched a new transaction account which will revolutionise the Australian banking industry by paying customers $2 a month, waiving fees and giving them unlimited free transactions if they maintain a $2000 balance.
The new Bank of Queensland Reverse Charges Account™ will be the first transaction account in Australia to reward customers with a $2 fee if they hold a minimum monthly balance of $2000.
The account will also waive the low flat monthly account keeping fee of $4 and grant unlimited withdrawals through BOQ branches, BOQ ATMs, EPTPOS, internet banking, Easyphone Banking and cheques written if the customers maintain the $2000 balance.
Bank of Queensland Managing Director David Liddy said the Reverse Charges Account™ would be the only day-to-day transaction account of its type in Australia, and set the standard for the industry for the years ahead.
“At Bank of Queensland we don’t talk about trying to attract valuable customers, because every single customer is important to us,” Mr Liddy said.
“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.
“This means that, if a customer has less than $2000 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 $2000 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.
“Now, finally, customers are actually going to be paid for their loyalty to their bank, provided that bank is Bank of Queensland,” Mr Liddy said.
Mr Liddy said there had been some key changes in the retail deposit market over the last three years.
“The two key changes have been the introduction of the online savings account and the flat fee account. These two products have dominated the market in new deposit products over the last few years.
“Now, with the Reverse Charges Account, Bank of Queensland has created the new benchmark, the new expectation for customers when it comes to genuine, day-to-day transaction accounts,” he said. “This is the future of day-to-day transaction accounts for Australians.”