Know your fee-free ATMs
At MyState, we believe fees should be easy to understand, simple and competitive. So we’ve come up with this handy guide full of tips and tricks to help you keep the costs of banking down.
Check your accounts and make sure you’ve got the right ones for your banking needs
Having savings and transactions accounts that don’t suit your needs can lead to unnecessary monthly account or excess transaction fees. To ensure your accounts are right for you, have a look at your current MyState accounts and think about what kind of transactions you make, and how often you make them. This will help you determine if you’ve got the right account or combination of accounts. If you’ve got multiple transaction accounts, for example, you might be paying more monthly fees than you need to, so you might like to consider combining them into one account.
Have your pay directly credited to your transaction account
To take advantage of the monthly fee exemption on transaction accounts, where the $5 fee is waived when $2,000 or more is deposited into your account during the month, arrange to have your pay directly credited to your transaction account. You can easily redirect your funds once your pay has landed using recurring payments through Internet Banking.
See if you’re eligible for an account that doesn’t incur transaction or monthly fees
At MyState we offer a range of fee-free banking products to eligible customers. Whether you’re eligible for a Access Assist Account or are aged 18 years or younger, you may be eligible for monthly and transaction fee-free banking. Make sure you take advantage of these account options by getting in touch with us to find out if you’re eligible.
Always use ATMs that are part of the rediATM, NAB, or BOQ network
Every time you use an ATM that’s not part of these networks, you could be up for a direct charge fee, which is charged by the ATM owner. This fee is disclosed at the time of the transaction and, if you choose to proceed with the transaction, will be debited to your account. While often somewhere between $2 and $2.50, these direct charge fees can really add up, so wherever possible use rediATM, NAB or BOQ ATMS when withdrawing to avoid the direct charge fee.
Keep track of your account balance (to avoid overdrawing your account)
Make sure you check your account balances regularly to ensure you’ve got cleared funds in your account(s) at all times, especially if you’ve got recurring payments or direct debits set up. If any of these payments are debited without the adequate funds in your account, you may be charged an overdrawn administration fee. You can check your account balance at any time through Internet, Mobile or Phone Banking, or by calling us on 138 001.
Take care of your finances
Carefully looking after your finances overall is one of the best things you can do when it comes to minimising fees. If you know where your funds are and what they’re doing at all times, and you’re in tune with the way you use your money, you’ve got the best chance of avoiding any unnecessary fees and charges. And, so you can manage your money efficiently and effectively, we’ve also developed a helpful budget planner for you, which can be found at mystate.com.au. All the information in this guide is general, and you may find that there are other options available to you based on your specific banking needs.
Of course, if you have any questions or require any further information, please don’t hesitate to get in touch with us by calling 138 001 or dropping into your nearest branch.