Account & cards

Do I need to do anything? 

You don't need to do anything.

If you aren’t happy with the changes we make to your account you may close your account without fee or charge, except where we have the right to combine or set-off any part of your account balance or are legally required to pay any part of your account balance to a third party.

Why do I have to wait so long for my new account?

We provide you with at least 30 days’ notice to allow you time to consider your options in moving to this new account.

If you’d like to change to your new account before the scheduled switch period, contact us by calling our 24/7 Business Banking Service team on 13 1998, or visit us in a Branch. 

Are there other options I could compare to ensure I have the right product?

You can visit the Business Banking page on our website for information on available products.

Will my BSB, Account Number or Account Name change when my account is switched?

No, your BSB, Account Number and Account Name will not change.

I have another Premium Business Account with CommBank but have not received any notice about it being switched. Will that account be switched too?

Accounts will be switched in phases and you will receive a notice when those changes are scheduled to occur.

If you’d like to switch another account of yours but haven’t received a notification yet, we’d be happy to help make the change. Please contact us by calling our 24/7 Business Banking Service team on 13 1998, or visit us in a Branch.

I have another Standard Business Cheque Account (non-interest-bearing option) with CommBank but have not received any notice about it being switched. Will that account be changed too?

Accounts will be switched in phases and you’ll receive a notice when those changes are scheduled to occur.

If you’d like to switch another account of yours but have not received a notification yet we’d be happy to help make the change. Please contact us by calling our 24/7 Business Banking Service team on 13 1998, or visit us in a Branch.

I have another Overdraft Cheque Account with CommBank but have not received any notice about it being switched. Will that account be switched too?

Accounts will be switched in phases and you’ll receive a notice when those changes are scheduled to occur.

If you’d like to switch another account of yours but haven’t received a notification yet, we’d be happy to help make the change. Please contact us by calling our 24/7 Business Banking Service team on 13 1998, or visit us in a Branch.

Will I get a new card for the new account when my account is switched?

No, you won’t receive a new card. If you have an existing card linked to your account, this card will remain valid.  

Will my existing Business Visa debit, Deposit, Keycard or Business Mastercard linked to my account still work when my account is switched?

Yes, any existing cards linked to your account will still work with the new account.

What will happen to my account statements?

After your account is switched you’ll receive a final statement for your old account. You’ll also receive the first statement for your new account at your next statement cycle. If you’re opted into Online Statements, you'll also receive a notification that your statement is available in NetBank, the CommBank App or CommBiz.

Will my account statement cycle change?

No, your account statement cycle will not change.

Cheque & deposit books

Will I receive a new cheque book when my account is switched?

No, your existing cheque book can still be used for your new account.

Will any cheques I have written be impacted when my account is switched?

No, if you’ve written a cheque which hasn’t been processed yet it will remain valid within the standard validity timeframes. Refer to the Business Transaction and Savings Accounts Terms and Conditions for more information on timeframes. 

Will I receive a new deposit book for the new account when my account is switched?

No, your existing deposit book can still be used for your new account.

Will any deposit slips I have written and submitted to CommBank be impacted when my account is switched?

No, if you have a deposit slip waiting to be processed it will remain valid and be processed into your new account as usual.

Fees, interest & overdrawing

How will this change impact my fee rebates?

Rebates aren’t available on the Business Transaction Account or Standard Business Cheque Account (interest bearing option). 

Please call our 24/7 Business Banking Service team on 13 19 98, or visit us in a Branch, if you wish to discuss this further. 

Do I need to maintain a minimum monthly balance when my account is switched?

There are no minimum monthly balances required to maintain your new account.

What can I do to avoid paying monthly account fees on the Business Transaction Account?

This depends on the activities performed on your Business Transaction Account. Please refer to the Business Transaction and Savings Accounts Terms and Conditions for more information on fees. 

The Business Transaction Account allows you flexibility to switch between the $0 and $10 Monthly Account Fee options at any time to suit your business needs. For more information on how to switch between these options visit commbank.com.au/btsamoreinfo

Will this change the number of included Quick Deposits, Cheque transactions and Assisted transactions I can do per month?

Refer to the Business Transaction and Savings Accounts Terms and Conditions for information on standard fees, charges and inclusions.

Will I be charged anything when my account is switched?

You won’t be charged for the switch.

I have account fees from another account being redirected into my account, will this change when my account is switched?

Any fees or inclusions you’ve accrued from the start of the month up to the time of the switch will be settled on a pro rata basis when your account is switched. 

For example, when your account closes you will only pay monthly account fees for the portion of the month that you used the account. We won’t charge you the full monthly account fee for this month.

I redirect my account fees to another account, will this change when my account is switched?

No, if you have any account fees being redirected from another account then this will continue as usual in your new account.

Will this change impact the interest earned on my account?

Refer to the Business Transaction and Savings Accounts Terms and Conditions for information on standard fees, charges and inclusions.

I have credit interest from another account being redirected into my account, will this change when my account is switched?

No, if you have any credit interest being redirected from another account then this will continue as usual in your new account.

I have debit interest from another account being redirected into my account, will this change when my account is switched?

No, if you have any debit interest being redirected from another account then this will continue as usual in your new account.

I redirect debit interest to another account, will this change when my account is switched?

No, if you have any debit interest being redirected to another account then this will continue as usual from your new account.

An Overdraw Fee was charged to my account because the pro-rata fees and interest caused my account to overdraw. Will this be refunded?

Yes. The fee will automatically be refunded to your account.

Will I be charged additional debit interest if I overdraw, or move further into overdraft at the time of the switch?

No. Any additional debit interest will automatically be refunded to your account after your planned switching period. The refund will take into account the change in daily balance as a result of the pro-rata fees and changes, and the impact this has on your next Debit Interest charge. Note, the pro-rata fees and charges themselves will not be refunded. 

Overdrafts    

I am in the process of requesting an overdraft which will be linked to my account, will that application be impacted when my account is switched?

No, any existing overdraft applications won’t be impacted when your account is switched.

Will my overdraft be impacted by this change when my account is switched?

No, your overdraft arrangement and balance will be carried over at the time of the switch.

NetBank & CommBiz

Will my new account appear in NetBank?

Yes, if your current account appears in NetBank then the new account will appear after the switch.

Will the same people who have access or authority to act on my account still have the same access and authority when it has switched?

Yes. The Method of Operation and any existing Account Authorities will not change.

Will my new account appear in CommBiz?

Yes, if your current account appears in CommBiz then the new account will appear after the switch.

Will I still be able to see my previous statements and Transaction History in NetBank after my account has been switched?

Yes, you’ll still be able to download past statements and view your Transaction History in NetBank.

 

Will I still be able to see my previous statements and Transaction History in CommBiz after my account has been switched?

Yes, you’ll still be able to download past statements and view your Transaction History in CommBiz.

How to view online statements

Payments, PayID & receipts

Will my PayID details be impacted when my account is switched?

No, if you’ve set up a PayID with your current account this will carry over to your new account. This means if someone uses your PayID to make a payment to you, it will still process as usual and the funds will be directed into your new account.

Will my scheduled payment, automatic transfer, periodical payment and direct debit arrangements change as a result of the account switch?

No, any automatic transfers, periodical payments or direct debit arrangements will not change. 

I am waiting for funds to clear into my account, will that be impacted when my account is switched?

No, any uncleared funds will carry over after your account has been switched and be credited to your account as usual.