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Why did Bankwest remove the $100 overdraft facility from customer transaction accounts?

Posted by cgm cgm
Message 1 of 4 1,347 Views

The $100 transaction account overdraft was a great feature, and provided customers with greater certainty.

 

What were Bankwest's reasons for removing this customer centric feature?

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Re: Why did Bankwest remove the $100 overdraft facility from customer transaction accounts?

Posted by cgm cgm
Message 2 of 4 1,316 Views

Any update on this one @PeteW@LyndsC or @SarahF?

 

I've loved this feature.

 

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Re: Why did Bankwest remove the $100 overdraft facility from customer transaction accounts?

Posted by LyndsC LyndsC
Message 3 of 4 1,311 Views

Having that $100 overdraft facility on the account actually required us to run a credit check on every customer that opened one @cgm. So whilst it can be seen as a customer centric feature, it was also a barrier for some customers, especially when they didn't even want/need the feature to begin with.

After reviewing the product to ensure it was delivering the most value to our customers and our business, we removed the facility from the account.

I'm not suggesting the two are directly related, but we have also released a new everyday account in 2015 which offered additional features. My point is, we're always looking at ways to deliver the best products to our customers.

 

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Re: Why did Bankwest remove the $100 overdraft facility from customer transaction accounts?

Posted by cgm cgm
Message 4 of 4 1,308 Views

Thanks for letting me know the reason behind Bankwest removing this function @LyndsC!

 

It's a shame Bankwest didn't go down the path of a opt-out option for those with a poor credit check, or those customers who didn't want it. Smiley Sad Smiley Sad Smiley Mad Smiley Sad

 

Why wouldn't you want it though?  You were always guaranteed a safety net.

 

 

 

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