Current Accounts
Agreeing an arranged overdraft is fee free and keeping within your limit could be an easy way to manage your account.
Representative Example: 19.9% EAR variable (assumed overdraft $1,200).
For details of the charges that may be applicable, please click here to see examples.
Apply for an PFS Overdraft today
An overdraft could give you peace of mind by allowing you to make payments when you have run out of money in your account. It can help you through expensive months like December or unexpected costs such as an emergency plumber.
1. Each current account will set a monthly maximum charge for:
2. This cap covers any:
The introduction of the Monthly Maximum Charge will not affect any charging period that ended prior to 1st August 2017. Any notification of charges that are generated on or after 1st August 2017 will incorporate the new Monthly Maximum Charge cap.
Further details, including the level of the monthly cap applicable to each account, can be found in the more details section below.
If you make more than one payment on the same day we take this as one overdraft request and only charge one fee. You cannot apply for an overdraft on Basic PFS Account (or any savings accounts).
There are no overdraft usage fees on Premier PFS Account, Student PFS Accounts or PFS Account Pay Monthly.
For a guide on how much an arranged overdraft is likely to cost for PFS Advance or PFS Account you can use our Overdraft Calculator here
An arranged request occurs when you approach us to arrange an overdraft limit.
There is no overdraft fee for agreeing an arranged limit and it gives you greater control of your finances – you'll have an agreed limit within which you know items will be paid without incurring any overdraft fees. It's important to choose an adequate limit because if you go over it you may be charged daily overdraft usage fees, see our Charges and Additional Product Terms (PDF) for full details.
Your overdraft limit will be agreed until further notice, we will review the facility annually and contact you if we will be making any changes.
An unarranged request is when you authorise a payment that would take your account overdrawn or beyond your arranged limit without agreeing in advance an overdraft to cover it.
We will always consider an unarranged request and will make the payment if we can, subject to status. If approved the overdraft will be provided for 31 days to cover the item concerned.
If your overdraft limit is adequate and you don't go above it, all you need pay is the overdraft interest. We only charge a daily unarranged overdraft usage fee if you are more than $10 in your unarranged overdraft, see Charges and Additional Product Terms (PDF) for full details.
We will always try to make your payments even if you do not have sufficient cleared funds in your account and the payment would take you over any arranged overdraft facility.
Remember, it's more cost effective to arrange an adequate arranged overdraft than rely on unarranged overdrafts.
To try to help you avoid overdraft fees, we will send you overdraft text alerts if we've agreed an unarranged overdraft on your account. We will also send you a text alert if there isn't sufficient cleared funds available, in your account, to make a payment. You can opt out of receiving these text messages by calling us.
There are also several other ways you can keep an eye on where your balance is in relation to your overdraft limit:
If you keep within your arranged overdraft limit the only cost you need pay is interest. Here are the rates that apply to overdrafts on our accounts, at a glance.
| Name of Account | Cost of Arranged Overdraft | Cost of Unarranged Overdraft (Monthly Maximum Charge)2 |
|---|---|---|
| PFS Account | Overdraft interest (19.9%) Representative example (assumed overdraft $1,200): 19.9% EAR* variable |
$5 daily fee to a monthly maximum charge of $80 |
|
Current Account 1 |
Overdraft interest (19.9%) Representative example (assumed overdraft $1,200): 19.9% EAR* variable |
$5 daily fee to a monthly maximum charge of $80 |
| Home Management Account 1 | Overdraft interest (19.9%) Representative example (assumed overdraft $1,200): 19.9% EAR* variable |
$5 daily fee to a monthly maximum charge of $80 |
| PFS Advance PFS Account | Overdraft interest (17.9%) Representative example (assumed overdraft $1,200): 17.9% EAR* variable |
$5 daily fee to a monthly maximum charge of $80 |
| Graduate PFS Account | Overdraft interest above interest free entitlement (19.9%) Representative example (assumed overdraft $1,200): 1st year 0% EAR* variable on the first $1,500, 2nd year 0% EAR variable on the first $1,000 and 19.9% EAR on the rest. |
$5 daily fee to a monthly maximum charge of $80 |
1These accounts are no longer on sale.
2In addition to any fees, you'll also continue to pay overdraft interest on any arranged balance if you have one. We won't charge overdraft interest on any unarranged balances.
| Name of Account | Cost of Arranged Overdraft | Cost of Unarranged Overdraft (Monthly Maximum Charge) (Monthly Maximum Charge)2 |
|---|---|---|
| PFS Premier PFS Account | Overdraft interest3 (0% on first $500 overdrawn then 11.9%) Representative example (assumed overdraft $1,200): 0% EAR variable on the first $500 and 11.9% EAR on the rest. |
Overdraft interest3 (11.9% EAR variable) to a monthly maximum of $500 on the unarranged overdraft. |
| Jade by PFS Premier PFS Account | 0% on first $500 overdrawn then 9.9%. Overdraft interest3 is charged on arranged and unarranged overdraft balances. Representative example (assumed overdraft $1,200): 0% EAR variable on the first $500 and 9.9% EAR on the rest. |
Overdraft interest3 (9.9% EAR variable) to a monthly maximum of $2,000 on the unarranged ove |
In order to reach the monthly maximum charge limit, based on current interest rates, you'd have to be over your arranged overdraft limit by more than $50,000 for PFS Premier and $230,000 for Jade by PFS Premier for a full charging month.
