What is happening and why?
HBOS plc has today announced that BankWest and St Andrew's are to be sold to CBA subject to appropriate regulatory approval. HBOS plc has taken this decision as it needs to strengthen their capital position in the challenging global economic conditions.
Is my money safe?
Money deposited in BankWest and St Andrew's is as safe as any other Australian Bank. We are regulated by the Australian Prudential Regulatory Authority (APRA) which protects consumers of Australian Financial Services. BankWest and St Andrew's will also benefit from becoming part of CBA, which remains the largest deposit holding institution in Australia.
It's worth noting that Prime Minister Kevin Rudd has publicly supported the Australian Banking System and BankWest, stating he is confident that the Australian regulatory environment we have, provides certainty for all Australians who are concerned about financial institutions.
As a customer, how will I be affected? Am I now a CBA customer?
BankWest customers will continue to access their products and services in the usual way.
Do I need to contact the CBA?
No. You will continue to access BankWest products and services in the same way, with no need to contact CBA.
Will there be changes to the Terms and Conditions of my account(s)?
No. Terms and Conditions for all products remain the same.
I have a Rate Tracker Mortgage that tracks against the CBA - will this be affected?
No. The Rate Tracker product features will continue as is.
Will there by any impact on my local store or neighbourhood bank?
For all store and neighbourhood banks, it remains business as usual. At this stage we are not aware of any plans to close any Retail stores.
Can CBA customers use Bankwest stores and vice versa?
No. CBA customers will continue to use CBA stores and BankWest customers will continue to use BankWest stores.
As a BankWest customer can I now use CBA ATMs with no additional charge?
No. Both bankwest and Commonwealth Bank customers will be able to use each other's ATMs without paying any additional fees once our systems allow, but it will take some time to get the technical solution in place to facilitate this. We will inform you when this has been completed.
