If you’re looking to close your Commonwealth Bank account, you may be wondering how to do it and what the process entails. Closure of an account can seem like an intimidating task, but our guide will walk you through the steps of closing your CommBank account and help you understand what happens when you close your bank account.
We’ll also explain what to do if you have outstanding debts owed to us or uncashed checks issued by us. Take a look at our guide now!
Details Required for Close Commonwealth Bank Account
- Account Name
- Account Number
- Contact Number
Types of accounts
When you close a Commonwealth Bank account, there are a few things you need to take into consideration. The type of account you have will affect how you go about closing it.
For example, if you have a savings account, you’ll need to withdraw all of the money from it before closing. If you have a checking account, you’ll need to make sure all of your checks have cleared and there is no outstanding balance.
If you have an investment account, we recommend that you sell any investments or transfer them out of CommBank first. We also recommend that you cancel automatic payments with other institutions (like Netflix) or alert these organizations as soon as possible so they can stop debiting your account.
Remember, when you close an account you’re removing its access to ATM machines and online banking facilities. To avoid these complications, always ensure there is enough in the account for a final withdrawal when closing it just in case!
It’s also important to note that if you close your CommonWealth Bank account, and then reopen it again at a later date, this will be treated as opening a new account and all normal rates and fees may apply.
Points to Remember While Closing a Bank Account
1. Before you close your commonwealth account, it is advisable to check the list of banks where you can open a new account.
2. You need to keep a copy of your account statement and all the documents related to your account so that if you get any queries regarding your account, you can easily produce them.
3. If you have any pending transactions, it’s best to clear them before closing the account.
4. If you have a lot of money in your account, it’s better to close it before paying off all outstanding loans/debts and taxes.
5. Do not close your account if there are any pending withdrawals or transfers that need to be done from your account.
6. Avoid closing the commonwealth bank account without knowing fully about its benefits and limitations
How to Close CommonWealth Bank Account
You have several options to close your bank account. They are:
By Visiting Branch (Recommended)
Visit a branch in person. Fill up the Form.
You must have your passport and proof of address or Valid ID.
The staff will help you close your account and transfer your money. If you have any questions, they’ll be happy to answer them
By Contact Customer Care
You will need to contact customer care in order to close your account. They will ask you for your account number and personal information. They may also ask for a reason why you are closing the account and they may try to talk you out of it, but if you’re firm in your decision, they’ll help you through the process.
Be prepared to answer these questions truthfully and with as much detail as possible. After you have provided all of the required information, they will close your account and send you a confirmation email.
You should also go into your online banking profile and stop any automatic payments or transfers going out of the account.
Commonwealth Bank contact details
If you’re looking to close your Commonwealth Bank account, you’ll need to contact the bank directly. You can do this by calling 13 22 21(For Australia), +61 2 9999 3283 (For Overseas) or by sending a secure message through the bank’s online banking portal.
Can I transfer my balance from one type of account to another?
Yes, you can transfer your balance from one type of account to another. To do so, simply log into your online banking account and select the Transfer Money option.
From there, you’ll be able to choose the accounts you’d like to transfer money between. Keep in mind, though, that there may be fees associated with transferring money between accounts.
Will closing a Commonwealth bank account affect my credit rating?
No, closing your CommonWealth Bank account will not affect your credit rating. However, if you have any outstanding debts with the bank, they will still need to be paid off. Additionally, any direct debits or standing orders set up on the account will need to be cancelled.
You can close your CommBank account by visiting a branch or calling customer service. When closing your account, you’ll need to provide your name, address, date of birth and phone number.
When will it happen?
Your CommBank account will be closed on the date specified in your closure request. If you have any outstanding payments, these will need to be made before your account can be closed.
Once your account is closed, any future payments will be rejected and you will no longer have access to online banking or the CommonWealth Bank app. If you have any questions about closing your account, please contact Customer Care.
Do you have to pay anything to close your Commonwealth bank account?
No, you don’t have to pay anything. The only thing that you need to do is to inform the bank about your decision and close your account.
If you want, you can even close it at any time by just giving a call; but there are some guidelines that need to be followed before closing the account.
Tips on avoiding debt
1. Know your spending patterns. Track where you are spending your money and see where you can cut back.
2. Make a budget and stick to it. Determine how much you need to live on each month and make sure not to overspend.
3. Build up an emergency fund. This will help you cover unexpected expenses without going into debt. 4. Avoid using credit cards. If you must use them, pay off the balance in full each month.
5. Live below your means. Sometimes cutting back on little things like eating out or taking vacations can have a big impact on your monthly budget.
6. Pay off your debts one at a time – start with the smallest ones first and work your way up to larger debts until they’re all paid off!
7. set aside some savings for the future. You never know what might happen so having some money set aside for emergencies is always important!