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.
Take a look at our suggestions below that identify some areas where you can minimise or avoid bank account fees all together.
Start by taking a look at your transaction records and keep a personal record of your monthly banking habits and bank account fees. Establish how much you are being charged currently and for what reasons. Close any accounts you don't use. Using the right accounts for your lifestyle will help you minimise bank fees.
Create a budget, as this can be helpful in identifying your spending patterns and requirements. By keeping a record of your monthly transactions, you will become more mindful of how your expenses compare with your income.
Separate your day to day account from your savings account. This will reduce the urge to dip into your savings, plus you'll have all the access you need on your day to day account for everyday transactions.
If you'd like to know more about which account is right for you, there are three ways you can do it.
Call us on 13 17 19
Check out our Everyday Accounts section
eStatements are electronic versions of your account statements that can be accessed through online banking and the Bankwest App. When you switch to eStatements you'll no longer receive paper statements in the post for your eligible accounts. A $1.25 paper statement fee now applies to personal Credit Cards and will be progressively rolled out to personal transaction and savings accounts from 13 February 2017 . You can avoid this fee with eStatements . Some exemptions may apply, call us to find out more.
Transaction fees are calculated on the number of withdrawals you make each month. So it makes sense to limit the number of withdrawals you make by withdrawing larger amounts less frequently, or take advantage of an account that offers free withdrawals.
Get a Debit MasterCard that draws directly from your selected savings or cheque account to help you control what you spend. It will also help you reduce or eliminate transaction fees you would otherwise be charged if you used an ordinary ATM card. All you have to do is select 'credit' when withdrawing cash or making purchases.
Minimise excess withdrawal fees by combining transactions. By asking for 'cash out' when using EFTPOS, you are actually making two transactions but they are only counted as one. It's an effective way to remain within your withdrawal limit and also save you time!
Whenever you use your account outside its normal terms and conditions, you may be charged exception fees. This is so we can recoup the costs that may be incurred as a result of the exception. Recovering these costs on a user-pays basis is one means by which we can continually offer you market leading products and interest rates.
In most cases these charges can be easily avoided by careful management of your finances. The importance of a regular review of your account balances before making payments cannot be overstated. In particular, we recommend that you ensure all recent deposits into your account have cleared before payments are drawn against them. 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 exception fees so you can adapt your banking habits, we have provided some explanations.
|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 present a payment against 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. Many of our customers value this service and are willing to pay for it.|
|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 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.|
The amount charged for each exception fee can be located in your PDS.
The best way to avoid paying exception fees is to manage your accounts carefully, be aware of direct debit dates and make sure you always make payments on time. Here are some simple tips to help you stay on track:
There are certain accounts that require a minimum monthly balance to be kept in them at all times. Ensure that you maintain the minimum monthly balance to avoid paying an account Maintenance Fee. Some of our products that require a minimum monthly balance include:
|Account||Minimum Monthly Balance|
|Instant Saver Account||$500|
To check your current account, please refer to your PDS or call 13 17 19 for more details.
Phone and online banking gives you access to transaction details, statements and payment facilities, 24 hours a day 7 days a week. While some products offer these transactions for free, other products may attract fees for exceeding a certain number of phone and online transactions.
Using Bankwest and Commonwealth Bank branded ATMs , saves you money on transaction fees - and with over 4,000 of our ATMs in Australia, means more choice for you wherever you are.
In addition to our existing ATM network, you can also access Bankwest ATMs in 7 Eleven stores across New South Wales, Queensland and Victoria, as well as Bankwest ATMs situated within Flight Centres throughout Australia.
Your Debit MasterCard lets you use the funds in your Bankwest account to purchase goods and services anywhere you see the MasterCard logo. It could help you to reduce or eliminate the transaction fees you would otherwise be charged if you used an ordinary ATM or EFTPOS card.
If you currently operate a passbook on your account, you may incur unnecessary fees when using the branch to make a withdrawal. You're also limited to standard branch operating hours. By swapping your passbook for an ATM card you can access your money 24 hours a day at any ATM or EFTPOS terminal. You will probably find it cheaper, as electronic transactions incur lower fees than over the counter services. If you are not confident about using an ATM, our staff are glad to assist and walk you through the process until you are.
Avoid a late fee by receiving an alert before your minimum repayment is due. Learn more about Bankwest Easy Alerts.