Most transaction accounts have fees and charges you may have to pay at certain points in time or when you make a certain type of transaction. Knowing some of the most common fees and charges can help you minimise how much you pay.
Keep in mind the list below isn’t a definitive list of fees you may be charged. If you want the full list take a look at your account terms and conditions.
Bank account fees
- Account fees: Most bank accounts come with a monthly fee – but you may be exempt if you make a minimum deposit every month. You may also be eligible for an exemption (fee waiver) if you’re a student or pensioner.
- ATM fees: Most withdrawals from ATMs are free, but you may be charged if you use privately owned ATMs e.g. ones in bars or service stations.
- Dishonour fee: Charged when you don’t have enough available funds to make a scheduled or cheque payment.
- Overdrawing approval fee: An overdraw feature may allow you to temporarily overdraw your account, but you may get charged a daily fee and interest.
- Assisted withdrawals: You may be charged a fee for branch, agency and telephone assisted withdrawals.
Whether you’re travelling or shopping online with an international retailer, you may be charged an international transaction fee when you make a purchase or withdraw funds from an international ATM.