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Some banks when you have been a customer for a while just do some auto overdraft (and charge you a bucket load for the pleasure) but I hate it. I tell them outright never to apply it because I would rather them knock my creditor back and me sort it out with them over them charging me a flaming "honour fee". Otherwise, it is the best way to avoid a dishonour fee too, lol.
DH and I have the Bankwest Zero account as our joint transaction account for every day stuff. It's also a Mastercard debit card and has a $100 overdraft on it. No annual fees, no atm fees for any of the big 4 banks (ANZ, Commonwealth, NAB etc) or eftpos/online fees.
I find it really handy, as I can use it practically anywhere without racking up masses of fees. The overdraft comes in useful for the occasional direct debit that wants to come out the day before payday, but I've only ever used it a handful of times. And for us, $100 is easily replaced without being a stretch on the budget.
The trick is it use it mostly as a transaction account using the "savings" option on the eftpos pad, I only use the "credit" option when needing to make large purchases as it's not subject to the $1000 daily withdrawal limit on most savings accounts.
i have one with ANZ my accounts are separate but that was before now they just have one linked to ur account
i have the same one as cranky kittne, you just have to transfer a certain amount into it per month (ie salary) as long as it goes it at some point you can then remove it straight away, hope that makes sense