Trying to cancel

Bank of Melbourne

? We’ll help you do it properly.

Eligibility to Cancel:

• You can cancel or close most Bank of Melbourne accounts (transaction accounts, credit cards, savings) anytime without fixed contract periods.
  
  
• No strict eligibility requirements apart from being the primary or joint account holder.
  
  

Conditions for Closure:

• Account in Good Standing: Ensure accounts have a zero balance and no outstanding obligations before cancellation.
  
  
• Primary Holder Authority: Only the primary account holders can initiate cancellations.
  
  
• Pending Transactions: Clear all pending transactions and direct debits before cancellation, as recurring payments might still process post-closure.
  
  
• Return Bank Property: Destroy or return physical items like debit cards, credit cards, or chequebooks upon account closure.
  
  

Exclusions and Special Conditions:

• Fixed-term deposits or loans might have break fees if closed early.
  
  
• No lock-in period for everyday accounts or standard credit cards.
  

Cancelling a Bank Account (Transaction or Savings Account):

1. Prepare Account: Transfer balance out, cancel direct debits, ensure balance is $0.
   
   
2. Initiate Closure: Call Bank of Melbourne at 13 22 66 or visit a local branch with valid identification.
   
   
3. Confirm Closure: Request confirmation (reference number or email) upon successful closure.
   
   

Cancelling a Credit Card:

• Via Mobile App:
  
  
  1. Log into the Bank of Melbourne mobile app.
     
  2. Select your credit card, then go to "Services."
     
  3. Choose "Close account" and follow the prompts.
     
     
• Via Internet Banking (Desktop):
  
  
  1. Log into Internet Banking.
     
  2. Go to My Accounts > Card Services.
     
  3. Select the card to close and confirm closure.
     
     
• Via Phone:
  
  
  1. Call 13 22 66 and verify your identity.
     
  2. Request closure, confirm final payment details, and await confirmation.
     
     

Cancelling Loans or Other Services:

• Contact your loan manager or Bank of Melbourne support (13 22 66) for final payout figures and closure instructions.
  
• Note early repayment of fixed-term loans may incur fees.
  

Credit Cards:

• Immediate closure through app or online, but allow up to 10 business days for final statements.
  
• Timing cancellations shortly after monthly bill payments avoids residual interest.
  
  

Bank Accounts:

• Immediate upon request via phone or branch if conditions met.
  
• Close accounts just before the next monthly fee is charged to avoid unnecessary charges.
  
  

Loans & Fixed Deposits:

• Loan payout or deposit break can take several days due to final interest calculations and discharge procedures.
  
  

Direct Debits & Scheduled Payments:

• Allow at least one week to redirect or cancel direct debits to prevent returned payments or fees post-closure.
  

No Standard Cancellation Fees:

• No explicit fees for closing everyday accounts or credit cards.
  
  

Annual Credit Card Fees:

• Annual fees typically non-refundable. Cancel right before your annual fee renewal date to avoid further charges.
  
  

Loan or Deposit Break Costs:

• Early closure of fixed-term loans or deposits may incur economic break costs or lost interest.
  
  

Dishonour Fees:

• Failed direct debits after account closure may incur merchant dishonour fees. Cancel direct debits in advance.