We're sure you know that it's important to have enough money in your account to cover any scheduled payments you have coming up, like direct debits or cheques, but we understand that life doesn't always go to plan.
We want to help take the stress out of managing your money, so we're changing how we do things by sending you SMS notifications and removing dishonour fees.
Dishonoured payment notifications have gone mobile
From August, we'll now send you an SMS to alert you that a payment was dishonoured or your account has become overdrawn due to insufficient funds in your account.
We've included one example of the SMS below, so you know what to look out for and can trust that it's from us. While the exact message in the SMS may change, it will always be signed: Thanks, BOQ.
We also won't ask you to do anything except check your balance.
This change means you'll no longer receive a phone call or letter from us about the dishonour of a payment that you may have received in the past.
We're also saying goodbye to dishonour fees
We want to make it easier for you to catch up when things don't go to plan, so we are automating our processes and removing the fee when a payment dishonours, these fees will be removed from September 2021. You can learn more about this by reviewing our Fees and Charges.
SMS dishonour notifications
Why have I received a dishonour SMS notification?
You have received an SMS as you had insufficient cleared funds in your account to cover the payment of a cheque or direct debit. You haven’t been charged a fee, however overdrawn interest may apply. The cheque or direct debit may have been paid.
My card has declined due to insufficient funds or I noticed a transaction/overdrawn balance on my account in internet banking
A cheque or direct debit may have been attempted on your account and there may not have been sufficient cleared funds in the account at the time.
If this is a recurring payment, please consider changing the timing of your direct debits to ensure there are sufficient cleared funds in your account for future debits.
If you are receiving benefits you may be entitled to a concession account. A concession account will not allow you to become overdrawn.
Why did I receive a dishonour SMS notification when I had enough funds in my account?
A cheque or direct debit may have been attempted on your account and at the time, there may not have been sufficient cleared funds in the account. Funds may have been added or cleared after this time. There is a slight lag between when the dishonour occurs and when the SMS is received.
Can I still receive dishonour letters?
These SMS alterts are our way of keeping you up to date on your transactions. Unfortunately it is not possible to opt out of SMS notifications or change back to receiving letters.
When will dishonour fees be removed ?
Dishonour fees for cheques, direct debits and transfer orders will be removed from September 2021.