Small business customers 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.


Yes, as Bankwest will no longer be offering business products and services, we have stopped providing new business products and services to Small Business Banking customers under the Bankwest brand. We are now notifying customers via phone, email and letter of the options available to them and how we are here to help.

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

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.

With the closure date fast approaching, we encourage you to take action as soon as possible to replace your existing Bankwest business deposit account so as to minimise any potential disruption to your business banking.

We have commenced contacting all Bankwest business customers using the latest contact information contained on our customer’s profile. Communications have been by way of phone, electronic messages, mail and intercept pages in online banking.

If we have been unable to reach you by phone, we will try one or more of the other methods to try to contact you.

If you haven’t received any communication from us, it may be that the information we hold in your customer profile is not current. To update your details for future communications, you can message us 24/7 in the Bankwest App Chat in your Bankwest Online Banking, or contact our Business Support Team on 1300 307 185.

To find out if you still have an account with us, or if we are holding funds from a closed account, please contact our Business Support Team on 1300 307 185 who will need to identify you and any associated business accounts to assist you further.

Please note that if your account was closed with a credit balance remaining, these funds will be held for a period of time before being processed under our standard unclaimed monies process.

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.

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.

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.

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.

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.

Branch closures

How will I be impacted by the closure of Bankwest Branches?

We’re evolving into a digital bank. As a result, we’ve made the decision to close our branch network in 2024.

Transitioning to CommBank

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

A member of the CommBank group will be contacting customers over the phone to help you get set up with a CommBank business deposit account, if you elect to.

In the meantime, you can also visit for more information or to start the digital account opening process for your everyday business banking and savings needs.

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.

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.

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

We recommend that you transfer your funds from your Bankwest business deposit accounts to your new account, prior to your Bankwest 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 and we will help you 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).

Business products

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 contacting the CommBank Merchant Helpdesk 24/7 on 1800 230 177.

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.

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.

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 please visit the CommBank website to find out more about how to apply for a CommBank account or you can contact the CommBank Business Banking Contact Centre on 02 8055 4057 to make a branch appointment.

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 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 electronically transferred into 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.

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.

Your Bankwest business loans will continue as contracted but, as Bankwest is no longer offering business products and services, we will not be able to satisfy any request you may make for variations to the terms or structure of your facilities.

However, all customers will be contacted by our small business specialist team to discuss possible options for the future of their Bankwest business facilities.

If you have a new lending need, we invite you to call us on 13 7000.

A small business specialist will discuss the transition process and any applicable fees there may be dependent on your business banking needs.

Bankwest 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.

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.

How can we help?

Business Specialists Team

Speak with someone from the team today

Business Banking Specialists

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