Overdraft

A Credit Union Personal Overdraft provides a line of credit that is activated when your own savings run out.

The Overdraft can be attached to your Current Account* with an agreed credit limit.

It covers all your Current Account activities, including cheques*, automatic teller machines, EFTPOS, Redicard* activity, periodical payments and direct debits.

Interest is charged only when your Current Account is overdrawn. The minimum monthly repayment is the amount of interest charged and debited on the first day of each month. Deposits to your account automatically reduce the outstanding balance, minimising interest charged.

When setting up your Overdraft, you apply to the Credit Union for an agreed limit. To ensure your Overdraft is working correctly for you, we will review the limit each year.

It's important to remain within your approved limit, as fees apply for exceeding your Overdraft.

Security may also be required for overdrafts of larger amounts. Read our frequently asked questions about secured overdrafts.

Many members also enjoy the use of a VISA Debit Card* to access their overdraft at the many outlets available.

You can link your VISA Debit Card to a Special Savings Account* with an overdraft facility, which is separate to other accounts. This account is specifically for VISA transactions and allows you to keep track of your VISA activities. Choose to operate the facility as a savings account, with or without a credit limit. In fact, we even pay you interest on your money.

QTCU Overdrafts carry no annual fees and are available for amounts of $500.00 or more.