MODEL SAFETY NET, BASIC BANK ACCOUNT Principles Underpinning Model Safety Net, Basic Bank Account 1. Consensus. Safety Net, Basic Bank Accounts should have wide community and political support. 2. Minimal. Safety Net, Basic Bank Accounts should provide a minimal, basic personal transaction service. 3. Simplicity. The terms and conditions of Safety Net, Basic Bank Accounts should be easily understood, simple for the ABA Member banks to implement and consistent with the individual positioning of ABA Member banks. 4. Targeted. The eligibility criteria for Safety Net, Basic Bank Accounts should be targeted to fulfilling the needs of customers faced with access barriers. Specified Features of Model Safety Net, Basic Bank Account   Specified Features Minimum Benchmarks ( per month ) Account Keeping Fee ($) $0 Fee-free non-deposit transactions (1) 6 ~incl. Max. Fee-free OTC withdrawals (2) 3 Fee-free deposits Unlimited Eligibility         Holders of: Pensioner Concession Card, Health Care Card or Commonwealth Seniors Card.         $zero account opening and operating minimum. A/c holder must have government pension or payment paid into the account. Definitions (1) 'Fee-free non-deposit transaction' is defined as a free: account withdrawal, an account inquiry, or an account statement request. There is no specification as to which distribution channels these transactions can be undertaken, except for in (2) below. (2) 'Fee-free OTC (Over-the-Counter) withdrawal' is defined as a free: face-to-face A/c withdrawal undertaken in a branch or agency. 'Branch' and 'agency' defined in consideration of APRA definitions. For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439     ENDS