Avoiding bank and ATM fees

We understand our customers dislike bank fees, so we’re committed to ensuring that you know exactly what our fees are, why we charge them and how they can be minimised or even avoided.

Ensure you have the right account

Using the right accounts for your lifestyle will help you minimise bank fees. Start by taking a look at your transaction records and keep a personal record of your monthly banking habits and what fees you’re being charged and why. Close any accounts you don’t use.

Switch to eStatements

eStatements are electronic versions of your account statements that can be accessed through Bankwest Online Banking, and also through the Bankwest App. A $1.25 paper statement fee now applies to most personal credit cards, savings and bank accounts, so you can avoid this fee by opting in to receive eStatements instead.

Check your balance regularly

Whenever you use your account outside its normal terms and conditions, you may be charged a fee. This is so we can recoup the costs that may be incurred as a result of you using the account in a way that it wasn't meant to be used.

In most cases these charges can be easily avoided by careful management of your finances. This is one reason why it’s so important for you to regularly review your account balances before making payments. For example, we suggest that you ensure all recent deposits into your account have cleared before you make a payment out of the account. This can vary according to the type of deposit being made, so if in doubt please check your account.

To help you understand more about these fees, here are some definitions of some of the most common ones:

  • Credit Card Late Payment Fee – If the minimum payment on your credit card is not received by the payment due date then a late payment fee will be applied for each statement period. The minimum payment amount and due date can be found in the ‘Payment Required’ box on the front page of your statement.
  • Honour Fee – Personal – When you try and make a payment using an account with insufficient funds, we review this payment and check your existing relationship with Bankwest. To avoid you incurring additional charges and potential embarrassment from having the payment refused, we may choose to honour your payment – however we will charge a fee to cover the costs for each transaction review. 
  • Line of Credit Fee – We charge a fee for authorised overdrafts – and the same fee applies if honoured transactions result in your account going into unauthorised overdraft by $1,000 or more, or for 10 days or more. The fee varies according to the amount the account is overdrawn and full details can be found in the Product Disclosure Statement (PDS).
  • Outward Dishonour Fee – If there are insufficient cleared funds in your account to cover an authorised direct debit request or cheque on your account and we determine not to make the payment then a dishonour fee will be charged to your account.
  • Credit Card Over Limit Fee – If debits to your credit card take you over your credit limit then an Over Limit Fee will be charged in each statement period.

A great way to try and avoid fees is by receiving Bankwest Easy Alerts. These are basically notifications sent to your phone to remind you when a minimum payment is due, or when your bank account balance drops below a nominated amount, amongst other things. 1

Maintain your minimum monthly balance or deposit

There are certain accounts that require a minimum monthly balance to be kept in them at all times, or require you to deposit a certain amount in them each month. Ensure that you fulfil these requirements to avoid paying an account Maintenance Fee.

Use a Bankwest or Commonwealth Bank ATM

Using Bankwest or Commonwealth Bank ATMs saves you money on transaction fees. With over 4,000 located nationwide, you shouldn’t have too much trouble finding one near you!

Things you should know

The information contained in this publication is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this publication without first obtaining specific professional advice. To the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945, its related bodies corporate, employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication.

  1. Bankwest Easy Alerts are available for your mobile personal transaction and savings accounts. Limited alerts only are available for credit card transactions. Bankwest Easy Alerts will be sent to any compatible iOS and Android device on which you have the Bankwest App and enabled notifications. Whilst some alerts may be sent to your device once you have enabled notifications, in order to receive the full range of Easy Alerts available you will also need to activate the Bankwest Easy Alerts service within the Bankwest App. Terms of Use apply. Bankwest Easy Alerts is currently supported on iOS 9 and Android 5.0 devices and above. Bankwest Easy Alerts is not available on tablets and Windows devices.