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Tips to minimise and avoid bank account fees

One of the most common complaints we get from customers is about fees. To help you better understand them and also minimise and even avoid fees on transaction or loan accounts, we've put together a list of handy tips below.

For detailed information about fees, you're best to check the Terms and Conditions, Product Disclosure Statements (PDS) or Conditions of Use for your account, product or service. And please ask us if there's anything you don't understand.

For help, simply visit a branch or call us anytime on 132 032.

Fees

Fee type and account Amount1
Tips to avoid this fee

Account overdrawn fee

Applies when we pay a cheque or other debit and your account becomes overdrawn or exceeds the agreed limit.

Applies to transaction, savings, home loan and business accounts, plus personal and business loans.

$9
  • Check your balance regularly to ensure there are adequate cleared funds in your account
  • Build yourself a buffer of cleared funds to cover scheduled payments
  • Draw some direct debits from an alternative account
  • Consider applying for a permanent overdraft facility
  • Take advantage of our Budget Planner
Outward dishonour or periodical payment not made fees

When your cheque, direct debit or periodical payment is dishonoured due to not having enough money in your account.

Applies to transaction, savings, home loan and business accounts, plus personal and business loans.
$9
  • Check your balance regularly to ensure there are adequate cleared funds in your account
  • Build yourself a buffer of cleared funds to cover scheduled payments
  • Draw some direct debits from an alternative account
  • Talk to us about a permanent overdraft facility2
  • Set a reminder in your diary or phone of upcoming payments to help ensure there are enough cleared funds available
Inward Dishonour Fee
When a cheque you deposit is dishonoured or a direct debit to your account is declined. Applies to personal and flexi loans.
$9
  • Check your balances regularly to ensure there are sufficient funds to cover your payments to your Flexi loan or Personal loan.
  • Build yourself a buffer of cleared funds
  • Schedule payments a few days after regular deposits, like your salary, are made

Note: Business accounts and loans includes business transaction accounts, business loans and business overdrafts.

Things you should know

1. This is not applicable to Westpac Institutional Bank customers. If any of these fees do not currently apply to your Westpac account or they are already equal to or less than $9, there will be no change to your current fee arrangements from 1 October 2009.

2. Permanent overdraft facilities and credit limit increase applications are subject to the Bank's normal lending criteria.

This information is current as at 1 October 2009.