The overdraw feature is designed for irregular use, to cover unexpected shortfalls in your account balance. If you’re using the overdraw feature for any other reason it may not be right for you.
For example, if you need ongoing credit, one of our credit products may be suitable, as the interest rates, fees and charges are likely to be lower and consumer credit protection legislation applies. The extent to which you make use of the overdraw feature may impact later credit assessments when applying for other loan products in the future.
You’ll only receive an overdraw notification about the first overdrawing of your account on the same day. Note: If your account returns to a credit balance and another transaction overdraws the account again on the same day, you will receive another notification about the subsequent overdrawing event. You must return your account to a credit balance by midnight (Sydney/Melbourne time) on the same day to avoid fees and debit interest charges. For accounts with a formal overdraft limit (e.g. a Personal Overdraft) you will only be notified if you overdraw in excess of the formal limit.
Overdraw notifications are available for Smart Access, Complete Access, Streamline and Everyday Offset account types.
Interest rate and fees and charges are subject to change. BPAY is a registered trademark of BPAY Pty Limited ABN 69 079 137 518. Commonwealth Bank of Australia ABN 48 123 123 124 and Australian credit licence 234945.