Common banking terms
We like to make it as easy as possible for you to do your banking. That’s why we’ve put together an explanation of some key banking terms – in everyday language that’s easy to understand.
Approved Overdraft facility
An approved overdraft facility is a facility that allows you to draw credit up to an approved credit limit on your account.
ATM Mini Transaction history
A mini transaction history is a list of the last 10 transactions, which can be printed from any Bank of Melbourne, St.George or BankSA ATM, or the last 8 transactions from a BankSA Electronic Agency. Please refer to your Fees and Charges booklet for more information.
Bank@PostTM is an agency banking service offered at over 3,100 online Australia Post outlets. It allows you to use your credit or debit cards at the post office to undertake a variety of financial transactions including deposits and withdrawals, account balance enquiries and payments for credit card bills.
BSB is an acronym for Bank State Branch number. This six-digit number represents your bank and the branch where your account is held. You will need this number when setting up automatic payments such as periodical payments or direct debits between Bank of Melbourne and another party. You can find the BSB on the top right hand side of your account statement or in the "Account Information" section, next to the Account Number listing when you log onto Internet Banking. If you have a chequebook with your account, your account BSB is also printed on each cheque, in between the cheque number and the account number.
The Federal Government sets the deeming rates based on assumed rates of return on financial investments.
A direct debit is a transfer of funds from your Bank of Melbourne account drawn under a direct debit request you have given a third party.
Email Alerts and SMS Alerts
Account information that is provided to you via Email or SMS to your mobile phone. Once you register for this service, you can request specific information such as account balances, deposits or withdrawals. Learn more about SMS and Email Alerts.
Internet Banking is an electronic means of accessing your account information and conducting your banking online. You can access transaction information as well as transfer funds and pay bills using Bank of Melbourne Internet Banking.
Mobile Banking allows you to bank from your mobile phone. Please note that mobile banking is only supported on certain brands of mobile phone with appropriate display technology. Learn more about Mobile Banking.
Maestro and Cirrus
Maestro and Cirrus are international networks of EFTPOS terminals and ATMs. Generally, Bank of Melbourne Maestro/Cirrus ATM cardholders have access to these networks when overseas. Just look for the MasterCard® Cirrus or Visa Plus logos on ATMs
Non-Bank of Melbourne ATMs
Any ATM that is not Bank of Melbourne, Westpac, St.George or BankSA branded
Interest Offset facility
An Interest Offset Facility is an arrangement with the Bank that allows you to offset the interest you would earn on your transaction account against interest you pay on your loan account. Learn more about Interest Offset.
Other bank ATMs
This refers to non-Bank of Melbourne ATMs.
Periodical Payment is a transfer of funds that we make on a regular basis at your request from your Bank of Melbourne account to another specific account.
A telephone banking service that allows you to perform transactions and access information about your account using any touchtone telephone. Learn more about Phone Banking.
Bank of Melbourne branded ATMs
An ATM that is Bank of Melbourne, St.George or BankSA branded.
Visa Debit Card
A debit card that displays the VISA logo and lets you access your account through the global VISA network. Learn more about Visa Debit.
Visa Plus is an international network of ATMs. Generally, Bank of Melbourne FreedomCard ATM cardholders have access to ATMs overseas displaying the Plus logo.
Need more information?
A more comprehensive list of banking terms and definitions is included in your governing Terms & Conditions or Product Disclosure Statement (PDS). If you need more information on these terms or any additional terms you've seen, please call 13 22 66, 8am - 8pm (EST), Monday to Saturday.
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