From June 2020, customers will no longer receive an email or letter advising them if their direct credit, direct debit or periodical payment hasn’t been paid. Customers will need to monitor their payments through NAB Internet Banking, NAB app, NAB Connect or by looking at their statements for any payment failures.
Setting up regular payments
Overdrawing your account
Add a personal overdraft to your account
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 (note: 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.
Withdrawing funds beyond your limit
If you try to make a transaction that'll overdraw your account (or exceed your agreed overdraft limit), we may honour or decline 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 go out just after your pay comes in.
- 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.
Changing or cancelling regular payments (direct debits)
The difference between direct debits and recurring payments
Regular payments from a deposit account, such as your transaction account, are called direct debits. While regular payments from your debit card or credit card are called recurring payments.
How to change a direct debit
To change a direct debit from an account held with another financial institution (i.e. not NAB) to your NAB account, please refer to our Switching made easy page.
How to cancel a direct debit
You can request NAB to cancel your Direct Debits. Learn more about cancelling direct debits.
Get NAB Smart Statements online
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. Visit any branch or call us on 13 22 65 from 8am - 7pm Mon-Fri, 7am - 6pm Sat or 9am - 6pm Sun (AEST/AEDT).
How often will I receive statements?
Unless you’ve requested otherwise, for most accounts with NAB Visa Debit cards, we'll send you statements every two months (some older accounts receive statements every six months).
We send statements for NAB Smart Reward Saver accounts every four months.
Otherwise, you'll receive a statement every six months.
Accessing your money overseas
Our Travel centre covers all your options for taking money with you when you go overseas (as well as accessing and managing your accounts while you're away).
From your options for taking money with you overseas to accessing and managing your accounts while abroad, our travel and international section has got you covered.
You can used your NAB Visa Debit card overseas, wherever Visa is accepted. NAB Visa Debit cards work at most overseas ATMs – just look for the PLUS sign.
When using your NAB Visa Debit card overseas, fees may apply. Refer to nab.com.au/fees for more information.
Getting a cheque book for your account
If you need a cheque book and you haven't had one for your account before, call us on 13 22 65 from 8am - 7pm Mon-Fri, 7am - 6pm Sat or 9am - 6pm Sun (AEST/AEDT) .
You can write an unlimited number of cheques at no extra cost with NAB Classic Banking, NAB Cash Manager or a NAB Retirement Account.
Remember to budget for every cheque that you write. It can take a while for people to bank cheques, so leave enough available funds.
Replacement cheque books
If you've finished your cheque book and you need another one, you can order replacements in NAB Internet Banking. Look in the Account info menu.
Or you can call us on 13 22 65 from 8am - 7pm Mon-Fri, 7am - 6pm Sat or 9am - 6pm Sun (AEST/AEDT).