Closing your business transaction or savings account

• If there’s a positive or negative balance in your account, transfer funds to or from your account to ensure that the balance is $0 before you submit a request to close it. Requests to close an account with a negative balance may be declined. 

• Cancel any direct debits, PayTo^® agreements, direct credits and recurring payments and set them up with another eligible account to ensure that the payments you regularly make or receive are not disrupted.
• If you need a summary of regular payments you've made and received, please review previous account statements prior to submitting the request.

• If you’re closing a transaction account that is linked to a savings account, you must close both accounts. To do so, please submit a separate request for each account you’re closing.
• If the savings account you are closing has any accrued interest, we’ll deposit it into another Bank of Melbourne account in your name. If you don’t have another Bank of Melbourne account to receive the interest , you may not be able to close your account online.

• If you have a PayID^® linked to the account you’re closing, you won’t be able to use it to receive payments after the account is closed.
• Before you close your account, you can link your PayID® to another eligible account. Read our frequently asked questions on how to do this.

You may have a Bank of Melbourne Share Trading account linked to an investment or cash management account that you plan to close. To prevent any disruption to your trading activities, call 1300 133 500 to link your trading account to another account.

• If the account you’re closing is the only Bank of Melbourne account you have, you won’t have access to Internet Banking, the app and eStatements after the account is closed. We recommend storing copies of your account statements before closing your account. We’ll send your final statement as a paper statement to the postal address stated in Internet Banking, so please check that your address is up to date.
• Customers who’ve opted for paper statements will also need to check that the postal address in Internet Banking is correct as the final copy will be sent to this address.
• If you’ve been receiving eStatements, you can find your final and previous statements in Internet Banking.

• When you close a business account you must ensure that all written cheques have been deposited and provide us with any unused cheques