Bank Feeds fees

Highlighted
Trusted Cover User LCrowhurst
281 Posts
Trusted Cover User
Australia
Trusted Cover User

281Posts

28Kudos

2Solutions

Bank Feeds fees

are there fees involved with settimg up bank feeds? ie Nab bank feeds? 

5 REPLIES 5
Highlighted
MYOB Moderator Steven_M
34,045 Posts
MYOB Moderator
New Zealand
MYOB Moderator

34,045Posts

4,567Kudos

4,968Solutions

Re: Bank Feeds fees

Hi @LCrowhurst 

 

The ability to apply and receive bank feed transactions into an MYOB Essentials business is included with an MYOB Essentials subscription so there are no setup fees from MYOB to use that functionality. There may be fees from your Bank to have that functionality.

 

Although, do note that Bank Feeds is a based on a Fair Use Policy, to which if you do exceed the set limit there are additional MYOB fees imposed on those transactions above the limit. More information can be found on MYOB BankFeeds Fair Use Policy

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Highlighted
Ally_Cloud
2 Posts
User

2Posts

0Kudos

0Solutions

Re: Bank Feeds fees

Hi Steven, 

Can you please provide more information as to why MYOB charges fees for Bank Feeds when other accounting packages do not charge? 

 

How are the "fair use" monthly transactions for bank feeds calculated?

Who decided that 300 transactions a month was going to be when you started charging customers? 

 

We regularly have more than 300 transactions (and less than 500 transactions) for the month.

 

As a small business operation 7 days a week we are struggling to see how you can justify the surcharge for bank feeds on top of the premier subscription. 

 

At the moment we are being charged approx $20 extra a month on top of our subscription for the "excess" bankfeeds. 

 

This needs to be something you can waive for premeir customers or at least raise the cap when you start charging small businesses. 

 

We have 4 eftpos machines reconciling daily so that is 120 transactions before we even pay staff, contractors and suppliers for the month.

 

Ally  

Highlighted
MYOB Moderator Steven_M
34,045 Posts
MYOB Moderator
New Zealand
MYOB Moderator

34,045Posts

4,567Kudos

4,968Solutions

Re: Bank Feeds fees

Hi @Ally_Cloud 

 

Thank you for your feedback about the Bank Feeds Fair Use Policy.

 

The Fair Use Policy for Bank Feeds forms part the Terms of Use (4.7). of the product and has been in effect for a number of years. The policy is in place to ensure an optimal and cost-effective experience for all our customers. By managing the usage of a very small group of the heaviest users* (less than 5% of clients), we can manage a higher quality of service for all of our customers.

 

*A higher transactional limit is placed on our AccountRight Plus and Premier clients (300 vs 250) as we do understand that those clients can have a larger number of bank transactions.

 

That said, I have passed on your feedback to the team.

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Ally_Cloud
2 Posts
User

2Posts

0Kudos

0Solutions

Re: Bank Feeds fees

Hi @Steven_M,

So are you saying that the limit of bank feeds before fees (<300 per month) has remained the same for years? 

 

How are we to run a business that has weekly payroll, weekly contractor, weekly supplier payments and daily eftpos reconciliation for a 7 day operation if bank feeds are charged for the number of transactions which is penalising us with how we do business? 

 

Larger companies might have fortnightly or monthly larger payments,

but small businesses have smaller/ more frequent payments and are being penalised for this? 

 

Sounds like you are taking advantage of the little guys!

 

$20 a month in fees for not doing anything just importing data -  we have also seen numerous delays in accessing bank feeds since we started using this function due to issues with your system. 

Highlighted
MYOB Moderator Steven_M
34,045 Posts
MYOB Moderator
New Zealand
MYOB Moderator

34,045Posts

4,567Kudos

4,968Solutions

Re: Bank Feeds fees

Hi @Ally_Cloud 

 

The transaction threshold for AccountRight Premier* has, to my knowledge, always remained at 300 transactions. If changes are made to that policy the BankFeed Fair Use Policy will be updated, although, to my knowledge, no scheduled changes are to be made at this stage. 

*AccountRight Premier being the highest product level for the AccountRight range and offers extensive product features

Kind regards,
Steven

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

Did my answer help?

Mark it as a SolutionHelpful? Leave a to tell others

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post