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National Australia Bank has today announced a new bank account to meet the day to day banking needs of community groups and not-for-profit organisations.
NAB's Community Fee Saver account is a fully functional transaction account with no account service fees or transaction fees (other than some ATM fees)1 . The account has been introduced following detailed research on the banking needs of community groups.
This initiative follows last month's announcement that NAB is committing $30 million to microfinance initiatives over the next three years for financially marginalised individuals and enterprises.
"Not-for-profit groups expressed a desire to have access to the full range of banking services ranging from unlimited branch access to cheque and internet banking," said Ahmed Fahour, NAB's CEO Australia. "The NAB Community Fee Saver account is designed to meet all of these needs."
"Our research showed that for small not-for-profit community groups, bank fees were a major issue given the level of effort required to raise community funds. Account and transaction fees were seen to be taking away from the community.
"The new account is part of our overall commitment to the community sector. This includes offering two days paid community volunteer leave for NAB employees and supporting best practice in community groups through the NAB Volunteer Awards" Mr Fahour said.
For community groups that have surplus funds and would like an at call account, the new NAB Community Fee Saver account can be linked with the NAB Business Cash Maximiser AccountTM which offers high interest on amounts above $10,0002 .
NAB will be writing to its existing community group customers advising them of the new account and offering them the opportunity to switch to a fee saving account. These customers currently pay a monthly account service fee and transactions fees, some of which may be rebated.
The NAB Community Fee Saver account will be available from Monday 22 May 2006.
NAB Community Fee Saver Account details
| Access |
Transaction Fee |
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NAB Branches (deposit or withdrawal)
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Nil
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Cheque Book & Deposit Book
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Nil
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NAB ATM
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Nil
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EFTPOS
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Nil
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Telephone Banking
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Nil
|
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Internet Banking
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Nil
|
|
|
|
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Agency Transactions
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Nil
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BPAY®
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Nil
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| Other |
Fee |
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Account Service Fee
Non NAB ATM transactions
Mini-statement
Overdraft (if attached to your account)
Interest paid on account
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NIL
$1.50 each
$0.50 per mini-statement
Fees apply
NIL. Account can be linked to NAB Business Cash Maximiserä
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Eligibility
Organisations that can demonstrate not-for-profit status3 .
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® Registered to BPAY Pty Ltd ABN 079 137 518
Before acting on any advice in this article, the NAB recommends that you consider whether it is appropriate for your circumstances. The NAB recommends you consider the Product Disclosure Statement available from the NAB before making any decisions regarding the products. Products are issued by National Australia Bank Ltd ABN 12 004 044 937. For further information call 13 10 12.
1Fees apply to non-NAB ATMs and NAB ATM mini-statements. Other service fees may apply.
2 To open the account you must have a NAB business transaction account, internet or telephone banking and a minimum of $10,000 opening deposit. No interest is paid when the account balance is less than $10,000.
3 The NAB may request from the applicant documentation (such as Memorandum and Articles of Association, or an ATO endorsement as an income tax exempt charity or a deductible gift recipient) relating to its not for profit or community group status.The NAB will determine in its absolute discretion whether an applicant is a not for profit organisation or community group that is eligible for the account.
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