Business account closures
I’ve received an extension for the closure of my Bankwest Business deposit account(s). What does this mean?
We have made the decision to extend the account closure date for some Bankwest business deposit accounts. We hope this gives our customers extra time to arrange their business banking.
Customers impacted by this date change will have received communication from Bankwest either via SMS, email and/or letter.
We encourage customers to take the necessary steps outlined in the communications sent to them. If accounts have a positive balance at the time of account closure, customers will receive their remaining balance in the form of a bank cheque approximately 14 - 21 business days after the account closure date.
I haven’t received any communication about my Bankwest Business deposit account(s) closure.
If you haven’t received any communication from us, please message us 24/7 in the Bankwest App, chat in your Bankwest Online Banking, or call 1300 307 185 to ensure your mailing and contact details are up to date for future communications.
Why are Bankwest business deposit accounts closing?
In February 2022 we announced that Bankwest will no longer be offering business products and services under the Bankwest brand. As a result, we have begun closing our Bankwest business deposit accounts.
Will you be closing all Bankwest business products and services?
Yes, as Bankwest will no longer be offering business products and services, we will be progressively working through the process to stop providing business products and services under the Bankwest brand. We will notify customers via email or letter in stages according to their Bankwest business products.
Which Bankwest business products will be impacted?
The following Bankwest business products are impacted:
- Corporate Transaction Account
- Business Telenet Saver
- Business Cheque Account
- Business Bonus
- Business High Interest Transaction Account
- Business Zero Transaction Account
- Gold Term Deposit (listed under a business name)
- Business TD Direct
- Real Estate Agent Trust Account – ACT
- Real Estate Agent Trust Account – NSW
- Real Estate Agent Trust Account – QLD
- Real Estate Agent Trust Account – SA
- Real Estate Agent Trust Account – WA
- Settlement Agent Trust Account
- Solicitor’s Trust Account – WA
- Solicitor’s Trust Account – NSW
- Term Deposit – Special (listed under a business name)
- Farm Management Deposits
My account closure date states ‘on or after’. What does this mean for me?
Bankwest will aim to close your account on the date set out in the communication sent to you. However, there may be instances where we are unable to action by this date. If this occurs, we will close your account as close as possible to the date stated. We encourage you to think about what actions you would like to take as soon as possible so you can continue with your business banking.
What happens to my BSB and account number?
As BSBs (Bank State Branch) and account numbers are linked to the financial institution at which the account is held, you are unfortunately unable to take these bank details with you when you move your Bankwest business deposit account(s). When you open a new business account at CommBank or at another financial institution, you will be issued with new bank account details. You will need to share these account details with customers, suppliers, contractors etc.
I received a bank cheque after my account closed. What if I can’t deposit my cheque?
To deposit your cheque with your funds from your Bankwest business account closure, you will need to have an account in the same name as shown on the cheque. However, we understand that you may not have another account with the same details. If you require your cheque to be re-issued or repurchased, and have funds deposited to another account at Bankwest (that is not a business deposit account) or an alternate financial institution, please contact us on 1300 307 185.
What do I do about my current statements?
Before your account(s) close, we recommend logging in to your online banking and downloading all your statements and saving them in case you need to access them in future. Paper statements are also available for up to seven years after your account closure. You can request a paper statement by calling us on 13 7000. Please be aware there will be a fee charged for this service.
I have automatic payments set up on my account. What should I do now?
Please ensure you have reviewed, cancelled and/or re-directed any automatic transactions such as direct debits, dividends, bill payments or any other deductions prior to your account closure date to avoid any returned payments or fees charged by debtors.
What to do about unpresented cheques?
With any outstanding unpresented cheques, please request the recipient to deposit these as soon as possible to avoid any inconvenience. Please note, that after your account closure, no further transactions, including cheques, will be processed on the account. Cheques generally take up to five business days to clear, or up to seven days if using Bank@Post. Please ensure you have allowed enough time for cheques to clear before your account closure date.
What if I wasn’t contacted and not sure if I still have an account?
Communications by way of electronic messages, mail and intercept pages in online banking have been issued to the current contact information on your customer profile. However, if it is not accurate, you may not have received our communications regarding your account closure. If the account was closed with a balance remaining, these funds will be held for a period of time before being processed under our standard unclaimed monies process. To find out if you still have an account with us, or if we are holding funds from a closed account, contact our Business Support Team on 1300 307 185 who will need to identify you and any associated business accounts to assist you further.
