Bank of Queensland (BOQ) today announced a series of measures to help customers avoid bank exception fees in response to an initiative from the Australian Bankers’ Association (ABA).
BOQ Head of Product Darren Donaldson today confirmed the Bank had placed guidance on its corporate website to assist customers in avoiding exception fees.
“While there has been criticism of exception fees, Bank of Queensland prides itself on its customer focus, and believes in providing the best possible service and products for its customers,” Mr Donaldson said.
BOQ has agreed to a three-step process of better transparency on exception fees proposed by the ABA last month.
- ABA member banks will publish information about their own policies and products including how they affect customers in relation to the charging of exception fees. This information will be published by end June, 2007;
- by end July, the ABA will publish an industry fact sheet which describes each of those member banks’ approaches and how bank customers can modify their behaviour to avoid or minimise the incidence of these fees;
- by end July, ABA member banks will review their own terms and conditions on relevant products.
“Our first step was to put a clear statement on our website regarding exception fees, along with tips to help BOQ customers avoid them,” Mr Donaldson said. “We are also investigating potential products and accounts to provide even more flexibility for BOQ customers in the future.”
BOQ’s Tips to avoid exception fees:
- Regularly check your account balance. You can do this for free:
- in a Bank of Queensland branch
- using a BOQ ATM
- through Enhanced Internet Banking
- through an SMS when using Enhanced Internet Banking
- through EasyPhone Banking
- on your regular statement
- Keep a record of when your regular payments are due to come out of your account (and make sure you have sufficient balance to cover the amount). Add up the total of your regular payments and try to keep that amount in your account as a floating balance.
- Check your account balance before you write out a cheque and ask the recipient of the cheque to contact you when they present the cheque so you can be sure there will be sufficient balance in your account.
- Set up regular payments yourself through Enhanced Internet Banking. You can then manage them yourself and amend the amount to be transferred or cancel the payment if needed etc.
- Receive a SMS alert for any successful or failed future-dated Pay Anyone transactions that you setup through Enhanced Internet Banking.
- Arrange for a personal overdraft facility on your transaction account.
- By using our Credit Card Saver feature you can set up an automatic payment each month for either the minimum, the full amount or a fixed amount to ensure you do not incur a late payment fee.
View the new Bank of Queensland policy.