How to close your ME Bank account and move your money out.

Sometimes the day comes when we need to close our bank accounts. This could be because there may be better suited options out there to meet our needs, or a change is simply needed.

If you currently have a bank account with ME bank, a division of the Bank of Queensland, and closing your account has been on your to do list, you’re in the right place.¹ This article will go through what you need to do to close your ME bank account.

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How to close their account with this bank

It may come as no surprise, but generally you shouldn’t close a bank account without taking the time to make sure your affairs with the bank are in order. Some things you should do include¹:

• Cancel all direct debits
• Clear any existing debts you have with the bank
• Make sure any pending payments are cleared
• Transfer all remaining balances out
• Save all bank statements where needed

If you have any cards connected to the account, you should cut through the black magnetic strip and card chip as soon as you close your account.² If you have completed all of the above, you should be ready to close your account or accounts. Here's how to do it with ME bank.

How to close a transaction and savings account with ME bank?

There are three ways to close a ME bank transaction or ME bank Savings account. These are¹:

• The ME Go App
• By phone
• By writing to ME bank

For those ready to go, closing your account through the ME Go App can be done through these steps¹:

1. Log into the app
2. Tap the wallet icon on the bottom menu
3. Choose which account you want to close
4. Select “..”
5. Click “Close Account”
6. Follow the prompts

Once your account is closed, you will no longer be able to use any cards attached with the account or see a deposit account through internet banking.

How to close a joint account with ME bank?

If you have a joint account, you won’t be able to close your account until you, or the other joint account holder, contacts ME bank by phone or by writing.²

How to close your Credit or Bank card account

To close a ME bank credit card, you can either³:

• Close via the ME bank internet banking portal
• Close by calling ME bank directly.

If you go through the internet banking portal, you must transfer any remaining money owed on the credit card. Just like for a transaction account, you should check if any pending transactions are still waiting to be cleared. Once this is all done, you can click “close my credit card account” on the portal. The primary card holder is the only one authorised to close the account.

Do I need to go to a bank branch, can I do this online or from overseas?

You do not need to go to a branch to close your accounts. You can organise it by phone, in writing, through the ME Go app or the internet banking portal.²

What happens to ME bank inactive or dormant accounts?

For those that decide to not use your ME bank account or seemingly just forget about it, you should know what happens to accounts left untouched.

ME bank considers any account that has not had a transaction or withdrawal in 12 months. ME bank won’t instantly close your account and will give you written notice of this intention even if you have money still left in the account. If you do have money in the account, and have not responded or transferred the money out, ME bank will either with²:

• Transfer the money to another ME bank held account
• Donate the funds to a charity

If either of these options are not possible, then ME bank will transfer the funds to an interest bearing account. This account can be granted with acceptable proof of funds entitlement. After 7 years, the funds in the interest bearing accounts can be withdrawn if no contact has been made about the funds to the relevant government agency handling unclaimed money.

What else do I need to know?

For all accounts, it's important to make sure any direct debits associated with any account are cancelled or rerouted to a different account before closing.

You can find out more by contacting ME bank here

If you need to contact ME bank, you can:

• Call 131563 from within Australia
• Call +61397084001 from overseas

ME bank phone lines are open Monday to Friday from 8am to 8pm AEDT or 8am to 5pm Saturdays.

Are there any costs to close this account with ME bank, or is it free?

There is no fee to close any transaction, savings or credit card accounts with ME Bank.

Alternative banks/financial services

Unless you physically cash your money out, it’s going to need somewhere else to go so you can easily close your account with ME bank.

If you are looking for a new account to transfer your remaining balance to you could look into one of the big four banks including:

• National Australia Bank (NAB)
• Commonwealth Bank
• ANZ Bank
• Westpac

If these options don’t suit you or you are looking for something a little different, you could try the Wise multi currency account.

Wise is an easy way to keep your money, whilst enjoying the added perks that come with this account. You’ll not only receive AUD bank details that can be used to transfer money directly from their “closing” bank account, but you’ll also get local bank details in some of the world's most popular currencies. This is also useful for those currently outside Australia and need to transfer their AUD internationally using the real exchange rate and with transparent fees.

The Wise Account

If you’re looking for a flexible online account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.

The Wise Account can be opened for free and allows you to hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.

Using the AUD account’s BSB and account number, you can do a simple local bank transfer from BOQ to your Wise Account if you wish and hold your money while you close your BOQ account and plan your next move.

You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. ME bankclosing account
2. ME bank close and inactive
3. Me bank credit cards

Sources checked on: 12 April 2024