How to close your bank account
Most banks let you close your transaction account online these days, but there are a few things you need to do first.
Key takeaways
- Most banks allow you to close a personal bank account online via your online banking portal or the mobile banking app.
- Your balance needs to be $0 before you try to close your account.
- Make sure you cancel any direct debits from your account before you close it.
How to close your bank account
If you've got a personal bank account you should be able to close this online within your Internet banking portal or the mobile banking app. This is usually located in the 'Account services' or 'Account settings' area. You can use the search function to look for the 'close accout' option if you can't see it.
If you can't find the option to close your accout online, you can speak to your bank using the live chat feature or call the customer service line. They'll be able to direct you on how to close your account - or they may even be able to do it for you while you're speaking with them
What to do before closing your bank account
There are a few things you need to do before you close your bank account.
Make sure your balance is $0
If you've got money in the account you will need to withdraw it or transfer it into another account.
To withdraw your money, you can simply make a bank transfer to your new account (or an existing account). Depending on the amount of money you're transferring, you may have to increase your bank account's daily transfer limit so you don't have to split the transfer over a few days. You can do this via Internet banking or your mobile banking app, or by calling your bank.
If your balance is negative (that is, you're owning money) you need to top up the account to ensure your balance is $0 before the bank will let you close it. A lot of bank accounts don't let your balance go below $0, but some do.
Cancel your direct debits
Find all your direct debits from your account and cancel these, or update them to your new account details. You can see these by looking at your transaction history in Internet banking. It's a good idea to look at your history for a period of at least 3-4 months to ensure you've found all your direct debits, as some might only come out of your account quarterly (such as council rate bills).
If you miss a direct debit after you've already closed your account, you may need to pay a fee to the organistation that attempted to debit money from your account but failed to do so.
Update any direct credits (such as your pay)
Be sure to give your new BSB and account number to your employer or payroll officer as soon as possible, so your salary goes to the right account the next time you get paid. You should give the same account information to anyone else who pays you money regularly.
If someone does send money to your old account after it's been closed, the transaction will usually not work and the money will bounce back into the person's account who sent the money.
When you can't close your accout online
Some banks require you to go into a branch to close your account. Some may ask that you request for the account closure in writing, along with your signature to verify the process. Some banks will allow you to close your bank account over the phone, once you've verified your identity. The easiest way to know for sure which option your bank wants is to call them and ask.
Other situations where you may not be able to close your accout online include:
- If the account holder is under 14
- If it's a joint account shared with another person
- If it's a business account, not a personal account
- If it's a term deposit account
Finder survey: What features do people want in a transaction account?
| Response | Female | Male |
|---|---|---|
| Account fees | 48.28% | 46.43% |
| No ATM fees | 47.93% | 45.49% |
| Online banking/mobile app | 45.86% | 34.21% |
| Accessibility to ATMs | 13.79% | 17.29% |
| Customer service | 13.97% | 16.35% |
| Contactless payment capability (e.g. Apple Pay) | 15.52% | 13.35% |
| Rewards (e.g. cashback or points) | 14.83% | 15.23% |
| Accessibility to branches | 13.28% | 11.65% |
| Instant payments (Osko/PayID) | 13.1% | 9.59% |
| Foreign transaction fees | 5.34% | 8.08% |
| Deposit conditions | 2.59% | 7.89% |
| Other | 1.03% | 0.75% |
Source: Finder survey by Pure Profile of 1113 Australians, December 2023
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i was wondering do bank keep your personal detail after you close your account with them? detail like you address your name your phone number, your personal information? or will it be erase permanently?
Hi Peter,
Thanks for your question.
Banks generally do keep your personal details for a period of time after you close the account, though it’s not for marketing purposes.
After about 2-3 years it’s generally erased permanently. For more information, please get in the touch with the bank directly.
Cheers,
Shirley
Hello. this is yongduk kim.
I am from Korea. I have stayed in Australia for 5 years.
I just have arrived Korea last week
Unfortunately, I can’t go back to Australia.
So I am just wondering that how can I close account?
please reply for me, thank you
best regards
Duks
Hi Yongduk,
Thanks for your comment.
You will need to contact your account provider directly to close your account. Depending on who you were banking in with in Australia, you should be able to find an international contact number on their website. You will then be put through to the relevant customer service team who will be able to guide you in the right direction.
I hope this has helped.
Thanks,
Sally
I have recently moved back last minute over to England and would like to know how and the easiest way I can close my ANZ account? Thank you
Hi HMT,
Thanks for your question.
Since your overseas, the quickest and easiest would be to give ANZ a call to close your account.
All the best,
Shirley
how can i close my ANZ bank account
Hi Jul,
thanks for the question.
You can close your ANZ account by calling them up directly. The process should take less than five minutes, and will require you to give the representative your card or account number, identify yourself, and then request you to close your bank account.
I hope this helps,
Marc.
how to close my bank account online? thanks
Hi Christian,
thanks for the question.
Most bank accounts cannot be closed online. To close an account, you’ll usually have to call your bank, visit a branch or send them a written request. Different banking institutions will have different ways of closing an account, so it’s best to contact your bank.
Cheers,
Marc.