SSKB & Macquarie Bank Initiatives


SSKB works in association with leading Australian banks to ensure SSKB’s lot owners benefit from the most competitive interest rates possible.

We are always on the lookout for ways to better meet the needs of our clients and one way we can do that is by building good, working relationships with multiple banking institutions.

We have spent a long time determining which banks offer the best-negotiated rates for our working and investment accounts.  Our hard work and research has left us with great relationships with the banking teams at Bendigo Bank and Macquarie Bank.

Cutting costs, especially Bank Fees, is another area we focus on for the benefit of our Lot Owners.

Macquarie Bank Senior Manager Jenny Strong recently shared some useful tips that will help lot owners avoid incurring Dishonour Fees.

Macquarie Bank Initiatives.

By Jenny Strong.

At Macquarie, we are very aware that Lot Owners are looking for ways to reduce costs, particularly Bank Fees.

We are often asked about the ‘Inward Return Item Fee’ (also called a ‘Dishonour Fee’) of $15.00.

One of the most common ways that an ‘Inward Return Item Fee’ is incurred, is when a Direct Debit payment dishonours.  A Direct Debit is a recurring payment established by a Lot Owner to pay strata levies on a regular basis.  A Direct Debit may dishonour due to; insufficient funds in the lot owners account, incorrect account details, or where the lot owner’s account is closed.  Once a payment has dishonoured the lot owner is contacted to make up the payment.

The ‘Inward Return Item Fee’ is incurred by the Body Corporate via their Body Corporate working Account.

Some strategies, which may help, minimise the number of direct debits which dishonour include:

  • Scheduling your Direct Debit to fall due very soon after regular deposits, for example your wages.  This may increase the likelihood of there being sufficient funds in your account;
  • Check your account balance regularly to ensure there are sufficient funds to cover your direct debits;
  • Use one of the other DEFT payment options, which are not capable of dishonouring (for instance BPay or Credit Card).

We are here to assist you and support you in every way possible. If you would like any more information about banking tips for your body corporate, contact you SSKB Community Manager.

 



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Recent Comments

2 Comments

Marjorie Smith On April 27, 2014 | Reply

If I pay my Body Corporate fees by credit card does that incur an extra credit card fee?

    SSKB On April 28, 2014 | Reply

    Hi Marjorie,
    In most cases a credit card will incur an extra fee. The fee will vary depending on credit card type. If you are making a payment online the fee will be displayed before you complete and approve your payment.

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