Understanding the consequences of having an overdrawn account in Westpac is important for managing your finances responsibly. Below is the latest information about fees and charges applied when your Westpac account goes into overdraft.
What Happens If Your Westpac Account Is Overdrawn?
If your account balance falls below zero, Westpac may apply additional fees and charges. This includes penalty interest rates that are charged on the overdrawn amount, increasing the cost of borrowing.
Westpac Overdrawn Fees
The standard overdrawn fee for Westpac Choice, Westpac 55+, and Retired accounts is 15 AUD per month. However, for Westpac Choice - Concession Holders accounts, there is no overdrawn fee.
Managing Overdrawn Accounts
It is advisable to monitor your account regularly to avoid overdrawing. If you anticipate an overdraft, contact Westpac to discuss possible arrangements or overdraft protection options.
Being aware of these fees and charges helps you maintain control over your account and avoid unnecessary costs.
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