Trying to cancel

Bankwest

? Avoid the runaround.

Bankwest makes cancelling most products easy through their mobile app or via customer support. Here’s what to consider for eligibility:

• Account Ownership:
  Only primary account holders or credit cardholders can initiate cancellations. Additional cardholders or secondary account parties cannot unilaterally close accounts.
  
  
• Single vs Joint Accounts:
  Individual accounts can be closed quickly via the app. Joint accounts require contact with Bankwest directly, often needing approval from all parties involved.
  
  
• Account Status (Balances & Transactions):
  Before closing, accounts must have zero balances, no pending transactions, and no negative balances. Clear pending deposits, scheduled payments, or uncleared cheques before proceeding.
  
  
• Linked Accounts:
  Accounts linked to loans or term deposits (e.g., home loan offset accounts) must be managed via direct contact with Bankwest—these can’t be closed in-app due to additional complexities.
  
  
• Credit Cards:
  Primary cardholders must close accounts, with responsibility for outstanding balances. Additional cards close automatically upon primary account closure.
  
  
• Time Since Opening:
  No minimum time requirement for account closures. However, promotional bonuses may have specific tenure requirements. Confirm terms before cancelling.
  
  
• Inactive Accounts:
  Bankwest may automatically close dormant accounts after 7 years, sending funds to ASIC. Proactively close unused accounts yourself to avoid complications.
  
  

In short, provided you’re the authorised account holder and your accounts are settled, Bankwest allows easy, straightforward cancellations.

Bankwest provides multiple convenient cancellation options:

Mobile App (recommended for transaction accounts, savings, credit cards):

1. Log in and select the “Money” tab.
   
   
2. Tap “Accounts” and choose the account to close.
   
   
3. Tap settings (⚙️), then “Close account,” and confirm the details.
   
   
4. Complete security prompts (PIN or one-time code).
   You’ll receive an immediate confirmation and the account disappears from active accounts.
   
   

Online Banking (Web Browser):

• Access Bankwest Online Banking.
  
  
• Select your account and look for a “Close account” option, or use the secure messaging feature.
  
  

Accounts Not Eligible for App Closure (Term deposits, loans, joint accounts):

• Message Bankwest securely via the app, or
  
  
• Call Bankwest customer service (24/7) at 13 17 19 or from overseas: +61 8 9449 2840.
  
  

Branch Visits:

• Currently possible, but standalone branches close in late 2024. Plan accordingly if you prefer in-person closures.
  
  

Follow-Up:

• Cancel direct debits separately with merchants to avoid disruptions.
  
  
• Destroy physical cards once accounts/cards are closed.
  
  
• Redeem Bankwest More Rewards within 30 days post-closure to avoid losing points.
  

Bankwest doesn't enforce strict cancellation notice periods, but timing your cancellation carefully can save money and prevent issues:

• Immediate vs Final Account Closure:
  Access is stopped immediately upon closure request. However, full closure (especially credit cards) finalises after balances are cleared, typically within 30 days after debt is paid.
  
  
• Annual Fees:
  Annual credit card fees aren’t refunded pro-rata. To avoid unnecessary fees, cancel right before your annual fee renewal date.
  
  
• Direct Debit Deadlines:
  Update recurring payments at least one week before closing to avoid bounce-back charges.
  
  
• Branch Closure Deadline:
  With all Bankwest branches closing by October 2024, if in-person cancellation is preferred, act before then.
  
  
• Inactive Accounts:
  Bankwest closes dormant accounts automatically after 7 years of inactivity. Proactively close these earlier if not needed.
  
  
• Processing Times:
  App closures are instant. Messaging or phone closures may take 1–2 business days, mail-in closures longer (~1 week).
  
  
• Refund Timelines:
  Refunds or payouts typically occur within a few days of closure. Cheques or manual transfers may extend this to 1–2 weeks.
  

Bankwest does not charge direct fees to close standard accounts or credit cards. However, be aware of indirect charges:

• Term Deposits & Loans:
  Breaking term deposits or fixed-rate loans early can incur interest penalties or significant break costs.
  
  
• Transfer/Withdrawal Costs:
  Electronic transfers to other Australian banks are free, but requesting bank cheques or international transfers may incur fees.
  
  
• Credit Card Outstanding Balances:
  Interest continues accruing until fully paid. No additional penalties, just ongoing interest charges.
  
  
• Monthly Fees:
  Bankwest doesn’t pro-rata monthly account fees upon closure - fees charged are typically non-refundable.
  
  

Overall, cancelling most everyday Bankwest accounts incurs no additional fees, just plan carefully around special products like term deposits or loans.