23 December 2013
If you hold an account and haven't made a deposit or withdrawal for over 3 years – then we have to close the account and issue you with a closing statement(s):
- if the balance is greater than $500 – then Bankwest is legally required to send these funds to the Australian Securities and Investment Commission (ASIC),
- if the balance is less than $500 - we'll keep hold of the funds until we hear from you
Will you tell me if my account is going to be closed?
Yes - we will send you a letter advising you of the closure before we do anything.
How can I stop this from happening?
You just need to make a deposit or withdrawal from that account immediately. You can do this via online banking or EFTPOS or by visiting a Bankwest store or ATM (depending on your account type).
How do I reclaim my money?
If you believe Bankwest has transferred your funds to ASIC under Unclaimed Monies we’re here to help you reclaim your funds:
- use the ASIC Unclaimed money search to confirm if they are holding any of your funds
- complete the Unclaimed Monies Claim form (PDF, 63.490234375KB) and take it to your nearest Bankwest Store *
- we’ll confirm if your funds were transferred to ASIC and will then lodge a request to return the funds to you.
How long does it take to get my money back?
If your account has been closed and your money sent to ASIC - then they will hold your funds for up to 3 months before a request to return the funds to you can be lodged.
Once ASIC has released the funds, it can take another 6 – 8 weeks upon receiving your completed claim form and supporting documents, to be credited back to your account.
Will I need to provide proof of identity?
Yes - you will need to provide sufficient documented proof of account ownership and proof of identity to reclaim your funds.
- If you are attending a store to lodge the form - a driver’s license or passport is sufficient identification.
- If you are lodging the form by mail – please provide original certified copies of primary photographic identification documents. These identification documents must be attached to the Unclaimed Monies Claim form before a claim can be considered.
- If you are lodging the claim from overseas - please provide original certified copies of primary photographic identification document along with a Statutory Declaration.
For any claims lodged by mail – please send the completed claim form and the supporting documents to:
Bankwest Transaction Banking Unit
PO Box E237
Perth WA 6841
* If you have a Telenet Saver or eSaver account and you need to change the account details of the Linked account - please complete and submit the Change Linked Account (PDF, 289KB) form and allow 10 working days before making a transaction.