What is Ezi-Pay?

What is Ezi-Pay?

As Australians look for smarter ways to shop and manage their finances, retailers and businesses are offering customers more convenient payment options, like Ezi-Pay.

How does Ezi-Pay work?

Ezi-Pay, also known as Certegy Ezi-Pay, offers buy-now-pay-later payment plans at merchants around Australia.

Using Ezi-Pay, you can make a purchase with an initial deposit and have the remaining balance direct-debited in instalments each fortnight.

How do I sign up for Ezi-Pay?

When you shop at a participating retailer, you can apply for an Ezi-Pay account in-store when you make a purchase.

Alternatively, you can apply for pre-approval by filling out an application form online. You’ll then be given a pre-approval limit and number that you can use to shop with at participating merchants.

The deposit amount and the number of months you have to pay for your purchase can vary by retailer, so your approval will be finalised once you make a purchase.

To be eligible to apply, you need to be:

  • At least 18 years old
  • A permanent Australian resident
  • Working at least 30 hours per week, or an aged or veteran’s pensioner

And you’ll need to provide the following information:

  • Proof of identity (Australian driver’s licence, or aged or veteran’s pension card)
  • Employment details
  • Financial details (income, assets and liabilities)

What’s the catch?

Theoretically, Ezi-Pay might make it easier to stay on top of your finances by allowing you to pay off purchases in manageable instalments with no interest.

However, keep in mind that there are a number of fees that come with having an Ezi-Pay account, including the following:

  • A one-off establishment fee of between $35 and $90 to set up your account
  • A monthly account-keeping fee of $3.50, which will be direct-debited while your account is active
  • A $2.95 payment processing fee to process each repayment
  • An additional purchase fee of $22 payable over the purchase repayment period for additional purchases

There are also other fees and charges applied if you change something or don’t make a payment, which are outlined in the Certegy Ezi-Pay continuing credit payment plan agreement.

What are the pros of Ezi-Pay?

You won’t pay interest – Unlike using a credit card or certain other payment plans, you don’t have to pay interest on items you buy using Ezi-Pay.

You can pay over time – Spreading repayments out over time can make it easier to manage your finances, especially if you’re on a tight budget but need to make a big purchase.

You’ll have your purchase straight away – You can get a hold of your item as soon as you buy it, even if you don’t have the funds available to pay for it in full.

What are the cons of Ezi-Pay?

Fees – There are a suite of fees associated with having an Ezi-Pay account, which can add up over time.

Repayments must be made fortnightly – You’ll need to have funds available to make repayments every fortnight, otherwise you’ll have to pay a fee.

You could spend beyond your means – Your credit limit increases as you make repayments, so you could be tempted to buy items you can’t afford.

Like any financial product or service, read the fine print carefully so you know what you’re signing up for.

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Learn more about bank accounts

Can a debt collector garnish my bank account?

A debt collector can garnish your bank account, but only with a court order. This drastic action is usually taken only if you’ve ignored several notices asking you to pay the debt.

If this happens, there is nothing you can do to stop it other than immediately pay back your what you owe in full or make arrangements to pay it off in installments.

Once a garnishee order is issued, your bank will put a freeze on your account as it processes the order. This usually takes two to three days and you won’t be able to access any of your money during this time.

If you have Centrelink payments, they may be protected, depending on what the court order says.

How do you open a bank account in Australia?

Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.

Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.

All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.

Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.

Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.

Are bank accounts frozen when someone dies?

Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.

If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.

Can I start a bank account online?

Yes, most lenders that operate in Australia will let you set up a bank account online. The process is usually simple and takes five to 10 minutes. You will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary identification. Requirements differ from lender to lender, so some institutions might ask for more or different forms of ID.

Can you deposit money into somebody else's bank account?

One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.

The basic information you need to deposit money into a third-party bank account is:

  • Payee’s name
  • Bank, building society or credit union (though this isn’t necessary)
  • BSB (or bank code, which is the branch identifier)
  • Account number

Including the name of the financial institution isn’t necessary – particularly with online banking – because the BSB will identify this for you.

A handy tip is to record yourself (or add a personal message) in the transaction description or reference. This will show up on the recipients account, letting them know who’s paid them the money.

Opening a bank account for someone under 18

How can I close a Commonwealth Bank account?

You can close your Commonwealth Bank account at any branch, provided you have appropriate identification. You can also close your account over the phone, by calling 132 221, 24 hours a day.

Can foreigners open bank account in Australia?

If you’re migrating, studying or working in Australia, you’ll be pleased to know that you can open an Australian bank account. For the most part, opening a bank account in Australia is a simple process which starts by comparing the types of bank accounts foreigners can open in Australia.

Once you’ve found a bank account that suits your needs, you can start the application process.

When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.

Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.

How do I close my bank account online?

You can usually easily open a bank account online, but you often can’t close it online.

Many banks and credit unions will only let you close an account if you go into a branch or call them on the phone.

However, some banks will let you request to close the account via your internet banking. Check your financial provider’s website for details.

Just remember: If you still have funds in the bank account, transfer them to another account, or withdraw the cash. Also, if you have any payments like direct debits going in or out of the bank account, these will also stop when you close your account.

What do I need to open bank accounts online?

Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.

Information to have available when you’re ready to apply is:

  • Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
  • Tax file number
  • Residential address, email and a contact number

In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.

There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.

How do I overdraw my Commonwealth Bank account?

Overdrawing a bank account can happen by accident. It’s often hard to know what your balance is, particularly with direct debits, scheduled repayments and pending transactions competing for cash.

To avoid being stuck with a bank fee every time your account is overdrawn, you can apply for a personal overdraft. This will enable you to overdraw your account up to an approved amount.

A personal overdraft is connected to your CommBank Everyday Account, so you can enjoy easy access to extra funds once approved – anywhere from $100 up to $20,000.

Your overdraft funds can be accessed via your CommBank keycard or Debit MasterCard, or online through NetBank and the CommBank app.

To apply you can either call the Commonwealth Bank directly or visit your local branch.

How do you deposit change into your bank account?

One way to deposit change into your bank account is to visit a branch. Many lenders will also allow you to deposit your change through one of their ATMs.

Can you open a bank account at 16?

Yes, you can open a bank account at 16, or even younger. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

How do you find a bank account number by name?

For privacy reasons, Australian banks won’t hand out account numbers or other details about their customers. However, if you provide a bank with a BSB and account number, they should be able to confirm if those numbers belong to one of their customers.