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'Dumb' question about BWest Zero Transaction Account

Discussion in 'Finance & Banking' started by CJ. Wentworth, 9th Oct, 2008.

  1. CJ. Wentworth

    CJ. Wentworth Well-Known Member

    9th Mar, 2008
    Cairns, QLD
    Morning/Evenin all, hope all is going well.

    I'm feeling kinda doe-y at the moment and have a really basic question. Bankwest's Zero Transaction Account account requires:

    "The minimum aggregate deposit required to the account per calendar month is $2,000. " - PDS

    And this entitles you to:
    • Pay no ATM fees Australia wide.
    • Deposit a minimum of $2,000 per month (eg. your salary).
    • Unlimited transactions and no monthly maintenance fees.
    • No account fees.
    • BankWest or MasterCard Debit Card access.
    • Cheque book access.
    • Online Banking.
    • Phone Banking.

    Does this mean that I have to have a total of $2000 in there at all times, or can I say, deposit $500, redraw it, then redeposit it until it adds up to $2000 (in this case four times a month)?

    BankWest - BankWest Zero Transaction Account
  2. Thudd

    Thudd Well-Known Member

    5th May, 2008
    Perth, W.A.
    Accounts like that [generalising] have a minimum deposit, not a minumum balance. So you could deposit $2000 and withdraw $1999 each month and get the benefits of the account. Or deposit $500x4, etc.