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National Australia Bank is to restructure business transaction account fees to align charges with the rising popularity of electronic transactions. The new business transaction account fees, which begin on May 1, reward businesses that bank using electronic banking methods. Under the new fee schedule the cost of an EFTPOS transaction or other paperless transaction will fall from 25 cents to 20 cents. Use of Internet and Phone Banking facilities also helps businesses reduce fees. There is no charge for Internet or Phone Banking transactions, apart from Bpay. Reflecting the increasing cost of providing over-the-counter services paper-based transaction fees are to increase from May 1. The fee for business account deposits and cashed cheques processed over-the-counter will rise to 60 cents. These fees remain competitive. In-branch cheque only deposit box or the Express Business Deposit facility costs will rise to 45 cents. Some business accounts allow up to 50 transactions before fees are charged. The most expensive transactions are counted first, maximising the value of the number of transactions allowed before fees are charged. Business transaction account fees have not changed since December 1997. "Since the last time we reviewed fees the types of banking available to business customers, and their accessibility, has greatly increased. The new business transaction fees reward business that are switched on to these new methods," says Peter Coleman, General Manager, Business Financial Services. "We now have more than 47,000 electronically linked business customers and the introduction of the Express Business Deposit scheme has also proved enormously popular," he says. Express Business Deposit bags allow businesses to securely deposit cash and cheques quickly using a specially designed sealed bag and in-branch drop chute. More than 125,000 Express Business Deposit Bags are lodged each week and this includes a large amount of cash that would otherwise be deposited over-the-counter. "Increases in over-the-counter transaction fees reflect the cost of providing this service. Business customers changing from over-the-counter to a combination of electronic transactions, phone banking and Express Business Deposits could see the cost of banking with us fall," Coleman says.
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