ME Bank spruces up its transaction account
ME Bank is hoping to capitalise on new account-switching rules, with a number of changes to its EveryDay transaction account.The bank has dropped the $5 a month account-keeping fee. A limit of 15 free monthly ATM transactions has also been dropped.Under new account-switching rules, introduced on July 1, the task of transferring direct entry arrangements from one financial provider to another passes from the customer to the financial institution. Customers will sign a document authorising their new financial institution to execute such transfers on their behalf. The new institution will have the authority to require the current provider to change payment arrangements.ME Bank has been one of a number of banks using the new rules to try and attract new transaction-account business.