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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.

Can British expats still open bank accounts?

As a British expat, you can open an Australian bank account, and you can apply for an account the same ways an Aussie would. You can even open an account online from the UK prior to relocating.

If you’re overseas, the bank you choose to open an account with may call you to provide you with our new account details beforehand. You can then have your ID verified within a branch once you’ve arrived.

And if you’re already living down under, the following list outlines the types of information required by most banks when opening an Australian bank account.

  • Australian residential address
  • Tax file number (TFN) or a TFN exemption
  • Identification (this can be your passport)

Can debt collectors take money out of your bank account?

Many people find themselves struggling to cope with debt at one time or another. In these cases, a debt collector could contact you to demand payment for a debt, to explain the consequences of you failing to pay a debt, or to organise alternative payment arrangements.

If you’re contacted by a debt collector, you may be wondering what their rights are and whether they can take money out of your bank account.

Creditors cannot access money in your bank account unless a court order (also known as a ‘garnishee order’) is made to allow creditors to recover debt by taking money from your bank account or salary.

If this happens, the creditor can take money out of your bank account unless you pay the debt in full or make an alternative payment arrangement such as paying in instalments through the court.

Do you need a bank account to get a credit card?

To get a credit card, you need to show proof of income, which will almost certainly require you to have a bank account.

Do you need a bank account to sell on eBay?

You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.

What do I need to open a company bank account?

To open a company bank account, you will probably have to provide 100 points of ID, an ABN and an ACN. You will probably have to provide the details of all signatories as well.

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.

What do you need to open bank accounts?

Opening a bank account is one of the simplest online tasks you could perform. The hard part is deciding which type of bank account you want to open.

All banking institutions have a website where you hit ‘apply’ on the account of your choice and step through an application in less than 10 minutes.

Here’s a list of information that is generally required for applications.

  • Identification (driver’s licence, passport, proof of age card, proof of citizenship and/or birth certificate)
  • Tax file number (so you don’t get charged the highest tax rate)
  • Address, contact email and phone number

If you decide to open a new account at the branch, make sure you ask beforehand what information you need to take with you, or take all of the above to be safe.

Which bank is best for business accounts?

Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.

The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.

Can the government take your money from your bank account?

There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.

Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice. 

A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.

To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.

Can you get a payday loan without a bank account?

Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.

Can I set up a bank account online?

Most Australia-based lenders will allow you to set up a bank account online. Requirements vary from lender to lender, but 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 ID.

How long does it take to open a bank account?

The length of time it takes to open a bank account varies, depending on whether you want to open it online or in person.

Online

Most banks and credit unions have simple online applications that usually take no more than 10 minutes to fill out. It can be especially fast if you have your identification documents like your driver’s licence and passport handy. Sometimes you will instantly be approved and the bank account opened. However, depending on the financial institution, it may take a day or so to be processed and your account number issued. Your account information and ATM or debit card will then be mailed to you, which usually takes between five to 10 days.

In person

If you decide to go into a branch or office to open a bank account, it may take about half an hour. Make sure you bring your identification documents with you. Also book an appointment if you can, otherwise you might be forced to wait in line. Sometimes your ATM or debit card will be issued on the spot, otherwise you’ll need to wait for one to arrive by mail, which usually takes between five to 10 days.

How do you delete your bank account from PayPal?

Deleting your bank account from PayPal is a simple three-step process:

  • Go to your Wallet
  • Choose the account you’d like to delete
  • Click ‘Remove bank account’