Review - Bank of Queensland Reverse Charges Account
Product launched Oct 2005. Review published 26 Feb 2009. Please read our disclaimer.
A bonus payment of $2 a month will be credited to your account, providing you keep a minimum monthly balance of $2,000 in the account. If you do there are no monthly account-keeping fees charged. The Reverse Charges Account offers a host of unlimited fee-free features, including transactions via branch, phone, internet, Bank of Queensland ATMs and chequebook. WHO DOES THIS SUIT?Customers who detest bank fees so much they are willing to keep $2,000 per month in an account in order to transact for free. As with most full-featured transaction accounts, the annual interest rate of 0.01% is minimal but there may be a certain amount of satisfaction to be gained by the bank depositing $2 a month into your account, providing conditions are met.
USEFUL LINKSHOW DOES IT WORK?The Bank of Queensland Reverse Charges Account is a normal transaction account that can be activated like any other Australian transaction account. This account provides unlimited Bank of Queensland transactions (branch access, ATM, internet banking, chequebook etc). This account also links easily to a Bank of Queensland high interest web account to maximize returns.FEATURES & INNOVATIONS
THINGS TO CONSIDERIf the minimum balance goes under $2,000 in any given month, you will forfeit the $2 bonus payment and instead incur a $4 flat fee charge to cover monthly account maintenance. For the customer who does many transactions each month, this is still better value than pay-as-you-go for each transaction. The ultimate, of course, is to reverse the charges and pocket the Bank’s $2 a month bonus so keeping an eye on the account’s deposits and withdrawals is mandatory for those serious about fee-free banking.Fees apply to a number of transactions such as Multipayments, use via other banks’ ATMs and transfer to accounts at other financial institutions. Terms, conditions and qualifications apply – see the PDS for details. What's New Homepage ... Disclaimer: The information provided in the ‘What’s New’ section is a guide only and may not be complete for your purposes. All information is current at the date of review, and may have changed since then. CANSTAR CANNEX is not providing a recommendation for your individual circumstances. It is recommended that you confirm details of product information with the third party product providers before acting on it. Your use of the information on the ‘What’s New’ pages of this website will be taken as acceptance by you of our website Terms of Use. General Advice Warning: To the extent that any CANSTAR CANNEX data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR CANNEX Pty Ltd ABN 21 053 646 165 AFSL 312804 and does not take into account your individual investment objectives, financial circumstances or needs. Information provided does not constitute financial, taxation or other professional advice. You should seek professional advice from a suitably qualified adviser, as well as carefully considering the Product Disclosure Statement and all relevant product details before making any decision about whether to acquire a product. Reference to any products, services or other information, by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of CANSTAR CANNEX by the respective trademark owner. Please refer to CANSTAR CANNEX’s FSG at www.canstarcannex.com.au for more information. CANSTAR CANNEX Pty Limited ABN 21 053 646 165 AFSL 312804. CANSTAR CANNEX’s website Terms of Use apply to your use of any information on this website. |
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