Why is my account dormant?

Jasmine Shillington Updated by Jasmine Shillington

If you do not use your everyday or savings account for 24 months, it will be either:

  • closed if it has a zero balance, or
  • made dormant if it has money in it.

Dormant accounts

Dormant accounts are subject to a $2 per month dormancy account fee as per our Fees and Charges Schedule.

  • If the account balance falls below $500, it will remain open until there are no funds remaining.
  • If the account balance over $500 will be treated as ‘Unclaimed Money’ after seven years since your last transaction and the account closed. The remaining funds will be transferred to the Australian Securities and Investments Commission, as required by s69 of the Banking Act (1959). You can visit MoneySmart for more details about how to claim any “Unclaimed Money” at moneysmart.gov.au/find-unclaimed-money.

If after seven years since your last transaction the account balance is under $500, the account will be closed once there are no funds remaining.

How did we do?

Can I authorise someone else to operate my accounts?

Can I change from one type of Everyday account to another?

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