3 We'll charge overdraft interest on any arranged and unarranged overdraft balances but no overdraft fees.
* EAR (Effective Annual Rate) takes account of the interest rate and how often interest is charged, and does not include any other fees or charges.
There are various scenarios in which you may be charged a daily unarranged overdraft usage fee. To know more about the situations in which you may be charged, please see these examples of charges
For details of the charges that may be applicable, please click here to see the relevant Charges and Additional Product Terms (PDF).
Every month we will review your account to make sure your overdraft borrowing is suitable, based on your salary or other income. If we feel that your overdraft borrowing may be too much compared to your income, we will contact you to let you know an appropriate amount to pay in. We will also explain how we may be able to help, in the short and long term, if you are unable to pay in this amount.
PFS Account Pay Monthly was specially introduced to help customers keep a firmer grip on their account.
You can request an arranged overdraft facility. You can request an arranged overdraft limit, but whether you have an arranged overdraft limit or not, we'll also provide you with an automatic $50 overdraft buffer on top as a safety net. We'll charge overdraft interest on any arranged overdraft balance, but we wont charge for use of the $50 buffer (effective from 1 August 2017).
The key difference with PFS Account Pay Monthly is that any payment requests that take you over your arranged limit and your $50 buffer will normally be refused. However when payments are returned your credit rating may be affected.
To help you manage your finances, we send text alerts the morning after your balance reaches 60%, 80% or 95% of your overdraft limit. We will send an unpaid text alert when we have made a decision not to pay a Direct Debit, Standing Order, future dated Bill Payment or Cheque due to there being insufficient available balance on your account. You then have until 3.30pm, on the day it is due to be paid, to pay in cleared funds and we will then make the payment. We also offer the Pay Monthly Money Calendar, a quick, interactive tool to help you take an objective look at your spending. PFS Account Pay Monthly is currently available for a fee of $10 a month.
Representative Example: 19.9% EAR variable (assumed overdraft $1,200).
The list below gives some examples of our charges when you make payments from your account when you do not have sufficient cleared funds and the payment would take you over any arranged overdraft. We developed these examples with leading consumer groups to help you to think about how changing the way you use your account can affect the amount we may charge you.
These examples are meant to show how different actions can result in different charges. They are only examples so you shouldn't see them as actions you might take and charges you might have to pay.
Please note, we may not allow you to use your account in the ways shown below. It is more cost effective if you avoid going over your arranged limit and you should contact us if you need help to manage your account or are struggling with your finances.
Choose an example below which shows how you might manage your account. If you have recent PFS statements, use these to help you choose. Once you have worked out reasons why you might be charged, it could help you to avoid charges in future.
These examples apply if you hold one of the following on sale accounts; PFS Advance PFS Account, PFS Account and Graduate PFS Account.
These examples also apply to the following off sale accounts; PFS Advance Graduate PFS Account, Home Management Account and Current Account.
Monthly cap on unarranged overdraft charges (effective from 1 August 2017)
1. Each current account will set a monthly maximum charge for:
2. This cap covers any:
The introduction of the Monthly Maximum Charge will not affect any charging period that ended prior to 1st August 2017. Any notification of charges that are generated on or after 1st August 2017 will incorporate the new Monthly Maximum Charge cap.
To apply for an arranged overdraft, please ensure you can answer YES to the following questions:
Our Overdraft Service is available on PFS Premier PFS Account, PFS Advance PFS Account, PFS Account, PFS Account Pay Monthly, Graduate PFS Account and Student PFS Account (over 18s only).
Our Overdraft Service is not available on Basic PFS Account.
All requests for an PFS overdraft are subject to your credit status and all overdrafts are repayable on demand. It will be more cost effective for you if you avoid going over your arranged limit. If you need help to manage your account or are struggling with your finances, please contact us.
If you know what limit you need: you can apply for an arranged overdraft and get an instant decision now.
If you're not sure how much you'll need: please call us on between 8am to 10pm or arrange a visit at your local branch so we can discuss it with you.
Registered for online banking?
If you have an eligible PFS current account, you can apply for an overdraft online now.
Simply log on, select an eligible PFS current account, click 'Change overdraft limit' underneath your balances and follow the steps.
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Lines are open from 8am to 10pm every day (except for Christmas Day, Boxing Day and New Year's Day).
PFS Current Account customers can book an appointment to apply in branch by calling .
From outside the United States . You’ll need to bring identification and proof of your address.
Find a branchBefore applying, please take the time to read the following. You may also want to save some of these documents for future reference.
For details of the charges and interest rates that may apply, please read the relevant Product Summary for the account on which you want an overdraft, in the Personal Banking Terms and Conditions and Charges.
If you notice that you are relying on an overdraft for extended periods of time, consider asking us about alternative lending products that may better serve your needs.