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

Suncorp bank began as a local bank in Queensland back in 1902. It now sits within ANZ bank portfolio as of February 2024.¹ With new ownership can bring changes, which may make you consider if you still want to keep your Suncorp bank account open.

Whether or not this is a driving factor, it can be useful to know how to close a bank account well before you are considering it. This article will take you through the ins and outs of preparing a Suncorp bank account for closure.

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How to close your account with Suncorp

There is a bit of preparation required to be able to close any bank account seamlessly, your Suncorp bank account included. Generally, you’ll need to²:

• Make sure your account balance is at zero
• Check your account is not overdrawn
• Reroute or cancel any linked direct debit payments such as subscriptions
• Remove any future dated payment schedules
• Wait for all pending transactions (if any) to clear
• Unlink any overdraft accounts, savings accounts or other associated accounts

Each bank comes with their own processes and terms to successfully close an account. It is generally up to you to meet these obligations. Once your account is in good order, you’ll be able to start the process. We’ll outline what this looks like at Suncorp bank now.

How to close an everyday account with Suncorp bank

Now that your account is clear and ready to close, you can close a Suncorp everyday account in three ways. These are³:

• To send a message through the internet banking secure message feature
• To contact Suncorp bank directly
• By visiting a branch with a valid ID

Suncorp bank won’t close the account until they confirm that there are no unsettled issues with the account.

How to close a savings account with Suncorp bank?

If you have a savings account with Suncorp, generally this will be linked with a transaction or other account. Before you can close the savings account, you’ll need to withdraw the money out to this account, and follow the process above.

How to close a joint account with Suncorp bank?

Closing a joint account depends on the authorizations that were agreed on by each account holder when the account was opened. If it was agreed that all consent is required from each holder for changes to the account, then each individual must present themselves to a branch in agreement. Where this arrangement is not set up, then only one person authorised on the account needs to consent to its closure.⁴

How to close your Credit or Bank card account

To close a credit card, you will also need to prepare the account for closure just like an everyday or savings account. It's important to make sure there are no further repayments left or unpaid interest left on the account. Then you can either⁵:

• Make an Account Closure Request through the internet banking portal
• Contacting Suncorp bank directly.

To close your account through internet banking, you’ll need to make sure you are registered for internet banking first.

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

You can close either an Everyday or Credit card account online if the account has no uncleared transactions or funds in it, If you have an everyday account linked with a Suncorp home loan or certain business accounts, you will need to visit a branch to complete the process.³

What happens to Suncorp bank inactive or dormant accounts?

If you have an account with Suncorp bank that has money in it, but hasn’t been used in 3 years, you'll need to reactivate it if you want to access the funds. You can do this by⁶:

• Move the funds out to another account
• Make a linked debit card transaction
• Visit a branch
• Withdraw money from an ATM

When an account is opened, but no transactions have been initiated and the balance is less than $0.01, the Suncorp bank will close the account. This will be initiated either in 90 days for untouched new accounts or after 36 months for used accounts.⁷

What else do I need to know?

When you have a linked card to any of the above accounts, you should hand your card back to a Suncorp branch.⁷

You can find out more by contacting Suncorp Bank here

You can contact Suncorp bank by:

• Calling 13 11 55 from within Australia
• Calling +61 7 33621712 from overseas

The phone lines are open Monday to Sunday between the hours of 8 am to 10 pm AEST.

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

There are no specified fees to close an account with Suncorp bank.

Alternative banks/financial services

To get your account balance to 0, you are going to have to transfer the funds somewhere. Some alternative options include:

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

For frequent travellers or those looking outside the big four banks, another alternative you can try is the Wise multi currency account. You’ll be able to receive your leftover funds using a local transfer directly to your Wise AUD account details.

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. Suncorp info
2. Suncorp information to close
3. Suncorp close account
4. Suncorp joint account
5. Suncorp credit card close
6. Suncorp reactivate
7. Suncorp account terms

Sources checked on: 20 April 2024