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Macquarie Bank has removed monthly account keeping fees, electronic transactions, and dishonour fees for business customers.
This decision follows the removal of fees for personal customers, which was met with positive reception.
According to a statement from the bank, the removal of fees was made possible due to cost savings stemming from its digital banking platform and processes.
Dean Firth, head of business banking at Macquarie Bank, said the move will help remove any fee confusion for business banking customers.
“Business owners repeatedly tell us that the fees many banks charge are often confusing and they’re left wondering what they’re actually paying for. We think Australians deserve more transparency and a fairer deal when it comes to their banking arrangements,” said Firth.
“The fee-free and no hoops transaction and savings account offering enjoyed by our personal banking customers continues to resonate strongly, so we wanted to leverage the efficiencies offered by our digital platform to expand this simpler banking experience to business customers too.”
Firth said that continued cost savings from productivity efficiencies will allow the bank to pass along savings to consumers.
“The investment we have made in digitising our banking platform and processes continues to deliver productivity gains for us and we want to share that benefit with our customers,” he added.
