Accessing your money

These days there are more ways to access your money than ever before. The convenience of being able to withdraw money 24 hours a day, 7 days a week also brings drawbacks. Being able to get your hands on your savings quickly can be a problem if you’re easily tempted to make impulse purchases.

So with greater access to cash, comes the need for greater personal responsibility. Many people find it hard to exercise that kind of willpower. That’s why it’s important to recognise momentary spending desires for what they are, and check yourself before you make any withdrawal you may regret later.

Access options

Over the bank counter

These days making withdrawals at branches isn’t as popular as electronic methods, and some bank accounts charge a higher fee for branch withdrawals. Read the terms and conditions for your account which should list the fees for each type of transaction.

Electronic options

• ATM (Automatic Teller Machine) – when you put your debit or credit card in, the computer asks you a series of prompts and in response, you enter your Personal Identification Number (PIN) and the amount you want to withdraw, deposit or transfer. You can also check your account balance. When you complete your transaction, you get your card back and a record of the transaction.
• EFTPOS (Electronic Funds Transfer at Point of Sale) – that’s exactly what it does. It’s just like a mini ATM. You may incur a transaction fee when you use EFTPOS, depending on your account conditions.
• Telephone Banking/Mobile Phone Banking – you can check your balances and transfer funds from your home or mobile phone. As with all other forms of electronic banking, you need to keep your password secure, so no one else can access your accounts. A fee may be payable.
• Internet Banking – you can check your balances and transfer funds on your computer, any time night or day. Internet Banking also requires an Identification Number and password. A fee may be payable.

Your financial institution will provide you with a copy of their Electronic Banking Terms and Conditions for your PIN and card. Ensure you read them carefully. Your card and PIN will be posted to you separately for security reasons or you may be required to collect them from a branch.

Using your account card.

Keeping track of your money.