Being a major contributor to the Australian economy and known for supporting the country’s businesses, Westpac is one of the oldest banks in the world. It is a well-respected and trusted financial institution that is committed to providing its customers with a range of services and products. Over the years, the company has been constantly innovating its offerings while also being dedicated to offering unsurpassed customer service experience.
Originally established in 1817 as the Bank of New South Wales, Westpac currently has more than 13 million customers under its belt. And its wide range of finance-related products and services ensure that its client base always remains satisfied, regardless of their needs and desires. But that does not mean that the institution is immune to criticism; the majority of customer complaints have been about its poor customer service. Additionally, complaints have also been about slow processing of loan applications and approvals and high account operating fees and charges. With that being said, if you are looking to end your relationship with Westpac and want the easiest possible process for closing your bank account, then our comprehensive guide can be helpful.
What You Should Know Before Closing Account
Westpac Australia offers its customers three different ways to close their bank accounts. The primary process involves online functionality, while the other processes involve a physical visit to a nearby Westpac bank branch or calling the bank’s customer care.
Before you decide to close your bank account, ensure that the account balance is at AUD 0 (zero) before submitting the closure request. If you have a positive balance, then transfer the remaining amount to another bank account. On the other hand, if you have a negative balance, then the deficit must be resolved before registering a request.
Make sure to set up any direct debits, credits, or recurring payments with another bank account before closure so that your payments do not get disrupted. And if you have a transaction account that is linked to a savings account, then both accounts must be closed by submitting a request for each of them.
In addition to that, if you have a PayID linked to your account, make sure to link it with another bank account of yours before closure. And if you have a Westpac Share Trading account linked to your bank account, make sure to call 131 331 to link your trading account to a different bank account before closure so that your trading activities do not get disrupted.
Lastly, you will receive your final account statement before closure, and any unused cheques must be returned duly to the organization. With the terms and conditions explored, you can now start the online process of your bank account closure by following the suggested steps provided below.
Steps to Close Account Online
- Begin the account closing process by visiting the official website here.
- On the landing page, proceed to sign in using your customer ID and password.
- Once signed in, head over to the ‘Services’ tab and select ‘Other Account Services’.
- From there, select ‘Accounts Management’ and then select ‘Close Your Personal Transaction or Savings Account’.
- Proceed to go through the on-screen prompts and finally submit the request for account closure.
- Once your account is closed, remember to destroy your linked debit and/or credit cards for security reasons.
Alternatively, you can also download the Westpac app on your smartphone from the Google Play Store or the Apple App Store, and then visit the ‘Close Account’ web link here, which will re-direct you to sign in to the app and close your account seamlessly.
Other Ways to Close Account
It should be known that there are several other types of savings or personal transaction accounts that you cannot close simply by submitting an online request. These include passbook accounts, term deposit accounts, self-managed super accounts, share trading accounts, accounts held by a customer who is under 14 years of age, home loan offset accounts, and joint accounts.
For closing any of the aforementioned types of accounts, customers are required to directly call the bank’s customer care or visit a branch physically. To find your nearest Westpac branch, visit the official website here. Alternatively, you can also contact them via phone at 132 032 or (+61 2) 9155 7700 (overseas). Phone lines are available from Monday to Friday, between 8 AM and 8 PM (local time).
When visiting a Westpac branch or calling customer support, remember to keep your passbook and any one of the following sets of documents handy – your Australian driver’s license, your passport, or your photo ID issued by the Australian Government.
For joint account holders who want to close their accounts, they are required to either visit a bank branch or speak to their relationship manager. Each account holder must also bring their debit or credit cards (linked to the bank account) along with the set of documents mentioned beforehand.
If you have a complaint that you want to bring into focus with Westpac customer support, you can do so by visiting the official ‘Feedback And Complaints’ link here.
