Business Banking
Basic Transaction Account | Business Savings Accounts | Business Loans | EFTPOS | Salary Packaging
Your business isn’t small — it’s everything. Let us give you the solutions and support you need so you can focus on your business and watch it grow.
Business Membership
This is open to all residents of the Southern Highlands and Tablelands who own or operate businesses - here or anywhere. Membership is as easy as visiting an Advice Centre and paying a $10 membership fee. That’s it. Simple.
As a BDCU Business Member, you are an owner of a financial organisation that is:
- local - We get to know you and your business. We make our own decisions from our head offi ce in Bowral.
- ethical - We give back to our members and our community, and also support broader environmental and humanitarian projects as part of the Credit Union Foundation of Australia.
- prudent - We lend wisely and reward loyalty with fair fees and competitive interest rates.
- friendly - We value honesty and integrity, but we think warmth, humour and sincerity are fundamental as well.
Basic Transaction Account
Business Rediaccess / Cheque Account (S5)
This is the engine of your business membership. It is your default business account, which is opened when you become a Business Member of BDCU. It is possible to operate a low fee or no-fee Basic Transaction Account for your business.
The Rediaccess comes with:
- optional chequebook facility
- ATM access to funds
- internet banking
- phone banking
Can be linked to:
- debit cards
- loans
- overdrafts
- savings accounts
This account has a variable, tiered interest rate, which is calculated daily on the closing balance. and paid annually on June 30th. You receive interest on the portion of balance within the tier.
Visa Debit The Visa Debit card works just like a credit card, but uses your own money. You can use this to:
Business Savings Accounts
Biz eAccess Savings Account
Our Biz eAccess Account is an electronically operated savings account. It earns high interest and funds are deposited to and from your Basic Transaction Account.
- money is ‘at-call’ (linked account transfers are instant)
- no minimum balance or deposits required
- variable, tiered interest rate. Calculated daily on closing balance and paid monthly.
B.E.S.T Money Market Account (S16)
An account for the investment of funds with ‘at call’ access. There is a minimum opening balance of $5,000, but no ongoing minimum balance after that. As this is an investment account, it features:
- limit on number of monthly withdrawals
- variable, tiered interest rate. Interest is earned on the portion of balance within the tier.
- interest calculated daily on closing balance and paid quarterly in March, June, September and December.
GST Witholding Account (S33)
Designed for you to set aside money to meet your GST obligations.
- no minimum balance required
- limit on number of monthly withdrawals
- variable, tiered interest rate. Interest is earned on the portion of balance within the tier.
- interest calculated daily on closing balance and paid quarterly in March, June, September and December.
Bonus Biz eAccess Savings (S29)
An additional 0.25% is added to your standard Biz eAccess Account when you purchase the BusinessSMART package.
Business Loans
There are a number of different ways we can structure finance for you. These include:
- a secured loan,
- an unsecured loan,
- flexible terms,
- business equipment finance BDCU loans also have these advantages:
- for variable rate loans, no fees for paying off loan early, making extra repayments or lump sum payments.
- minimum loan $5,000
Equipment Finance
Whether it is for computers or cars, a bulldozer or shop fittings, equipment finance is the solution to high equipment costs and obsolescence. Business Equipment Finance can take many forms. We can explore multiple options and can arrange finance that’s as unique as your business situation, with options as flexible as a quarterly, half yearly, or annual payments.
Business overdraft
If you sometimes suffer cashfl ow problems, an overdraft linked to your everyday business account might be the solution. The overdraft can be secured or unsecured and has a pre-approved limit. You are then able to draw up to that limit.
Factoring
Factoring allows you to on-sell your invoice for immediate payment. A real benefi t of factoring is to keep your cashflow healthy, without having to use any security. Say, for example, you are a carpenter. You invoice for a job worth $8,000, but you don’t expect to be paid until the job is completed. You decide to ‘factor’ this debt and receive 90% of its value - $7,200. Criteria apply, but feel free to enquire with our Commercial Manager whether your business may be eligible.
BusinessSMART
An optional package providing loan interest rate discounts with additional benefits and bonuses. Annual fee applies. Please refer to BusinessSMART brochure for details.
EFTPOS / Merchant Facilities
Today, customers expect to be able to use EFTPOS in stores, restaurants, and cafes. BDCU can organise a point of sale terminal for you at competitive rates, with the great service and support we’re known for. Your business benefits include:
- less cash on premises
- better security
- better cashflow
- less debt collection
- satisfied customers through convenience of purchasing
Features of BDCU EFTPOS include:
Help your staff — Salary Packaging
There can be significant tax benefits for wage earners who wish to salary package, also known as ‘salary sacrifice’. This is usually for a motor vehicle. The employer typically agrees to make finance lease payments and cover running costs while the employee remains employed. In return, the employee ‘sacrifices’ a portion of their salary to cover these costs. This provides employees with a greater level of satisfaction with their employer and a higher disposable income. Employers benefit from greater staff loyalty. Internet Banking Easy to use and armoured with I28-bit encryption. You can use internet banking for your personal account, as well as your business account, even if there are joint signatories:
- both signatories have a unique password to log in
- you can make batch payments to multiple payees e.g. via BPAY or to employees
- schedule payments for future dates
- check balances, and more
- phone and onsite support if you need it.
MORE INFORMATION
The information above is general in nature and doesn’t take into consideration your business objectives, financial situation, or needs. You should consider whether it’s right for you in light of your business circumstances before deciding whether to acquire one of these products or services. For more information about any of these accounts and services, please refer to the following: Savings & Term Deposit Interest Rates and Business Fees and Charges. Terms and conditions, fees and charges apply to all products mentioned in this brochure. BDCU recommends you read these and the apporpriate Financial Services Guide. These are available on application or request. Loans and credit services are subject to lending criteria.
Download the Business Banking brochure.
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