Heritage Bank Club Cheque

Last updated: Oct 7, 2020

Ensure you non-profit funds go towards things that matter by keeping them in an account that won’t dwindle them down with excessive fees and charges.

Club Cheque from Heritage Bank provides charitable and non-profit groups a way to manage their money without minimal fees. With low or no fees for most transactions, you can ensure that the bulk of your non-profit contributions are being spent on something worthy.

Account keeping fee

ATM withdrawal fee

Overseas transaction fee

of transaction value

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Details

Product Name	Heritage Bank Club Cheque Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International transaction fee	3%
Monthly deposit required to waive account fee	N/A

Minimum Age	16
Joint account availability	No
Minimum opening deposit	$100

Pros

No account keeping fees
No transaction fees
Cheque book available

Cons

Minimum of $100 required as an opening deposit
No debit card access

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

Availability

In order to be eligible for Bank Cheque, you must be representing an Australian non-profit or charitable organisation.

Minimum operating balance

You must be able to maintain a minimum balance of one dollar in order for the Club Cheque account to remain active.

Interest rate

There is a nominal interest rate with this account that is applied to your entire daily balance and paid into the account quarterly.

Monthly account keeping fee

Your charitable organisation will not have to pay any monthly fees for the use of this account.

Available transaction methods

You are provided with a free chequebook with this account plus you have the option of banking online and over the phone. Online and phone banking allows you to set up any direct debits or periodical payments from the account.

Transaction fees

Your charitable organisation will not be charged any fees for using the available transaction methods.

Making deposits

Deposits of cash, money orders and cheques can be made for free at any Heritage Bank branch or mini branch. You can also opt to send any cheques or money orders to Heritage Bank through the mail so long as you also include your Club Cheque account number.

How to apply

Eligibility

All Heritage Bank accounts including the Club Cheque are only available to existing members. In order to open this account you must also apply for membership at the same time. This can be done online but keep in mind that you will be asked to pay a $1 fee for your membership share of the credit union. Other eligibility requirements for this account include:

Minimum age. While there is no stipulation made for how old you must be to open a Club Cheque account, you will need to be a verifiable representative of a non-profit or charitable organisation.
Residency requirements. The non-profit or charitable organisation you represent must be in operation in Australia, and you will have to be a permanent resident or citizen of Australia in order for the application to be accepted.

Depository requirements. There is a minimum of $100 required as an opening deposit for this account.

Documentation needed

You can make filling in the application online faster and easier by having the following documentation ready before you begin:

Tax file number. For any account opened that can earn interest, Heritage Bank will request your tax file number (TFN). You are not obligated to provide this information, but if you don't, Heritage Bank is required by law to withhold tax on your interest earnings. In lieu of your TFN you could also quote your organisations Australian Business Number (ABN) if applicable in order to avoid the withholding tax.
Identification. Not only will the individual opening the Club Cheque account need to verify their identity with a photo ID such as a passport or driver's licence, but so will any other member of the organisation who will be given the authority to make transactions with this account or act as a signatory.

What happens after I submit my application?

When you have completed filling in the application it will be submitted to Heritage Bank for review. Once accepted, you will receive a notification that outlines the account number and other details that will allow your non-profit organisation to begin making its daily transactions using the account.

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Heritage Bank Club Cheque