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Australia's 700,000 community groups will be able to access financial services products designed for the non-profit sector, following an alliance between the National and ourcommunity.com.au.
The alliance between the National and and ourcommunity.com.au, a leading online resource for the community, education and non-profit sector, to support the sector, is a first for the banking industry in Australia.
The first stage of the alliance sees the addition of two transaction accounts to the National's product range - the National Community Group Account and the National Community Group Management Account. Both accounts are designed to assist community groups to keep their transaction fees to a minimum.
The National Community Account, for example, provides 42 fee-free transactions per quarter and, where fees are charged, they are at a rate of 25 cents per transaction, compared with 60 cents - the usual rate for business accounts.
As a next step in the alliance, the National and ourcommunity.com.au will design other products and services to meet the needs of the non-profit sector.
Every non-profit group from sports clubs and schools to health support groups and cultural organisations will be able to access these products.
Speaking at the announcement of the products, Mr Mike Pratt, the National's CEO, Australian Financial Services, said the alliance with ourcommunity.com.au was an acknowledgment of the importance of non-profit groups and their unique financial requirements.
"The National now recognises that non-profit groups have different needs to our business customers. Our accounts will suit all kinds of non-profit groups and are a great, low cost alternative to the typical business transaction account.
"The alliance with ourcommunity.com.au is a great fit with our role as one of Australia's largest sponsors of volunteers and volunteer organisations through our CommunityLink program and our annual CommunityLink Volunteer Awards," Mr Pratt added.
The CEO of ourcommunity.com.au, Dr Rhonda Galbally, AO, highlighted the importance of the contribution community groups make to our society and Australia's social infrastructure.
"For too long businesses have ignored the opportunities associated with a sector that spends $59 billion a year, employs 600,000 people and oversees an annual volunteer force of 2.5 million people," Dr Galbally said.
"Every dollar saved in costs or earned in interest is another dollar that will be ploughed back into providing extra services for the Australian community.
"While community groups will benefit directly from the National's announcement today, we will all share the benefits - as 65 percent of Australians are members of community groups and even more use the extraordinarily valuable services provided by non-profit groups," Dr Galbally said.
A series of free seminars on raising, managing and investing funds for community groups will be piloted in regional Victoria from November 2001 before being extended to other parts of Australia. The seminars will combine the expertise of National business bankers and financial planners and ourcommunity.com.au.
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