Product Specification: Current Account with Overdraft
1 Keeping the customer informed and in control – account balances and alerts
This section looks at features that let the customer know exactly how much is available to spend at any given point in time giving the customer a sense of control and the ability to manage their finances.
1.1 The product provides the customer with the ability to receive a message or an alert of the available balance of the account on a regular basis (e.g. fortnightly, weekly, daily by text, e-mail or phone).
1.2 A message providing balance of account is available on request at any time.
1.3 The customer can request a mini-statement of last transactions at any time.
1.4 The product provides the customer with the ability to trigger a message if the balance has reached a certain level, preferably determined by the customer.
1.5 The product provides the customer with the ability to trigger a message if the account balance has reached a minimum & maximum level, preferably determined by the customer.
2 Enabling the customer to keep track of income and expenditure
This section looks at features that let the customer track how much income they are receiving against how much they are spending, helping them to identify trends i.e. whether expenditure is less than income, a key factor of financial well-being.
2.1 The product enables the customer to track their overall income and expenditure, i.e. the product provides a summary of the overall income received for a period and the overall expenditure spend during that period.
2.2 The product enables the customer to produce or receive an income/expenditure time profile. i.e. the customer can look at the change in income and expenditure over time.
2.3 The product enables the customer to produce different views of income and expenditure (e.g. pictures and numbers).
2.4 The product alerts the customer to opportunities for regular saving e.g. for rainy day or other reasons.
3 Enabling the customer to keep track of expenditure by detailed category
This section looks at features that may help customers with being on top of their expenditure by providing an in-depth understanding of where they spend their money.
3.1 The product enables the customer to review expenditure by detailed category. e.g. dining out, petrol, groceries, entertainment.
3.2 The product enables the customer to review expenditure by category through time. i.e. can the customer look at how expenditure categories change over time (e.g. pictures and numbers).
3.3 The product enables the customer to produce different views of the expenditure categories (e.g. pictures and numbers).
3.4 The expenditure category functionality allows for comparison with others e.g. an average for other customers spending habits for each category (perhaps with similar income levels).
3.5 The product enables forecasting of future expenditure (e.g. using information on regular bills to identify a potential deficit based on previous or current income).
4 Enabling the customer to set a budget
This section looks at features that help customers to be realistic about the amount they receive and what they have to spend and help them to stay within their budget.
4.1 The product enables the customer to set an overall budget.
4.2 The product enables the customer to set a budget by different categories, e.g. dining out, petrol, groceries, entertainment.
4.3 The product tracks the actual expenditure against the set budget.
4.4 The product provides alerts with helpful prompts to amend budget plan if circumstances change.
4.5 The product gives incentives for achieving plan.
5 Enabling the customer to manage an overdraft
This section looks at features that help customers to take control of their debts and to take realistic actions to reduce those debts.
5.1 The product has an automatic tool to forecast overdraft growth, provide alerts and identify appropriate repayment amounts.
5.2 The product enables customers to set a plan to reduce debt.
5.3 The product gives incentives to meet plan.
5.4 The product notifies the customer with a message if the balance is near the authorised credit limit.
5.5 The product notifies the customer with a message if a debit transaction/s will take the balance over the authorised credit limit that day enabling the customer to take remedial action.
Current Account with Overdraft:….click to download Product Specifications in .pdf format
Other Product Categories eligible for Fairbanking Marks in 2014-15
Current Account without Overdraft:
Regular Savings:
Credit Card:
Personal Loan*: