Macquarie Bank has announced a significant change for its business customers, who will now benefit from the removal of fees associated with account keeping and electronic transactions. This development includes fee-free transaction, savings, at-call investment, and trust accounts for businesses. As a result, Macquarie's clients will no longer incur monthly account keeping, electronic transaction, or dishonor fees.
The bank attributes this decision to ongoing investments aimed at digitizing its banking platform and processes. Dean Firth, Head of Business Banking at Macquarie Bank, explained: “Business owners repeatedly tell us that the fees many banks charge are often confusing and they’re left wondering what they’re actually paying for. We think Australians deserve more transparency and a fairer deal when it comes to their banking arrangements."
This move aligns Macquarie's business accounts with the existing offerings available to personal banking customers. Personal customers already enjoy no fees on transaction and savings accounts. Additionally, Macquarie refunds any ATM withdrawal fees charged in Australia and imposes no international fees on overseas purchases made in-store or online.
With approximately two million customers across Australia, Macquarie has established itself as the fifth largest household lender and deposit holder in the country. The bank's high-interest savings account offerings have contributed to a 28% growth in household deposits over the past year.
Firth further noted: “The investment we have made in digitising our banking platform and processes continues to deliver productivity gains for us and we want share that benefit with our customers.”
It is important for individuals considering these changes to evaluate their own financial situations before acting on any information provided by Macquarie Group.