The Council of Small Business of Australia (COSBOA) today congratulated Westpac bank for its decision to cut rates across credit cards, personal accounts and business accounts.
Westpac and its St George banking brand said the reductions would apply from October 1 to both personal and business customers.
The move comes after the National Australia Bank last week abolished its $30 overdrawn account fee on its personal savings accounts and personal transaction accounts.
COSBOA CEO Jaye Radisich welcomed the move, praising Westpac for including small business customers in the fee reductions.
“It is often the case that small business banking customers get left out of rate cuts and fee reductions when some banks restructure their fees. We’re glad to see that small businesses get the benefit of this new policy at Westpac.”
Radisich urged small businesses to ensure they monitor their income and expenses and cash flow at all times, to avoid “all manner of fees.”
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