The Bendigo Trust Account works in holding money in a trust that is not subject to regulation by any governing body. If the balance in this account exceeds a certain limit it starts attracting interest. You don’t have to pay any account keeping fees to maintain this account, and you can access your money in different ways.
What are the features of the Bendigo Bank Trust Account?
- Account keeping fees. This account does not attract any ongoing account keeping fees.
- Fee rebate. The Bendigo Trust Account comes with a $6 fee rebate that works in offsetting eligible transaction fees. However, this account does not qualify for any other rebate.
- Free transactions. When you deposit cash or cheques at Bendigo Bank ATMs you don’t have to pay any fees. Direct inward credits and direct debits are free, as are periodical payments to other Bendigo Bank accounts. E-banking internal transfers and Pay Anyone transfers as well as phone banking transfers are free.
- Account access. You can make deposits and withdrawals by visiting any Bendigo Bank branch across Australia, and you can also access funds in your account using online and phone banking. This account comes with a chequebook as well.
- Online banking. You can use the bank’s classic e-banking platform as well as its mobile banking app. The classic platform provides full-service internet banking for business use, and it lets you view account balances and transaction history, you can use it to add new payees and make payments or transfer funds, and you can also use it to make bulk payments. Through the mobile banking app you can view account related information, you can initiate payments and transfers, and you can also cancel cheques.
- Phone banking. Account holders can turn to Bendigo bank’s phone banking to find out account balances and transaction summaries, transfer funds, order statements and cheque books, and speak to a bank representative.
- Branch banking. You can transact by visiting any of over 490 Bendigo bank branches across Australia, which include around 300 Community Bank branches owned and operated by local communities. Most of these branches operate in between 9:00am to 5:00pm on weekdays and from 9:00am to 12:00pm on Saturdays.
- Minimum balance. You can open this account with as little as $0.
- Many Bendigo Bank branches available
- No monthly account service fee
- Fee rebate available
- No debit card access
How do I apply for the Bendigo Bank Trust Account?
To open this trust account you should get in touch with a Bendigo Bank business banker and to submit an online enquiry visit Bendigo Bank website. Bendigo Bank provides an Easy Switching process that simplifies the process of changing banks. To contact a business banker, you have the following options:
- Speak to business banker over the phone
- Submit an online enquiry
- Send a direct email to a business banker
- Visit any Bendigo Bank branch
Remember that this is a business account and the bank will require you to submit documents that can verify the credentials of your organisation. For example, if you’re applying as a trust you’ll have to provide your trust deed or its certified copy by visiting a Bendigo Bank branch. In addition, all non- Bendigo Bank customers who will be account signatories will need to complete legally mandated ID checks.