My wife and I had savings accounts with BankWest. My wife's accounts was only used to receive dividends and I had one which I only used occasionally. Both accounts were automatically closed by the bank without any advice to us. It appears they do this with zero balance accounts that have not been used for several months. The first we knew was when we got a letter from the share registry saying crediting of a dividend to my wife's account had been unsuccessful. The account had been automatically closed a day or so before the dividend was due to be credited. Normally dividends are credited about every 6 months, but due to the covid downturn there had been no dividend 6 months ago and it was just on a year since the last account activity. The accounts did have zero balance, but I am staggered the closed them without attempting to provide some sort of advice to us (our physical and email addresses have not changed so no excuse for Bankwest there). My account had been closed not much more than 6 months after the last activity, so not sure why the differing periods. We had done a fair amount of banking with Bankwest in the past, and the accounts were a legacy from that time. No great loss to us now, but we will never be opening BankWest accounts again (share registry charges $25 to reprocess the dividend credit to a different account!).
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