Banking & Finance
3. Opening a Bank Account
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 22 Jun 2015
- Establishing a bank account with a financial institution is not simply about having a place to leave your money.
- When you open a bank account you are entering into a contractual relationship with your bank. The bank promises to look after your money and return it to you when you request it. As the bank's customer you promise to act responsibly and not to write cheques or authorise debits without having the money available in your account for example.
- Opening an account with a bank does not mean that you can just leave your money and forget about it. You may have to pay account fees or interest fees, manage repayments or update your personal details if they change.
- If your bank account has no customer initiated transactions for a period of three years your bank must advise the Commonwealth government. The money from your account may be transferred to the Commonwealth government for safekeeping on your behalf.
- If this occurs you can get it returned however it will take some time.
- It is best to keep an eye on your accounts and actively manage your money. Notifying your bank of any changes in personal information such as a change of phone number or address is part of your responsibility.
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