RACQ Bank cuts fees to save Queenslanders millions

RACQ Bank has once again put people before profits, announcing it had cut more than a dozen fees from all transaction banking accounts which would put more than one million dollars a year back in the pockets of its members.

RACQ Group Executive Banking Michelle Winzer said the Club made the decision to scrap all basic transaction fees to help members in what were unprecedented economic times.  

“We know Queenslanders are doing it tough and we want to do what we can to make their lives easier,” Ms Winzer said. 

“Life is full of expenses, but one thing you shouldn’t have to pay for is to access and use your own money.”

Ms Winzer said bank cheque fees, internet transfers and Bank@Post withdrawals were just some of the 16 fees scrapped.

“RACQ entered banking because our members wanted a bank they could trust, and an organisation that would look after them and their financial future,” she said. 

“We believe foregoing one million dollars a year in fee revenue is a small price to pay to benefit our members.”

Ms Winzer said the mutual bank also reduced its dishonour fee to just $1 from March. 

“We want to help our members, not punish them further if they’re already doing it tough,” she said. 

“By removing all basic transaction fees and slashing our dishonour fee, as well as offering all Queenslanders assistance through our online Financial Wellbeing Hub, we hope we can help our members not only survive this tough economic period, but thrive.”

Queenslanders could visit RACQ’s Financial Wellbeing Hub for more information on how to future-proof their finances. 

The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person's particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.