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I know this is an old post but the topic begged a response.
There is a lot I would like to say about business that I have learned through trial and error. As a community we need to support small businesses more, for they help to create jobs and wealth for us all. In my work I see a lot of small business failures due to lack of financial knowledge and knowing how to run a small business. A lot of small business owners run their business like a job and don’t spend the time expanding and growing into something even greater. They also carry high debt ratios to income. Our current financial systems as I have first hand experience are not properly equipped to support small business owners once they get into debt. But if we all stick together we can change that. We need to all stand up for our people and our community. We need to create jobs for NZers and we need to sell products and services overseas to bring money into NZ, not send it out.
Learn how to read financial statements, read financials for publically listed companies and charities you’ll be in for a huge shock. Time to wake up NZ, lets create jobs and wealth for all of us. If Offshore investors including banks want to be a part of that, then its time they played by our rules. The poverty and financial hardship in NZ is completely preventable and unnecessary.
Hi and thanks for asking. I run a small business based in the rural Manuwatu. I recently bought my business banking back to BNZ and I’d like to say your “Mymoney for business” is truly the best value business account out there. I recall you previously used to charge 50 cents to add/modify a payee in internet banking. I previously thought this was a bit expensive considering it’s free at most other banks, but I note you appear to have done away with this charge making your account even better value.
I have no complaints at all about paying $5 per month for a business account, so there isn’t much I can offer in terms of ways for you to improve the value further, except I ask BNZ to look at the forex fees on Visa debit and Visa/Mastercard credit cards. From memory, Kiwibank is 1.85% and yourselves sit (I think) around the 2.5% mark.
I think there could be some possibilities around bundling personal and business accounts and flat rate monthly charges. How about charging a little more per month and doing away with all the other charges? These could include: direct debit loads, other bank ATM, unauthorised O/D, Debit Visa replacement, cheque book…? Your accounts are pretty good but I know there are a few fees which can still arise. Maybe even a gold package with no FX fees on Visa debit (like NAB offered some years back).
One minor moan I do have is being pushed life insurance (and similar) by the BNZ, but when I ask for a free month’s trial of business internet banking, am told “we can’t do that”. To be honest I’d feel a lot more amenable listening to the bank’s sales spiel if I got some slack with something I was interested in.
I note the context of your post appears to be more business in general but I’m thinking along the lines of what could the bank help with?
Further to my last post, I have done a Google and notice that NAB has a new product called “NAB Gold” which falls under private banking (1).
This is not the product I was referring to. The new product seems to have a whole bunch of insurances included which are normally offered on premium credit cards, but in this case are offered with a gold coloured Visa debit card.
The original NAB Gold was available under regular (not private) banking, costs $10 per month and came with a bunch of really good stuff I have never seen a NZ bank offer like no FX charges on Visa transactions and free overseas ATM. The $10 per month fee was waived if $5,000+ per month was deposited into the account.
I’d certainly be willing to pay $10 per month to have an account like that but unfortunately this account was discontinued around the time I switched from ANZ (Australia) to NAB. I think BNZ should look at offering a premium option and I have offered some suggestions above how this could look.
As small business owners, our experience with the BNZ has just been unbelievably bad. Their Customer Care, their international team and the branches have all made HUGE mistakes that have cost us time and money. Not just one department or one staff member, nope, right across the board. They make promises they don’t keep and their answers contradict each other.
They say they need time to investigate. Maximum of 90 days. In the meantime, we cannot invoice our customers. We are losing money and the bank is refusing to provide assiatance. I am disgusted at the poor level of service they attempt to provide.
We are giving them 4 days and then we will take other action. If anyone out there wants to know more about this, please send me your details and I will be pleased to let you know what has happened to us. The best way forward is not to bank with the BNZ.