Overdraw Preference Feature
The Overdraw Preference feature is available on eligible personal accounts other than accounts held by persons under 18 years of age, basic bank accounts or account managed by a Relationship Manager. The feature is by default enabled on eligible accounts unless it has been disabled at your request or at our discretion.
What this means for you.
When the account Overdraw Preference feature is enabled, we may allow direct debits, periodical payments, cheque withdrawals and scheduled payments including BPAY® to overdraw your account, or increase the amount already overdrawn at the time of the transaction. An account overdrawn fee and debit interest may apply. If we decide not to allow it, we will decline the transaction.
If you request for the Overdraw Preference feature to be disabled, we will decline (where possible) any direct debits, periodical payments, cheque withdrawals and scheduled payments including BPAY that would cause your account to become overdrawn, or further overdrawn on the next business day after processing.
Situations where your account may still be overdrawn.
If your account Overdraw Preference is disabled, some transactions may still cause the account to become overdrawn where:
- (at the relevant time) any of our relevant systems is off-line or otherwise impaired or interrupted;
- the authorisation request is not sent to us, or received by us, for our review and for processing by our system (which may occur, for example, where the transaction is made using a cheque or a card linked to your account); or
- it is impossible or reasonably impractical for us to prevent your account from being overdrawn.
Under these scenarios, an account overdrawn fee and debit interest may apply.
Where you can update your account Overdraw Preference.
You can request to change your account Overdraw Preference in Online Banking (including Mobile Banking), by calling us or visiting your nearest branch. If you have provided a valid email address and mobile phone number to us, you will receive an email or SMS notification on the update. Please note: The Overdraw Preference will be updated on the account, and effective for all authorised persons. The update will be effective by the end of the day, unless it is not a business day then it is effective by the end of next business day.
Where two or more authorised persons must act together (i.e. more than ‘1 to sign’), the account Overdraw Preference (if eligible) can only be changed in branch where the required account holders are present.
For more information on tips to minimise and avoid bank account fees, please refer to this page.