What happens to my money if my account is inactive?

If you haven’t made a deposit or a withdrawal for over seven years:

• we will close the account and issue you with a closing statement
• if the balance is less than $500 we’ll hold onto the funds until we hear from you
• if the balance is over $500 we’ll send the funds to the Australian Securities and Investment Commission (ASIC).

Once your money is with ASIC, we can still help you reclaim it. All you need to do is:

• use the ASIC unclaimed money search to confirm that they are holding funds for you
• complete the Unclaimed Monies Claim form (PDF) and take it to your nearest Bankwest Store, along with sufficient proof of account ownership and the required ID.

We’ll then confirm that your balance was transferred to ASIC and lodge a request to return the funds to you.

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