Bank That Allows Overdraw

Hvrd on 09/09/2023 - 13:27

Does anyone know of a bank that allows account to be overdrawn for at least 3 days

Have been using nab but they reversed direct debit after 1 day so now have to pay dishonour fee to credit card

Financial

Comments

  • brendanm on 09/09/2023 - 13:51
    +15

    You could just put some money in the account instead?

      • foxmulder on 09/09/2023 - 15:36

        So don't use direct debit?

      • brendanm on 09/09/2023 - 15:37
        +14

        A couple of hundred bucks earning interest for one day? What are you planning to spend that 6 cents on?

        • pharkurnell on 09/09/2023 - 20:17

          good rates your offering..

        • redfox1200 on 09/09/2023 - 20:37

          brah you have to keep it in there for the whole year as a backup, its more like $5 or $3.50 after tax. Could buy half a big mac for that!

  • FujiFruit on 09/09/2023 - 14:11

    i think anz and stgeorge lets you

    • Hvrd on 09/09/2023 - 14:19

      looks like they apply fees unfortunately

      • kerfuffle on 09/09/2023 - 14:27

        So you're after a free overdraft account? Have you looked at NAB?

        Edit: well looks like you already have. Go Google free overdraft account

  • JimmyF on 09/09/2023 - 15:23
    +3

    Does anyone know of a bank that allows account to be overdrawn for at least 3 days

    Most have fees when you overdrawn them, so just put some money it in instead.

    • Hvrd on 09/09/2023 - 15:24

      looks like its just nab and up with one day overdraw

      • JimmyF on 09/09/2023 - 15:25
        +1

        they allow a small window for funds to cross over, but if you have to time it under 24 hours to avoid paying fees, Then is it really worth the hassle?

        • Hvrd on 09/09/2023 - 15:29
          -1

          would help with the timing of when i get paid and due date for credit card or if something happened to me and unable to transfer funds, just a nice feature to have

          • JimmyF on 09/09/2023 - 16:14
            +3

            @Hvrd:

            just a nice feature to have

            A nice to have feature is called a 'buffer'. If you are living pay to pay, then you'll be in a world of pain down the track if something happens.

            Sounds like you really want a credit card, 55 days interest free ;)

  • CodeXD on 09/09/2023 - 15:54
    +11

    Sounds like you want a credit card…?

  • B00stJuice on 09/09/2023 - 16:52
    +1

    I've had ANZ overdraft for many years.. Rarely use it but I don't get charged fees unless I actually fall into negative.

  • netbies on 09/09/2023 - 18:11
    +1

    ANZ bank account do have overdraft facility for a few hundred dollar, but I think there was a monthly fee for it. I think I have cancelled that service long time ago and use a credit card instead if needed.

  • sam-1966 on 09/09/2023 - 18:27
    +1

    I worked for a bank a long time ago… you needed to apply for an overdraft, too.

  • deme on 09/09/2023 - 18:49
    +3

    Overdraft has interest…
    OP you seriously didn't think a bank was going to give a pleb an interest free loan?

    • Hvrd on 09/09/2023 - 20:24

      its fine if it has interest, only 3 days it would amount to like a $1

      • sekaisan on 09/09/2023 - 22:16
        +3

        Thought you plan to have the money in BOQ for interest; overdraft interest is much higher than saving account interest? why bother?

        • askbargain on 09/09/2023 - 23:34
          +4

          Not the brightest

        • Hvrd on 10/09/2023 - 09:11
          -1

          alright so i keep my savings in boq then transfer to another bank account to pay credit statement when due, im just wanting an overdrawn safety net for the off chance there a mismatch of savings to save me getting slugged dishonour fee with credit card

          • deme on 10/09/2023 - 09:42
            +1

            @Hvrd: Holy crap what a complicated and stupid setup.

            You use BOQ which says: https://www.boq.com.au/personal/banking/savings-and-term-dep…

            Simply deposit $1,000 into your linked Everyday Account from an external bank account (cash and cheque deposits excluded) and make 5 or more eligible transactions (settled, not pending).

            Then you do or want to do:

            BOQ -> Credit Card -> pay for stuff
            BOQ -> NAB or something overdraft -> Pay for stuff
            BOQ -> make 5 transactions

            Which begs the most obvious question:
            Why are you not just using https://www.boq.com.au/personal/banking/transaction-accounts…

            Wait… Are you trying to pay the Credit Card with an overdraft?
            Because if not, I can't figure out why you'd do all this.

            • Hvrd on 10/09/2023 - 09:47

              @deme: my credit card doesn't accept boq because it doesn't recognise the bsb

              • deme on 10/09/2023 - 09:51

                @Hvrd: Which Credit Card?

                But also, just pay with BPay.

                I think I see what's going on here.

                NAB -> Credit Card Automatically

                OP wants the automatic transaction to always work, even when it doesn't have enough money. (Fair enough)

                • Hvrd on 10/09/2023 - 12:06

                  @deme: yeah exactly, unless im checking everyday there might be a transaction that doesn't leave enough for credit card payment

                  • deme on 10/09/2023 - 13:41

                    @Hvrd: Question, why not:

                    avoid the credit card?

                    Just leave $100 or something in the account instead of using overdraft?

                    • Hvrd on 10/09/2023 - 16:47

                      @deme: i like the option of charge back, interest free period and reward points

                      • deme on 10/09/2023 - 16:49

                        @Hvrd:

                        interest free period

                        Fair

                        charge back

                        debit cards have chargebacks.

  • miwahni on 09/09/2023 - 23:37
    +1

    CBA accounts can have an overdraft facility. Not sure if there's a set-up cost.

    • Hvrd on 10/09/2023 - 12:04

      its $10 per day if overdrawn with all big banks except nab

      • miwahni on 16/09/2023 - 01:32

        Nope CBA is $15 for the month if you overdraw more than $15 during the month, but if overdrawn less than that there is no fee, only the interest.
        https://www.commbank.com.au/banking/personal-overdrafts.html

      • ColonialBoy on 17/09/2023 - 00:31
        +1

        NAB will allow my account to have a negative balance of about -$100 and still process direct debits.

        Only fee is an "unapproved overdraft" fee.

    • Yola on 10/09/2023 - 09:22

      The interest is double. The OP would be better off having the funds in the account. I also use NAB for the payment of my AMEX CC's. Often the payment is not deducted until up to 3 days after the date on the AMEX statement so I check every day and then transfer the funds when actually deducted.

  • Amazingly on 10/09/2023 - 09:50
    +1

    True, interest is high but an overdraft will never be free although maybe cheaper than a dishonour fee.

  • HD123456789 on 13/09/2023 - 07:52
    -1

    I am currently working in the finance industry, be very careful when you overdrawn and got dishonour, it marked against your credit worthiness, if you are going for a loan within the next few months because most financiers will require a bank statement for 3 or 6 months and if they see too many dishonours listed on your bank statement they will decline your application for Non satisfactory banking conduct.

    • Hvrd on 13/09/2023 - 08:29

      yeah ive decided to open a Macquarie transaction account with good interest and just keep topping that up

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