Everyday peace of mind with a Personal Overdraft
Isn’t it frustrating when your bank account is accidentally overdrawn or an important transaction is declined because of a ‘lack of funds’? Unfortunately it can happen to the most diligent of us.
It could be that funds you’re expecting to be deposited don’t arrive in time to cover a direct debit. Or you find yourself suddenly faced with unforeseen expenses and need access to some extra money quickly. This is where a Personal Overdraft can come in handy.
If you have an Everyday Account with us, you can apply for a Personal Overdraft, which will allow you to access additional funds from your account at any time, up to an approved limit. It’s like having a short-term financial safety net that’s there in case you need it and free when you don’t.
Whether you use it or not, having the overdraft available means that if you have a direct debit coming out of your Everyday Account at a time when your funds are low, it won’t be dishonoured.
As soon as your Personal Overdraft has been approved, the funds you applied for will be linked directly to your CommBank Everyday Account and made available immediately.
- There are no establishment fees.
- If you don’t use it, you won’t be charged monthly interest or fees on the overdraft amount, no matter how much it is. Learn more about Personal Overdraft rates and fees.
- You can access additional funds in cash, without paying cash advance fees
- You can apply for as little as $100 up to $20,000.
A credit card is handy for those everyday expenses, such as when you’re shopping. Think of your Personal Overdraft, however, as a safety net for your everyday banking – because sometimes we all need that backup.
There are benefits of using a Personal Overdraft over a credit card:
- You can use your overdraft to access cash without paying cash advance fees
- Links directly to your Everyday Account
- No fees or charges if you don’t use your overdraft
Things to know before you Can:
This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Commonwealth Bank of Australia ABN 48 123 123 124.