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.