You might want to add a personal overdraft facility to your account. This is a credit facility that lets you withdraw extra funds, up to an agreed limit, when you need to. (We charge an overdraft line fee every six months, based on your overdraft limit, and charge interest on overdraft funds that you use.)
You can apply for a personal overdraft on most of our transaction accounts. Find out more.
Withdrawing funds beyond your limit
If you try to perform a transaction that will overdraw your account (or exceed your agreed overdraft limit), we have the option of honouring or declining the transaction.
We've abolished fees for overdrawn accounts, but if we let the transaction go through you might be charged interest (at our default rate) for the overdrawn amount. You have seven days to return the overdrawn amount to your account.
Any sort of debit can overdraw your account, including any fees that we charge you.
Tips for avoiding overdrawing:
Check your account balance regularly. Remember that your balance can take a while to update after some transactions, like withdrawals on non-NAB ATMs.
Know when direct debits or periodic payments are due from your account. It can help to time them to happen just after you receive your pay.
If you write cheques, make sure you have the funds to cover every cheque you write, and watch your balance to see when it's presented.
If you receive cheques, wait for them to clear before you spend the funds. This can take a few days after you bank the cheque.
To change a direct debit from another financial institution to NAB please refer to our switching guide.
To cancel a direct debit from your NAB account call NAB on 13 22 65 or visit your nearest NAB branch and submit a cancellation request (PDF, 231k). It is recommended to also contact the company you have the direct debit arrangement with (referred to as the 'Debit User'). This may be helpful when resolving complaints about incorrect charges.
If you use NAB Internet Banking you're already receiving NAB Smart Statements online. These are exact copies of your paper statements. You can choose to stop receiving paper statements.
Change your statement cycle
If you want to receive statements more or less often, talk to us about changing your statement cycle. See us in any branch or call us on 13 22 65 from 8am-7pm Mon-Fri, or 9am-6pm on weekends (AEST/AEDT) .
How often will I receive statements?
For most accounts with NAB Visa Debit cards, we'll send you a statement every two months. (Some older accounts receive statements every six months.)
We send statements for NAB Smart Reward Saver and NAB Smart Junior Saver accounts every four months.
Otherwise, you'll receive a statement every six months.
NAB Gold Visa Debit comes with overseas travel insurance
Like our other gold cards, the complimentary insurance you receive with a NAB Gold Visa Debit card includes NAB Gold Overseas Travel Insurance. Please note that an annual NAB Gold Visa Debit card fee of $20 applies per card for all NAB Gold Visa Debit cards linked to a NAB Classic Banking account or NAB Retirement Account.
Switching your old account to a NAB Classic Banking account
If you have an older NAB everyday account like a Passbook Account or NAB Clear Banking, it's a good idea to switch it to an up-to-date account.
By swapping your account rather than opening a new one, you get all the benefits of the new account – like a NAB Visa Debit card for example – and you keep your BSB and account number. That means you won't have to update any direct credits or other payment information.
Swapping accounts is faster than applying for a new account, too.