Banking fees and charges

Under Government legislation and the Banking Code of Practice, banks must disclose all fees and charges. These are outlined in the product terms and conditions or product disclosure statement (PDS).

Financial institutions such as banks, building societies and credit unions can charge you to use their products and services. You may be charged:

• for accessing your account
• for overdrawing your account
• for using an ATM of another bank
• if your account falls below a minimum balance amount
• if you exceed the number of free (non-deposit) transactions allowed each month.

You may also be charged a monthly account-keeping fee.

For further information about the type of fees and charges that may apply to your accounts, contact your bank or financial institution.

How basic bank accounts can help pensioners and disadvantaged consumers

A ‘basic bank account’ is an everyday transaction account specifically designed for eligible individuals that may include:

• pensioners
• low-income earners
• disadvantaged consumers.

These accounts have:

• a limited number of free transactions each month
• no account keeping fees
• no minimum monthly balance
• free monthly statements and no overdraft fees.

There are other basic bank accounts with more generous features including unlimited fee-free over the counter transactions for customers aged 60 and over. 

Please contact your bank to check if you are eligible.