Personal Overdrafts

Personal Overdrafts

CMCU’s personal overdrafts are simply a form of continuing credit which is either attached to your Everyday Access or Pensioner Deeming Account.

The amount of credit available will vary depending on your individual circumstances and our normal lending approval criteria. The credit limit could be as little as $200 or as high as $600,000.

Interest is calculated on the outstanding debit balance (what you owe us) each day and debited to the account at the end of every month.

The amount you are able to withdraw is the difference between your credit limit and the balance of your account.

Payments are required to be made monthly into your account. A payroll credit is classified as a payment. You could therefore draw funds direct from your credit limit for your normal day to day living expenses, or for the something a little larger and have you payroll credit paid into the account. The minimum amount of your required monthly payment will depend on the amount of your credit limit and the balance of your account at the end on every month.  For the smaller overdrafts (generally less than $20,000) the required repayment is $20 or 5% of the closing balance as per the statement of account whichever is the greater and for the larger overdrafts (Line of Credit) the required repayment is $20.00 or 0.75% of the closing balance as per the statement of account whichever is the greater. 

Interest rates charged on an overdraft will generally also be cheaper than a credit card. It would probably work out cheaper to payout your credit card with an overdraft and then cancel the credit card.

Talk to us to find out more.