Wrap up
Melita, the local Transaction Banking Specialist, has been contacted to discuss how Lachlan’s needs can best be met.
Click through the slides to discover how the story unfolds.
What we know
So far, we know that Lachlan requires an account for operational costs and that transactions are occurring monthly. Melita identified a transaction account as being the most suitable, and checked with Lachlan how much was typically held in one transaction account.

The right solution
Lachlan confirmed the amount to be held in the account would typically exceed $1m, and Melita therefore identified a Cheque Account Bearing Interest (CABI) as the most appropriate solution for Park Beach Aged Care, as the money is not used on a daily basis and the funds can be set aside for longer periods of time.

Business needs met
Melita discussed the CABI features with Lachlan. These included:
- Easy Access – funds are available at call
- Easy to use – personalised cheques and deposit books are available and direct credits or debits can be arranged for regular income or bills
- Cost Effective, Interest Earning - Interest is calculated monthly on minimum monthly balance and paid half-yearly for standard CABIs; for negotiated CABIs, interest is calculated daily and paid monthly
- Supports broader business financial needs - Easy to read regular statements provide a record of all transactions and are useful for budget, audit or taxation purposes
- Lachlan was pleased with this solution and found it an attractive option to manage the business need.
