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How do I stop an account becoming inoperative?

Posted by TH TH
Message 1 of 2 2,319 Views
I just had to get an account reopened because it was closed as inoperative. I spoke to several people but none of them could tell me how much I need to leave in there to stop it happening again. I was also told 2 different periods for how long between transactions.
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Re: How do I stop an account becoming inoperative?

Posted by SarahF SarahF
Message 2 of 2 2,316 Views

Hi @TH thanks for contacting us in regards to this. There are a few scenarios as to an why an account may be closed. The first could be for Unclaimed money: Changes to the unclaimed money provisions of the Banking Act in 2015 requires Australian banks to close accounts with credit balances, that have not had a customer initiated debit or credit transaction for a period of seven years and which have a balance of $500 or greater, and remit the funds to the Australian Securities and Investment Commission (ASIC). If the balance is under $500 the account would still be closed and the funds held until contact is made. Prior to 2015, accounts inactive for a period of three years with a balance greater than $500 were required to be closed and the funds remitted to ASIC. The other scenario would be for an inoperative account which is where it gets a bit tricky however generally this is if you have a low balance (generally under $50-$100) and have not used the account for around 12 months. If this is the case however you can contact us at anytime to have this reopened. ^Sarah

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