Small business customer frequently asked questions

We recognise that with this announcement comes a lot of change for you and your business, and we’re here to support you as you navigate through these next steps.

To help, we have set out a range of frequently asked questions.

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.

Redirecting to CommBank

What if I still need a business account?

As part of the Commonwealth Bank of Australia Group (CommBank), we are committed to supporting our business banking customers, and we are now offering to redirect small business customers to CommBank for business products and services.

How do I set up a business deposit account at CommBank?

You can visit for more information or to start the digital account opening process for your everyday business banking and savings needs.

Why can’t Bankwest help me set up a business account at CommBank?

Although Bankwest is a part of the CommBank Group, we are unable to complete identity checks or open a business account at CommBank on your behalf. We are unable to bypass regulatory processes designed to keep you and the bank safe.

Protecting yourself from scams

It’s important to protect your business from scams. Please be aware Bankwest and CommBank will never ask for your PIN, PAN or password via email or SMS. Nor will we ask you to log directly into your online bank accounts from a link in an email or SMS. You will be required to create a new business deposit account at CommBank. If you receive any communication from Bankwest or CommBank stating we have opened a new account for you with new account details to transfer your funds, please do not transfer any funds. Call us on 1300 307 185 or email

How do I transfer my funds into my new account?

You can transfer your funds from your Bankwest business deposit accounts prior to your account closure date. By transferring funds before your account closes, you will not need to wait for a bank cheque to be issued to you and you will have access to your funds sooner. The easiest way to do this is through your Bankwest online banking platform.

Alternatively, you can contact us on 1300 307 185 to help with transferring your funds. Funds will usually clear by the next business day for transfers made in your Bankwest online banking platform and up to five business days for transfers made via bank cheque, personal cheque or real time gross settlement (RTGS).

Bankwest personal banking

What does this mean for my personal banking?

If you do your personal banking with Bankwest, rest assured, we will continue to support you with simple, friendly, everyday banking and home loan products and services. This change only relates to Bankwest business banking products and services. If you would like to discuss your personal banking needs, you can message us in the Bankwest App and get notified when we reply, so you can go about your day.

Will I still have access to online banking?

If you have an online business banking facility (OBB), it will be available until your token expires. If you have no open accounts linked to the OBB package, the token will not renew. If you do your personal banking with us, you can access your personal accounts through Bankwest Online Banking (BOB) and you will need to log in using your personal PAN rather than your business PAN. Find out how to set up your Bankwest Online Banking.

Business products

What if I hold a Bankwest merchant facility?

As Bankwest merchant facilities are already provided by CommBank, redirecting your payments should be a simple process. If you have a Bankwest merchant facility and want to continue with it, you will need to open a new CommBank Transaction Account.

Once your account is open, you can update your settlement account by either:

Please note, the transaction account you are redirecting your payments to must be in the same name as the registered entity in the Merchant Agreement.

If you are unable to redirect your merchant facility by your account closure date, please contact us on 1300 307 185 as soon as possible to avoid having your merchant facility suspended or closed when your account closes.

I’ve received a letter informing me about a merchant upgrade, what do I need to do?

If you have one of our legacy merchant terminals, you should have received a notice about the requirement to upgrade your merchant terminal. Please contact the CommBank Merchant Refresh team by completing this form before 20 October 2023 to schedule an upgrade and avoid disruption to your merchant services.

What if I have a term deposit linked to my Bankwest business deposit account?

If you have a term deposit linked to your Bankwest business deposit account, we will aim to close your account(s) after your next term deposit maturity date. All funds held in your term deposit, including any interest accrued, will be returned to you in accordance with your maturity instructions where full pay out details are held. If there are no maturity instructions or part pay out instructions, your funds will be returned to you in full via bank cheque.

If your maturity date is on or after 1 December 2023, it is likely we would have closed your linked account before your term deposit matures. If this is the case, you will need to contact us on 1300 307 185 with new maturity instructions. If we don’t receive new maturity instructions, you will be issued with a bank cheque.

What if my Statutory Trust Account is closing? (Including Real Estate, Settlement and Solicitors Trust accounts)

Please refer to the relevant Act and/or Regulation of the State or Territory in which the Trust account is held to review the requirements that you need to comply with in relation to the ongoing management of the funds in your Trust Account.

If you still require a Statutory Trust Account you can visit the CommBank website to find out more about how to apply or you can contact the CommBank Business Banking Contact Centre on 02 8055 4057 to make a branch appointment.

What do I need to do for my Farm Management Term Deposit?

From 1 January 2024, your farm management term deposit account(s) will no longer automatically reinvest for a new term at maturity.

If you have provided full payout details to us, all funds, including accrued interest, will be returned to you in accordance with your maturity instructions.

Alternatively, at your written request, we will transfer the credit balance of your farm management term deposit account to your nominated financial institution if that financial institution agrees to accept that amount as a farm management deposit.

Please read the Important Notice below relating to tax obligations prior to nominating an account for the transfer.

If you choose to close your account prior to the maturity date and electronically transfer your funds to a farm management deposit account at CommBank, your accrued interest will not be reduced.

Please note, when you withdraw funds from the farm management deposit within 12 months of the initial deposit and do not directly transfer the funds to another eligible farm management deposit account, you may not qualify for the full tax benefits associated as the funds may cease to qualify as a farm management deposit.

If your maturity date is on or after 1 December 2023, it is likely we would have closed your nominated Bankwest business payout account. If this is the case, or if you have no maturity instructions or part payout instructions, you will need to contact us on 1300 307 185 to update. If we don’t receive new payout instructions, you will be issued with a bank cheque.

If your term deposit maturity date is before 1 January 2024, your account will be managed as per your current maturity instructions. However, you may wish to consider your payout options at this time, as term deposit funds cannot be reinvested at Bankwest on maturity.

What happens if I don’t update my maturity instructions?

If you don’t update your maturity instructions, we will send you a bank cheque for the balance including any interest accrued to the date of closure of your account. However, we encourage you to update your maturity instructions to have funds paid into a compliant farm management term deposit account instead of receiving a bank cheque.

We ask you to log in to your Bankwest online banking platform to confirm your mailing and contact details are correct.

If you are sent a bank cheque, it will be in the account owner’s name. To bank the cheque, you will need to have an account in the same name as shown on the cheque.


The Income Tax Assessment Act 1997(Cth) sets out specific requirements which apply to Farm Management Term Deposit accounts. If the accounts are not operated in accordance with the Act, the accountholders may lose tax benefits and/or be charged penalties.

Withdrawal of funds from your farm management term deposit account within 12 months of the initial deposit without those funds being immediately deposited in to another compliant account, may result in those funds no longer qualifying as farm management deposit funds, the loss of tax benefits previously available to you and/or penalties being charged to you.

We strongly recommend you seek advice from your accountant and/or refer to the “Farm Management Deposits Scheme” section on the Australian Taxation Office (ATO) website before maturity of your deposit.

What if I still require a Farm Management Term Deposit account?

We understand you may still require a farm management term deposit account and, as part of the CommBank Group, we’re here to support you. CommBank has farm management deposit investment options you may like to consider for your future business banking needs.

If you would still like to have a farm management term deposit,

To open a farm management term deposit, you may be asked to visit a CommBank branch to open your business profile and relevant products.

Please consider the CommBank Financial Services Guide, Product Terms & Conditions, and/or Product Disclosure Statements when deciding if these products are right for you.

How can we help?

Business Specialists Team

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Business Banking Specialists

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