ANZ is a great bank to deal with. You walk in, the customer service is great. One of the representatives walked up to me and asked if I needed assistance instantly.

Approximate cost: $0

Don't give these guys your money. Shell out just a little bit more in bank fees for someplace trustworthy and relax instead. You might get a slightly cheaper deal with ANZ's cheap checking for a while, but if you slip up anywhere they will screw you out of your money and make it all a waste. Or like me and my husband found out, even if THEY screw up, they'll try and take your money. My husband got a special deal on a no-fees personal account when he graduated from Griffith Uni. We opened a joint account as well. But since we were already comfortable with Credit Union Australia, we put off using the ANZ accounts for a long time. But the minute I finally decided to change that, ANZ rewarded me with almost $200 of bank fees. Here's how it happened:
-My husband took $500 in cash to deposit at our local branch. He asked to put it into our joint account, which had been collecting dust for months and only about $10 left in it at the time.
-The bank teller deposited the $500 into my husband's personal account instead.
-During the week, I used my ANZ ATM card to pay for several purchases. Some were large, like groceries, others were small like a single coffee at Starbucks. Since my card was drawing off the joint account and not the personal account, I was now unwittingly overdrafting and getting charged a $35 fee each time. Even on the $5 coffee.
-My card was never declined, each purchase was approved even when I approached a balance of negative $200. I only found out something was wrong when I tried to withdraw actual cash from an ATM and saw the negative balance.
-A full week later, a notice from ANZ finally arrived to tell us we had made an overdraft, but "based on [our] relationship with ANZ", (what relationship? How does leaving an account sitting around for months with only $10 or so in it prove our fiscal dependability?) they "allowed us to make the transaction"... after charging the $35 fee for the "convenience".
-Several calls and in-person visits ensued, in which the staff kept insisting it was just policy so they couldn't reverse it, and just our fault for putting the money in the wrong account. Since we hadn't used the accounts much before, we started to believe them. Maybe my husband's card had never been linked to the joint account, and that's how the error occurred? But when we asked to have his card linked to both accounts so it couldn't happen again, it turns out his card WAS already linked to both accounts the whole time.
-After wasting this much time and being treated this poorly, we said if they couldn't get a manager who could waive those erroneous and extortionate fees, we would prefer to cancel our accounts immediately, rather than continue doing business with them. Turns out they were able to do it for us after all. But that only got back what was rightfully ours to begin with. It didn't begin to make up for all the hassles and dramas.

If, after reading this, you still want to do business with ANZ, I can't stop you, but do yourself a favor and call their customer service ASAP and request to have the ability to overdraft your account removed. Unless you specifically request this from them and have it officially put on your account, they will assume "based on your relationship" (of not knowing any better yet) that you're willing to pay $35 for any overdraft slipup you make, even if it's their fault.