I know the answer is YES, which was reflected in this post https://www.ozbargain.com.au/node/445545.
But what if there is still balance in the account? If I leave just $0.01 in the transaction/saving accounts or $0.01 credit in credit card, is the bank going to write me a cheque or sweep the cent to my other accounts and close this one?
Don't most transaction accounts have monthly fees unless you deposit $2000 or whatever?
I haven’t looked recently, but I reckon there is enough that don’t charge that I wouldn’t say most.
If you google fee free accounts, you get this by Choice:
"Of the big four banks, only NAB offers an account with no monthly fee without conditions; ANZ, CBA and Westpac all require a minimum deposit: NAB Classic Banking Account, no monthly fee. ANZ Access Advantage, $5 monthly fee (waived if you deposit a minimum of $2000 per month)"
I look forward to you finding a quote that most accounts are fee free.
Without wasting too much time, this list shows 7 banks with unconditional fee free accounts, one account that is conditional upon a monthly deposit and one that appears to be unconditionally fee free if you open up prior to 30 June (so let’s just disregard that, as I don’t know what the go is past 30 June).
Add the one conditional one to your 3 and you have 4. I have 7.
I look forward to you finding a quote that most accounts have monthly fees unless you deposit $2000 or whatever.
@tomsco: No, you incorrectly presume those banks don't also have accounts with fees. Which. They. Do.
Just because HSBC has a particular product, in this case the Everyday Global Account, it does not mean HSBC does not also have accounts with monthly fees. They do.
Set a recurring payment on a monthly basis to cycle 1 cent from account to account, therefore keeping it active.
The Commonwealth bank closed both my daughters Dollarmite accounts the moment they turned 16 (son got to keep his, not sure why).
I even had a NAB account for one of my kids with $50 in it, and they closed it, and had to go through weeks of effort and numerous branch visits to get the money back. They told me if she hadn't been a child, the process would have been a lot more complicated.
So yeah, they close accounts with no usage.
Wow that sucks! I still have my Dollarmite account opened when I was 5. Only reason I still use commbank, for the nostalgia. Closing your children's accounts was a stupid move by the bank. They probably don't even use commbank now.
Citibank can still close account and send you the balance as a cheque. I should point out there was notice of impending closure in the form of mail. But appeal to cust service to leave it open was refused - some explanation about a different department making the decision, decision was final, and T&C allowed them to do that.
I wish banks would do this quicker. I'm sick of having to call up or go to a branch to close my inactive accounts…
the government takes the money after a while
https://asic.gov.au/regulatory-resources/financial-services/…