Westpac Introduces Interest Free Overdraft to Support Small Business Customers

Westpac, an Australian bank and financial services provider, announced that it has introduced an interest free overdraft measure to support existing small business customers with their cash flow needs, if revenue has been significantly reduced because of the latest lockdown restrictions.

Wanna Know How to Reach Our Audience of Millions at Fazzaco?​

The temporary overdraft measure is effective from Monday 19 July 2021 and available to eligible existing small business customers who have Westpac, St.George, BankSA, or Bank of Melbourne as their primary bank, and also have a main transaction banking account with this brand.

Eligible existing small business customers will be offered interest free temporary overdrafts up to $15,000 on a maximum 45-day term, designed to help bridge the gap to government assistance.

“We know that the current lockdowns mean some of our small business customers may need urgent access to cash. We have introduced a new interest free overdraft to act as a bridge to when government payments flow-in, helping small business owners to cover urgent expenses during this time,”Westpac CEO Peter King said.

“This initiative adds to the existing financial assistance we are offering, including loan deferrals. We want to remind our customers that there is a range of support to help them, and that we have specialist teams at the ready to walk them through the options available,”King added.

As Fazzaco reported this month, Westpac announced that it has extended the COVID-19 support for small businesses and households across Australia, as the long-term impact of the pandemic continues and remains uncertain.