Case study transaction accounts

Genevieve and Caitlin's banking habits

""Genevieve and Caitlin are identical twins. They look alike but they have very different ways of dealing with their money.

Genevieve likes to keep her money in the bank, rather than her wallet. She only ever withdraws $20 at a time from the ATM. She feels if she carried more money around, she would be tempted to spend it on things she didn't really need.

Genevieve has found an account that is perfect for the way she likes to transact. Her bank doesn't charge anything for using its ATMs and this suits her perfectly.

On the other hand, Caitlin hardly ever uses ATMs. She likes to withdraw her money using EFTPOS. Her transaction account does not charge her for any EFTPOS transactions and she knows this saves her money.

Different accounts suit them because of the different ways they like to take out their money from the bank.

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Last updated: 17 Oct 2013