Bank of Queensland Reverse Charges Transaction Account

Be Rewarded with Bank of Queensland

Chances are, you’ve never even entertained the possibility that there might be a bank that pays you for using their fee-free transaction account. Most people haven’t. Well, there is just such a bank account, there are some requirements that you’ll have to meet.

The Bank of Queensland Reverse Charges Transaction Account will actually pay you if you can manage to meet one simple requirement. The account includes everything you’d normally expect from a transaction account, such as a cheque book, free debit card, the ability to link it to high interest savings, online banking and all the other bells and whistles that you’re looking for. And, if you manage to keep $2,000 in your account for the entire month, they’ll deposit an extra $2 in your account, every month. It seems like a small amount, but it’s money you didn’t have, and added to your savings account each month, it can make a huge difference.

Your Reverse Charges Account offers all of the unlimited, no-fee features that you’d expect from a transaction account: You can make your transaction in a branch, over the phone, through online banking, at ATMs and with your chequebook.

Who Should Use This?

If you hate paying bank fees so much that you’re willing to make sure that there is always $2,000 in your transaction account, this might be the account for you. There is a very minimal interest rate of just .01%, but you might be happy to see that your bank is depositing money into your account, instead of charging you fees, so long as you continue to meet their conditions.

How Does This Account Work?

The Reverse Charges Account is just like your average transaction account, and it’s activated just like all other Australian transaction accounts. You will enjoy unlimited free Bank of Queensland transactions (including branch access, ATM, Internet banking, cheques and all the other ways you might access your account). You can also link your Bank of Queensland Reverse Charges Account with a high interest web account in order to maximise your interest returns.

Features Of The Bank Of Queensland Reverse Charges Account

This unique account from the bank that pays you has a variety of features that will make it attractive to many different people. Here are just a few highlights of the account:

• Your Bank Of Queensland Reverse Charges Account will reverse the charges that other banks charge, and instead deposit a $2.00 bonus into you account every month that you maintain a balance over $2,000 for the entire month.
• If you maintain the minimum balance of $2,000, the bank will waived your account keeping fees, making this a truly free account as long as you maintain that balance.
• There are very flexible overdraft facilities at your fingertips, should you need them.
• You will receive a regular statement, so you can easily track your account.
• You can link this account with a Bank Of Queensland high interest online savings account, allowing you to make the most of every dollar.

Things You Should Keep In Mind About Your Reverse Charges Account

Should you accidentally drop below the $2,000 minimum balance in any given month, your $2 payment will be forfeit, and you’ll have to pay a $4 fee for account maintenance. Should you incur many different transactions throughout the month, there’s a good chance that this is a much better deal than the traditional pay-as-you-go format of most traditional transaction accounts where you pay for each individual transaction. The goal, of course, is to maintain that minimum balance and to pocket the $2 from the Bank. Optimally, you’ll be able to put that into your high interest online savings account and make it make even more money for you. In order to do this, it’s necessary that you keep a sharp eye on your account balances and ensure that you never drop below that magical number of $2,000. $2 may not seem like much, but a bank that pays you anything to use their accounts is taking fee-free banking to a whole new level.

There are fees for a variety of transactions, such as multi-payments, the use of another bank’s ATM network and transferring money from your Bank of Queensland Reverse Charges Account to an account outside the bank.

There are terms and conditions, as well as qualifications that will apply. You can see the PDS for the full details on the Bank of Queensland Reverse Charges Account.

If you’re serious bout making the most of every single dollar, and you have no problem keeping the $2,000 minimum balance in your account, this can be a great choice for you. There’s no paying for each transaction, like with most banks so even if you don’t manage to keep your balance at $2,000 you’re still likely to be saving money. With the flexible overdraft protection and the variety of other benefits included in the account, there’s a lot that can be said for your Bank of Queensland Reverse Charges Account.

If you’re someone who spends a great deal of money on impulse buys, the minimum balance vs. mandatory charge can also be a great deterrent. This can keep you from making those impulse buys that cost you so much money, and force you to more carefully consider the purchases you make before you make them. Over time, this can add up to a lot more money in your savings account, and less useless junk laying around your house, collecting dust while you wonder why you even spent the money on it.

Plus, there’s always the smug satisfaction of telling your friends that, aside from your interest bearing savings account, your bank pays you just for the fact that you’re kind enough to use their services. Sure, it’s only $2.00 a month, but as any real saver will tell you, every single penny counts, and that’s 200 of them right there!