Bendigo Bank

 cancellations – how to easily cancel your subscription or service

Bendigo Bank gives consumers and businesses the flexibility to cancel or close most banking services at any time, with few restrictions.

• Transaction/Savings Accounts: Can be closed anytime. Ensure there are no pending payments or overdrafts.
  
  
• Credit Cards: Cancellable anytime once the balance is cleared. Watch for annual fee timing and rewards forfeiture.
  
  
• Loans (Personal/Home): Can be paid out early, but fixed-rate loans may attract break costs. Home loans require discharge paperwork.
  
  
• Term Deposits: Can be closed early with 31 days’ notice, but reduced interest will apply.
  
  
• Business Accounts: Generally cancellable with notice; merchant facilities may require 30-day notice periods.
  
  
• Linked Products: Closing one service (like a loan) may affect linked accounts (like offset or debit cards).
  
  

You can cancel most Bendigo Bank services at will, just ensure outstanding debts are cleared and follow identification protocols.

Here’s how to cancel common Bendigo Bank products:

1. Bank Accounts

• Clear pending cheques/direct debits.
  
  
• Visit a branch or call 1300 236 344.
  
  
• Provide ID and settlement instructions for remaining funds.
  
  
• Surrender debit cards and chequebooks.
  
  

2. Credit Cards

• Pay off the full balance and request a final payout figure.
  
  
• Redeem any rewards before cancelling.
  
  
• Call customer service or visit a branch (no online closure).
  
  
• Destroy the card after confirmation.
  
  

3. Loans

• Request a payout figure.
  
  
• Submit a Discharge Authority form (for home loans).
  
  
• Coordinate settlement or transfer of funds.
  
  
• Receive final confirmation once loan is closed.
  
  

4. Insurance/Other Services

• Contact the insurer or service provider listed in your product documents.
  
  
• Request written confirmation of closure and any refund due.
  
  

5. Remote Closures

• Use the Account Closure Request Form (PDF) for closures by mail/email if not near a branch.
  
  

Pro tip: Always ask for written confirmation and a final statement showing zero balance.

Smart timing makes for smooth exits:

• Credit Cards: Cancel before the next annual fee hits. If just charged, ask for a refund within ~30 days.
  
  
• Monthly Fee Accounts: Cancel before the next cycle to avoid fees.
  
  
• Term Deposits: Close at maturity to avoid interest loss. If early, 31 days' notice is required.
  
  
• Loans: Allow at least 10 business days for home loan discharge paperwork.
  
  
• Direct Debits: Cancel any recurring payments before closing accounts/cards to avoid failed transactions.
  
  
• Savings Interest: Close right after interest is paid (usually end of month) to avoid losing accrued interest.
  
  
• Processing Time: In-branch closures = same day. Mail-in forms = 3–5 business days.
  
  

By timing it right, you avoid fees and disruptions. Plan ahead and confirm closure has been processed.

Bendigo doesn’t typically charge a cancellation fee, but be aware of these:

• No Account Closure Fee: Personal and business accounts can be closed for free.
  
  
• Credit Cards: No cancellation fee, but annual fee refunds may depend on timing.
  
  
• Loan Payouts:
  
  
  • Variable rate: Usually no fees.
    
    
  • Fixed rate: Possible break costs based on rate movements.
    
    
  • Discharge fees: Check loan docs. Some legacy fees may apply.
    
    
• Term Deposits: Early closure = reduced interest. Must give 31 days’ notice unless hardship.
  
  
• Bank Cheque Request: A small fee (~$10) applies if you request your balance this way.
  
  
• “Hidden” Charges: Some customers reported surprise fees (e.g. in-branch withdrawal fees). Always review your product’s T&Cs.
  

The main costs? Missed timing, break costs, or service fees that weren’t fully cleared pre-closure. Ask Bendigo upfront to avoid surprises.