Your NAB Personal Overdraft facility is closing

We recently wrote to you about the upcoming closure of your NAB personal overdraft facility. Read what this means for you.

Why we’re making this change

The NAB Personal Overdraft hasn’t been on sale since 2020 and following a review of our product range, we’ve decided to begin closing all remaining facilities.

We’ve included some information below for you regarding this change, including what this means for you, and some frequently asked questions to support you through this change.

What this means for you

  • We’ve recently communicated to you via letter or email to let you know our intention to close all outstanding NAB personal overdrafts.
  • We have communicated to you a date by which we are planning to cancel and close your Personal Overdraft facility.
  • If you have an outstanding balance, this letter or email indicates the date in which your outstanding balance can be repaid by.
  • If you don’t have an outstanding balance, then you don’t need to do anything.
  • There’s no option to opt out of this closure, however, you can ask us to close your overdraft sooner if you prefer.
  • There’ll be no change to your linked NAB transaction account. Your existing direct debits and/or regular payments will remain in place.
  • To support you through this change, we’ve waived your NAB personal overdraft half-yearly Overdraft Line Fee until your facility has been cancelled and closed.
  • Once we’ve cancelled and closed your NAB personal overdraft, we’ll report this as closed to the credit bureau. Reporting this closure won’t impact your credit rating.

Information about an informal overdraft

  • Once we cancel and close your NAB personal overdraft limit, your linked NAB transaction account will no longer have a formal line of credit attached. 
  • You’ll need to ensure you have sufficient funds in your NAB transaction account to satisfy transactions on the account.
  • The debit interest rate for the linked account will apply if the balance goes below $0 for that account.
  • Please refer to clauses 1.18 and 1.19 of the NAB Personal Transaction and Savings Account terms and conditions which explain how overdrawing and debit interest work on your account.

Frequently Asked Questions

How will this impact my linked NAB transaction account?

Once your personal overdraft is closed, you will no longer have a formal line of credit linked to your transaction account.

See above information about an informal overdraft for what this means. 

What if I can’t pay down my personal overdraft by the closure?

If you need additional support or have any questions relating to repaying the outstanding balance, please contact our dedicated Personal Overdraft Support team on 1300 021 416 Monday to Friday 10am to 5pm AEST.

How can I confirm my NAB personal overdraft is closed?

Once your personal overdraft has been closed, your available balance will no longer show your personal overdraft limit.

Check online banking

1. Log into the NAB app or NAB Internet Banking.

2. Go to the account that was linked to your overdraft.

3. View Available Balance.

4. Once your overdraft limit is removed, the Available Balance will no longer include your overdraft limit.

Check your statement

You’ll be able to confirm removal of your NAB Personal Overdraft through your transaction account statement. We’ll send you a statement of account, showing this effective date. If the transaction account goes below $0, the debit interest rate for the account applies until the account is returned to a credit balance.

For example:

If you had a $500 overdraft limit and $1,000 in your linked transaction account, your Available Balance would be $1,500. Following the closure of your personal overdraft, the same example would now show your Available Balance as $1,000.

Can I close my personal overdraft early?

If you want to close your overdraft facility early, you can either contact the Personal Overdraft Support Team or speak to your relationship banker. Your letter or email contains their contact details, and we can help you do this.

If your facility is held in joint names, we’ll need authority from all account holders to close your overdraft facility.

Do I have any options if I still need a line of credit?

We understand that this change might impact the way you do your banking, and we’re here to help.

Visit our Personal banking page for more information or contact us to speak to a banker.

What if I am experiencing financial hardship or difficulty?

If you're experiencing financial difficulty or financial hardship and are struggling to repay your overdraft, we’re here to help.

It’s important that you reach out to us as soon as you can. We can work with you to understand your circumstances and consider options that may assist you.

Visit our financial assistance page, or contact us using the details below:

Within Australia: 1800 701 599

Monday to Friday, 8:00am to 8:00pm (AEST/AEDT)
Saturday, 9:00am to 1:00pm (AEST/AEDT)

Important information