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What is a debit card?

If you’re soon approaching the time where you need to set up your very first bank account, you need to firstly understand the tools you will be given to be able to access and manage

your money, and the features that each one offers.

The most popular method of being able to access your money is through a debit card issued

by the financial institution where you choose to keep your funds.

This card will be issued to you soon after you open a bank account (sometimes referred to as a transaction account), and how you can then access and spend your money will be determined by the terms and conditions set out by the card provider.

A debit card allows you to:

  • Withdraw cash from your provider’s branch or automatic teller machines (ATMs)
  • Make purchases with retailers who have EFTPOS (electronic funds transfer point-of sale) machines by using your own PIN (personal identification number), or through payWave or PayPass
  • Manage your money by being able to make deposits, monitor payments and spending and check your account balance 

What are the different features of debit cards?

All Australian banks and financial institutions offer a range of different features attached to debit cards which you need to compare when you’re selecting the most appropriate one for your circumstances, based on your own financial goals and lifestyle.

The key features to consider are: 

  • Fees: You need to look at all the fees attached to the account and the card to determine what will be most cost-effective for you. Look out for establishment fees, any ongoing account fees and transaction fees which may come into effect at certain usage levels.
  • Interest rates: If your debit card becomes overdrawn at any point, an interest rate is usually then applied to the amount and must be repaid on top of the overdrawn amount, so that your balance returns to at least $0.
  • Security features: Your card will have a unique PIN attributed to it, which is either allocated by the provider or set by you, as well as a card verification value (CVV), which is a three- or four-digit number found on the back of your debit card to help reduce fraud, by proving you have the actual card with you when you purchase.
  • PayPass or payWave: Some card providers will offer either of these instant transaction mechanisms so you’re able to use the card for purchases under a certain amount of money at an EFTPOS machine, simply by tapping the card.
  • Rewards programs: If you’re looking at a card that incorporates Visa ‘s payWave or Mastercard’s PayPass, you may also be able to access the rewards program attached to each one, by accumulating points through your transactions which then go towards a range of cash, flights, gift or shopping discount rewards.
  • Overseas use: If you need to use your card and account outside Australia, you need to look closely at what the foreign currency conversion costs may be on the card and whether there are any other additional fees attached to that use.
  • Joint accounts: If you’re looking at setting up an account and card for multiple people to use, so that you can manage joint costs such as household expenses, you need to look at what the conditions are that come with the card and ensure each person is aware of their individual responsibility.

What is the difference between a debit card and a credit card?

Debit cards only allow you to access your own funds – they do not allow you to borrow funds, as you would with a credit card.

Credit cards attract an interest rate on balances not repaid in full by the stipulated time, which must be paid back through regular interest repayments.

The benefit of a debit card is that you have the same level of accessibility to your funds, but you don’t have to repay any additional money borrowed on credit (unless you overdraw your debit account).

For that reason, you are not required to have a credit rating in order to have a debit card, but you will be subject to a credit rating check on your financial history if you apply for a credit card.

A credit rating takes into account your history of managing any credit products, and determines how worthy you are to have credit extended to you by a credit card provider.

Many people choose to progress from having a debit card to applying for a credit card, often because they may require more flexibility to manage their financial commitments in relation to assets or their lifestyle. However, the responsibility of having a credit card should not be considered unless you have shown continued discipline in relation to spending and the management of finances associated with your debit card and account.

FAQs

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.

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.

How do you transfer money from PayPal to a bank account?

Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:

  • Go to your Wallet
  • Click ‘Transfer Money’
  • Follow the instructions

The money will take three to seven business days to reach your bank account.

Once you’ve made the transfer request, it can’t be withdrawn.

Opening a bank account for someone under 18

Do I need to open a business bank account?

Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.

If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.

There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.

Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.

It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.

Can I find my bank account number online?

Yes, you can find your bank account number by logging into your online banking and clicking on the relevant account.

How do you set up a bank account online?

Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.

To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).

If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.

Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.

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.

How do you change your account name on NAB banking?

Changing the name on your NAB bank account is straightforward, as long as you have the right documents.

If you’ve just got married, divorced or legally changed your name, here’s what you need:

  • Married – a marriage certificate
  • Divorced –your ‘decree nisi’
  • Legal name change –your legal name change certificate

You can take either the original document, or a certified copy, into a NAB branch, where it needs to be sighted by a bank employee and a copy taken.

Your NAB bank account name will be updated immediately. New debit, ATM and credit cards with your updated name will also need to be issued. These usually take between five to 10 working days to be posted out to you. Your existing cards will keep working until you activate your new ones.

If you haven’t legally changed your name, but just want to change your account nicknames, you can log onto NAB and do it through the Settings/Mailbox menu.

Can I close a bank account with pending transactions?

You can close a bank account with pending transactions. But after the account is closed, any incoming transactions will be declined by your (old) bank.

The best way to ensure this doesn’t occur is to either wait to close your account until all pending transactions are complete, or contact the creditor and supply them with alternate bank details.

If you’re unsure whether you have any scheduled transactions, you can speak to a banking representative over the phone or via online support.

In most cases, your bank withholds the amount owing for pending transactions (such as online purchases).

Because the pending amount is deducted from your bank balance, you can close your bank account and the purchase will be honoured.

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.