Review of Terms and Conditions relating to Exception Fees
Bank of Queensland has reviewed the terms and conditions that govern its products, and in particular how these relate to exception fees. The Bank is committed to educating consumers through our website and in branch about these fees and how they can be avoided. The Bank will also continue to investigate alternatives for customers to avoid paying these types of fees.
Exception Fees Policy
Bank of Queensland discloses a variety of fees and charges in its Terms and Conditions books. These terms and conditions govern how your account is operated by the Bank.
This page specifically deals with the types of fees you may be charged if your account becomes overdrawn or if the Bank makes the decision to honour a payment on your behalf.
Charged on your account on the day where drawings are paid by the Bank and the account subsequently becomes overdrawn without prior approved arrangements, or where an approved overdraft limit is exceeded.
The above fee is charged when Bank of Queensland decides to honour your payment when there are insufficient funds to cover it, to save you the embarrassment and inconvenience of having the payment dishonoured.
Charged to your account on the day when any drawing on your account (cheque, direct debit, transfer order, Credit Card Saver transfer) is dishonoured due to lack of available funds, irregularity of drawing or stop payment request.
The above fee is charged if you have insufficient balance in your account to cover any drawings, and the Bank has to return the item as unpaid.
Late Payment Fee
If the minimum payment is not made on your credit card account by the due date, as indicated on your statement, a late payment fee will be applied to the account.
In order to avoid paying the late payment fee, you must pay the minimum repayment (as set out on your statement) between the statement date and the due date for payment. By using our Credit Card Saver feature you can set up an automatic payment each month for either the minimum, the full amount or a fixed amount to ensure you do not incur a late payment fee.
If the balance outstanding on your credit card is more than 1% over the credit limit in any statement period, an over-limit fee will be applied to your account.
You can avoid paying the over-limit fee by following the steps outlined below. In addition, if you feel a higher limit is necessary in the long term, you can apply for a credit limit increase.
Tips to avoid these fees
All of these fees can be avoided by doing a few simple things:
- Regularly check your account balance. You can do this for free:
- in a Bank of Queensland branch
- using a BOQ ATM
- through Internet Banking
- through an SMS when using Internet Banking
- through EasyPhone Banking
- on your regular statement
- Keep a record of when your regular payments are due to come out of your account (and make sure you have sufficient balance to cover the amount). Add up the total of your regular payments and try to keep that amount in your account as a floating balance.
- Check your account balance before you write out a cheque and ask the recipient of the cheque to contact you when they present the cheque so you can be sure there will be sufficient balance in your account.
- Set up regular payments yourself through Internet Banking. You can then manage them yourself and amend the amount to be transferred or cancel the payment if needed etc.
- Receive a SMS alert for any successful or failed future-dated Pay Anyone transactions that you setup through Internet Banking.
- Arrange for a personal overdraft facility on your transaction account.