Managing your Business Accounts

Posted

http://nrbm.com.au/images/113.jpg

Check out these useful banking tips to help you save money and time:

1. Be informed – Always read the Terms and Conditions for the products you use. It clearly details the fees and charges that apply to your accounts. Equipped with this information, you can plan your banking to save time and minimise or even avoid transaction fees altogether.

2. Review your interest rate – What interest rate are you being charged on your borrowings? Are you receiving a good interest rate on your deposit accounts? Review regularly to ensure you’re getting the best rate on your accounts.

3. Be efficient with EFTPOS – When using EFTPOS, consider whether you need any extra cash. It only counts as one transaction and it saves you time from having to go to a branch or ATM later.

4. Make the most of your withdrawals – Plan ahead, instead of making multiple small withdrawals throughout the week, work out how much you need for a few days and make larger, less frequent, withdrawals.

5. Consider utilising Internet and Phone Banking – Register for Internet and Phone Banking to move money between your accounts, check your account balance, pay your bills or send money to others using the Transfer facility. It is a straightforward way to manage your money and there are usually no transaction fees.
Note: Third party transfer facility is normally only available through Internet Banking.

6. Is there an SMS service available? Consider using a SMS service, if available, to obtain the balance of your accounts and most recent transactions on a nominated account.

7. Choose your ATMs wisely – Check out the fees for withdrawals or balance enquiries, it may cost more to use an ATM that is owned by another financial institution.

8. Use BPAY® – BPAY® is normally a free and convenient way to pay bills. All you need to do is register for Internet or Phone Banking and follow the prompts.

9. Use direct debits – Arrange for bills and regular payments to be directly debited. This way, your bills are paid automatically and you may avoid paying transaction fees for these payments.

Note: You will need to maintain sufficient funds in your account to cover these debits.

10. Convenience of credit – If you have a Business Credit Card think about using your card for everyday transactions and utilise the interest free period. This may save you transactions fees and if you pay your bill in full before the due date you avoid interest charges.

11. Review the products you use – Take time to review the range of products that are available with your financial institution. Determine what products best suit your business needs and if any new enhancements are available.
® Registered to BPAY Pty Ltd ABN 69 079 137 518

Share socially

LinkedIn Google+

Subscribe to NRBM »