Imb Cuts Costs For Small Business

Illawarra Mercury

Thursday March 3, 2005

By GREG ELLIS

THE IMB will offer businesses a better deal in a bid to give smaller operators real alternatives to the large banks.

The Illawarra-based mutual building society has introduced business banking savings aimed at small to medium-sized enterprises.

Chief executive Wayne Morris said business cheque transaction fees were now between 33-50 per cent cheaper.

The IMB is also offering fee free internet banking allowing business customers to order statements, access transfer fees, use BPay, RTGS (Real Time Gross Settlement) and TT (Telegraphic Transfers) anytime, and without incurring fees.

It allowed all business bankers to track and transfer money online as often as they liked.

Mr Morris said the competitive business banking service was developed to meet a market need and give small operators more choice of financial services and old-fashioned personalised service.

"IMB, by its very nature, is community-minded - formed for the community and by the community," Mr Morris said.

"Inherent in that is the personal style of support we offer our customers where we really try to understand the needs of their businesses.

"It is important we listen to our community as much as we can so when we saw small businesses in our community getting frustrated with the banks we looked at how we could facilitate the service, combining business banking facilities and products with IMB's community-minded attitude.

"As part of this assistance we have recently reduced our transaction fees on business accounts and have maintained our free internet banking. We have also taken the step of treating business loans with flexibility and assign a designated relationship manager to each business."

© 2005 Illawarra Mercury

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