For a monthly fee, a business owner is able to write cheques and visit their local branch without worrying about incurring charges. The convenience of online banking is a part of the package, making this account an ideal combination of old fashioned banking and modern technology. If all of your business banking needs cannot be handled online, then this is an account you should be thinking about.
An everyday account that's suitable for businesses that regularly conducts in-branch or cheque related transactions.
What are the features of the BankSA Business Cheque Account Plus?
The Business Cheque Account Plus has a variety of features to consider when you are comparing its benefits with other transaction accounts structured for a business:
- Monthly fee. There is an $20 monthly maintenance fee with this account that can be waived if you are also using BankSA’s Commercial Overdraft or Business Maximiser Overdraft facility.
- Transaction fees. You are allowed up to 55 free deposits and/or withdrawals at a branch, and 55 free cheque deposits or merchant envelopes each month. Your account will be charged $1.00 for each transaction that exceeds the 55 limit.
- Internet banking. There are no fees or limitations on the number of transactions you make online.
- Visa business debit card. Opt to link a business Visa debit card to the account and you can make unlimited withdrawals at ATMs in the BankSA, Westpac, Bank of Melbourne and St.George network. Purchases can also be made using the business Visa debit card at no charge to you.
- Mobile transactions. BankSA provides an app as a part of their online banking service which can be found at the Google play store or at the app store, making it compatible with both Android and iPhone mobile devices. Besides being able to track your account and find the nearest branch with the app, you can also withdraw money from a BankSA ATM without having to use your debit card.
- Availability. This account is only available for registered businesses operating in Australia.
- Interest rate. There is a nominal interest applied to balances of $5,000 or more which gradually increases as the account balance does. This small interest rate is calculated daily and then paid into the account monthly.
Free legal advice. Via email, BankSA puts you in touch with lawyers and accountants who will provide you with free advice related to your business. Up to three contacts can be made in relation to the same issue, after which you may choose to continue with them at a cost to you.
How do you apply for the BankSA Business Cheque Account Plus?
If the flexibility of the Business Cheque Account Plus is appealing to you, BankSA will allow you to fill out an application online.
Before applying online check to make sure that you and your business are eligible to open this account:
- Business location. The business for which the account is being opened must be registered to operate in Australia.
- Residency requirements. Any and all individuals listed on the application will have to be permanent residents of Australia.
- Depository requirements. You are able to open the account with an initial deposit of $1.00.
If your business is able to meet the eligibility requirements, there is some documentation that you should have readily available to offer BankSA as you continue filling out the application:
- Tax file number. A tax file number (TFN) is necessary to avoid paying any withholding tax on the account.
- Business identification. You will be asked for either your Australian Business Number (ABN) or Australian Company Number (ACN) as you start the application. In lieu of these you may be able to use an Australian Registered Business Number (ARBN) or Australian Registered Scheme Number (ARSN).
- Personal details. A sole trader will need to only supply their personal details, but if your business is a partnership you will need personal information for at least two listed partners. A company will have to provide the personal details for the directors and/or company secretaries.
After your application has been submitted, you can expect a call from a BankSA business specialist on the next business day. After verifying the information and making sure the application is complete you will receive a welcome pack in the mail. This will need to be completed and mailed back before you are given your new account details.