Inactive accounts

service announcements

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:

  1. use the ASIC Unclaimed money search to confirm if they are holding any of your funds
  2. complete the Unclaimed Monies Claim form (PDF, 63.490234375KB) and take it to your nearest Bankwest Store *
  3. 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.

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