Bank of Queensland Reverse Charges Account
A transaction account that offers an incentive to encourage you to watch your spending habits.
The Bank of Queensland Reverse Charges Account will add money to your balance monthly just for meeting its requirements. With a balance of over $2,000 you don’t pay any fees, and the Bank of Queensland will give you $2. If you fall beneath that balance, the monthly maintenance fee will be deducted from your account.
Fee Free Deposit
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
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This is quite a unique everyday transaction account. It’ll give you a $2 monthly bonus (paid once a quarter) if you keep your balance above $2,000, plus you’ll get the monthly account fee waived too.
However, there is a $! monthly card fee for the linked Visa Debit Card which can’t be waived. This card fee isn’t something that’s charged with most other transaction accounts. This fee effectively brings your monthly bonus payment down to $1 a month (or $3 a quarter).
If you don’t want to commit to keeping your balance above $2,000, the Bank of Queensland Day2Day Plus Transaction Account has no monthly fees and no minimum balance requirement to maintain.
When your balance exceeds $2,000 you are not charged any monthly maintenance fee. For balances under $2,000 there is a $4 monthly fee deducted from your account.
A payment of $2 will be added to your account in those months where you are able to maintain a $2,000 balance.
Australians under the age of 18, students enrolled in full time secondary school, TAFE and university students and home loan customers of Bank of Queensland are also exempt from monthly fees regardless of account balance.
You are given an unlimited number of transactions through a Bank of Queensland branch, ATM, online banking, EFTPOS and BPAY.
Any withdrawal made from your account at an overseas ATM will be charged $5 by the Bank of Queensland. Other charges and fees may also apply.
Transactions made with a debit card that require conversion to Australian currency will be charged 3% of the Australian dollar amount. If using a linked credit card you will be charged 3.4%.
This account is only available for personal use, not for use as a business account.
How to apply
The Bank of Queensland makes it easy to apply for their Reverse Charges Account by providing an online application form. Before applying online, check to make sure that you meet their eligibility requirements:
- Minimum age. Applicants for this account are only considered when they are at least 15 years of age.
- Residency requirements. The Reverse Charges Account is only available for permanent residents of Australia or Australian citizens.
- Depository requirements. The Reverse Charges Account can be opened with an initial deposit of $1. Keep in mind that you will be charged a monthly fee and lose your bonus money if you do not maintain a $2,000 balance.
In addition to meeting the eligibility requirements, you will also need to provide Bank of Queensland with information in order for them to be able to establish your account:
- Tax file number. While not always a requirement, providing your tax file number (TFN) or exemption code ensures that any interest earned is being taxed at the correct rate.
- Identification. You will need to provide proof identity with a photo ID such as an Australian passport or driver’s licence.
Your application details will be reviewed by the Bank of Queensland, who will then notify you of the details of your account. If necessary, you may be asked to visit a local branch in order to verify your identity in person.