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Rest Assured and Avoid Overdraft Facilities
ANZ Bank
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The average Australian owes over $2,500 on each of their credit cards and generally spends 10% more than what they earn. We're a country in debt and for this we owe a lot of thanks to the banks.
Need proof that the big banks love us to stay in debt? Here it is.
ANZ have introduced a product called ANZ Assured, which is an overdraft facility. They have been contacting their customers to advise that they are automatically approved to use an overdraft facility and need only make a phone call to activate this feature on their transaction account.
An overdraft facility works in a similar way to a credit card account. You can use your cheque or savings transaction account as normal, but when your balance gets close to zero, ANZ see no reason to slow your spending.
ANZ Assured offers you a buffer of $500, which means you can overdraw your account up to a maximum of $500. This overdraft amount can be accessed in the same ways as you would normally use your account, e.g. ATM withdrawals, EFTPOS, cheques, phone and internet banking.
Any amount that you access through using ANZ's overdraft is effectively on loan from ANZ, so interest charges are payable. The interest rate is higher than most credit cards and is calculated daily.
On top of interest charges, ANZ charge a $5 monthly fee for ANZ Assured. This Credit Facility Fee is payable if you wish to have access to an overdraft, regardless of whether you use it every month.
Overdraft facilities are marketed in an emotive way and present a strong case in favour of signing up to access credit. For example ANZ claim to help you avoid the inconvenience and embarrassment of declined transactionsÂ. Bear in mind that the customers using credit equals profit to the banks, they are not likely to send a letter advising customers on ways they can owe less money.
When you think about the amount of money ANZ would make from interest charges and credit fees, it brings a whole new meaning to the term valued customer.
Generally, you should avoid using credit and instead use money you already have. Careful planning and learning to manage your money can help you to clear your existing debts and make money for you, rather than the banks.
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