You can open an account online if:
Your account will be set up as any-to-sign, which means any director you choose will be able to operate it. You can change this in branch.
Have at least one of these handy:
If your company is new to CommBank and not registered as a sole trader or Australian private company (Pty Ltd), you'll need to open your account in branch.
If you want to authorise others to operate your account, you'll also need to go to branch.
This information has been prepared without taking into account your individual or business needs and objectives. You can view the Terms and Conditions for Business Transaction and Savings Accounts, our Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services. Bank fees and charges may apply.
2 Excludes non-Commonwealth Bank ATMs here and all ATMs overseas, EFTPOS transactions overseas, transfer group payments to third parties, international money transfers, CommBiz and NetBank service fees and separate services such as bank cheques, periodic payments and transfers/deposits to other banks. Wholesale relationship managed customers may be notified at any time that their account is subject to transaction fees on electronic transactions and Commonwealth ATM cash withdrawals.
3The Bank does not charge for the alerts service, but you may incur message and data charges from your telecommunications service provider. Alerts are sent in real-time 24/7. Delivery of alerts may be delayed for various reasons, including service outages affecting your phone, wireless or internet provider; technology failures; and system capacity limitations. Please check your available funds before entering into any transactions. Alerts may be suspended by the Bank at any time without notice.
4 From time to time the Bank may allow some transactions or payments to go through by making funds temporarily available for eligible customers. By utilising the overdraw feature, you may incur an Overdraw Fee of $15 per account, per day an overdrawing transaction or payment occurs. For each day your account remains overdrawn, Excess Debit Interest will be applied. For more information, please view What happens when you overdraw your business account?
The overdraw feature is offered at the Bank’s discretion. The account may also become overdrawn if a merchant completes an offline or unauthorised payment.
5 Cardless cash is available from any CommBank ATM. Withdrawals are limited to a total of $500 per day. CommBank app, NetBank, NetCode and account access required. Full conditions on app.
6 If you’ve got other directors and/ or any beneficial owners, they will need to verify their ID online. A beneficial owner is an individual who owns 25% of the company; but if no-one does, controls 25% of the company; but if no-one does, exercises control by way of making key financial or operational decisions, like a CEO. We'll get you to confirm their details so we can email them instructions to do this. Once they've completed this, you'll be able to open and start using your account.
7 Applications for finance are subject to the Bank's normal credit approval. Full terms and conditions are included in our Letter of Offer. Bank fees and charges may apply. This advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on this advice, consider its appropriateness to your circumstances. Applications are subject to the Bank's normal credit approval. Fees and charges are payable.
8 The $0 terminal rental fee is available to eligible customers, who apply for and open a new merchant terminal from 18 January 2021 and settle to a CommBank Business Transaction Account on eligible pricing plans. Offer valid until 28 March 2021 and subject to change. The $0 terminal rental fee offer, means customers have their terminal rental fees waived for the first 12 months for up to a maximum of 20 terminals, available on Essential Lite and Essential Plus. The offer is only available at the initial application and cannot be extended to additional terminals after the application has been processed. For more information on our range of EFTPOS products and pricing plans, please visit commbank.com.au/merchantterminal.
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