FAQs
Changes to Exception Fees
- Why are we reducing fees?
- Which fees are being reduced?
- When will the fees be reduced?
- Will fee reductions be applied to business products?
- Why have we not removed fees altogether?
- Will we reduce other fees?
- Additional ways to minimise fees?
- How can I re-structure my account to avoid paying these fees?
- Will interest rates now be increased to cover the cost of the reduction in exception fees?
Why are we reducing fees?
BankSA has been reviewing our fee structure for some time and these latest reductions follow a number of initiatives over the past 18 months, including reducing exception fees on our Concession account.
Which fees are being reduced?
- Payment honour fees
- Outward dishonour fees
- Credit card over limit fees
- Credit card late payment fees
When will the fees be reduced?
The fee reduction will be effective from 1 October 2009.
Will fee reductions be applied to business products?
Yes, this fee reduction covers a broad range of everyday transaction accounts, savings accounts, credit cards and business accounts.
Why have we not removed fees altogether?
A fee of $9 will continue to apply after 1 October 2009, as there is an operating cost to honour a transaction on an overdrawn account or process a dishonoured payment. We believe the new fee structure is simple to understand and is fair value for the service provided.
Will we reduce other fees?
As a responsible bank we will continue to review our fees and charges to ensure they represent fair value. However at this time, other fees and charges remain the same.
Additional ways to minimise fees?
There are many ways you can avoid exception fees:
- Registered Internet Banking users, can set up real time SMS and email alerts* such as Low Balance Alerts and Withdrawal Alerts, to help avoid overdrawing accounts and to ensure that direct debits or loan repayments have been made.
- Check account balances regularly via a BankSA, Westpac or St.George branded ATMs
- Use BankSA Internet or Phone Banking to ensure there are sufficient cleared funds available to make scheduled payments.
- Set a reminder in your diary, organiser, computer or mobile phone for the day before a scheduled payment is due. This way you can ensure there are sufficient cleared funds in your account for the payment
- Set up a Credit Card Automatic Payment Plan, a free service that automatically pays the minimum monthly payment or a nominated amount to the credit card each month.
- Maintain a minimum balance in your account to ensure all direct debits and other scheduled payments can be made.
* SMS alerts cost 25c and email alerts are free.
How can I re-structure my account to avoid paying these fees?
If you are unsure if you have the right products for your needs, why not drop into your local branch or call our award winning call centre^ on 13 13 76 8am to 8pm, 7 days. Our consultants can check that you have the right account for your current situation.
^ Gold Medal at the Customer Contact Centre World Awards 2008.
Will interest rates now be increased to cover the cost of the reduction in exception fees?
Interest rate changes are separate from fees, As always, we will continue to review our interest rates.