Banking without the fees: Australia.

A take-home sheet for people at the session. Other countries: United States · United Kingdom · Canada.

Moraph for Good · Fluent

Banking without the fees: Australia

Handout · moraph.org/commons/sessions/fluent/banking-without-the-fees

This sheet goes with the Banking without the fees session. It is general information, not advice, and it doesn’t recommend any bank, credit union or app.

Choosing an account

Ask for a basic or low-cost account by name.
Ask about monthly fees and how to avoid them, overdraft rules and free cash machines.
Compare banks and credit unions with the same questions.

Avoiding overdraft fees

Ask whether payments can be declined instead of overdrawing.
Turn on low-balance and transaction alerts.
Know the date of every automatic payment, and ask to move bills to after payday.

Checks and payment apps

Depositing checks into an account usually costs less than cashing them at a store.
Move money out of a payment app balance into your account promptly.
Treat a payment sent through an app like cash: it may not come back.

If something goes wrong

Report missing money to your bank straight away, using the number on your card.
Complain to the bank first, in writing, and keep copies.
If that fails, use the free complaint service below.

In Australia

Low fee accounts. If you get a government payment and are eligible for a concession card, Moneysmart suggests asking your bank about a low fee account: no account keeping fees, free statements, no minimum deposits, free direct debits and a debit card. A financial counsellor from the National Debt Helpline (1800 007 007) can help you find a no fee account.
Protected deposits. Under the Financial Claims Scheme, deposits are protected up to $250,000 for each account holder at each bank, building society and credit union incorporated in Australia and authorised by APRA. APRA’s deposit checker shows whether your deposits are protected.
Free complaints service. Raise a problem with the financial firm first. The Australian Financial Complaints Authority (AFCA) is a free, fair and independent service that helps resolve complaints about financial firms; its free call number is 1800 931 678.

Official places to check:

Moneysmart (ASIC): moneysmart.gov.au/supporting-first-nations-people-with-money-matters/bank-accounts
Australian Prudential Regulation Authority: www.apra.gov.au/financial-claims-scheme-banks-building-societies-and-credit-unions
Australian Prudential Regulation Authority: www.apra.gov.au/financial-claims-scheme/deposit-checker-are-your-deposits-protected
Australian Financial Complaints Authority: www.afca.org.au/make-a-complaint

General information, not advice about your own situation. Checked 19 October 2026. If an official source says something different, it is right. Free to copy and adapt. moraph.org/commons/sessions/fluent/banking-without-the-fees