Closing a bank account is not a tough task provided you don’t have any complications with your account. When I use the word complications I am referring to the dues and the negative balance remaining in the bank account. If you have any of these two then you will have to clear them first.
If you have a negative balance in your account then no bank will let you lose down the account until you clear it. This guide is for those account holders of the Bank of Queensland who are willing to close down their accounts. And in case you don’t have any negative balance or dues in your account. Then you can close it easily.
In the case of Bank of Queensland, you can close your bank account by visiting their branch. There is no other option to close the account like over call or by sending a written mail. But here you have to make sure that you have read all the terms and conditions that apply to the product you are using.
I recommend you to read all the terms and conditions that are applied to you while closing the account before proceeding further. Before you close your Bank of Queensland Account I recommend you open a new account first. There are a number of good banks in Australia within which you can choose one.
You can open a new bank account with National Australia Bank, AMP Bank, Bendigo Bank, or CommBank. Once you have opened a new bank account you will have to update the details in many places. Like, say you receive a deposit from some company as a salary then update your new account details there.
About Bank of Queensland (BOQ)
|Type of Bank||Public|
|Headquarters||Brisbane, Queensland, Australia|
|Number of Locations||252|
|Chairman (July 2020)||Roger Davis|
|CEO & Managing Director (July 2020)||George Frazis|
|Number of Employees (2019)||2098|
|Net Income (2019)||A$298 million|
|Total Assets (2019)||A$55.597 billion|
|Total Equity (2019)||A$3.859 billion|
Steps to Close BOQ Account
If you have any kind of dues or negative balance in your account then please clear it first. And then you can proceed with the steps mentioned below. Once you have opened a new account with another bank you should transfer your remaining funds to your new account.
I don’t recommend you transfer all the funds from your old account (Bank of Queensland) to a new account in advance. You should transfer it on the day you wish to close the account. If you do it well in advance then you may have to pay some fees for non-maintenance of balance in the account.
Once your Bank of Queensland Account is closed you won’t be able to use it in any way. You can not make or receive payment using this account. If you want your transaction history then download the account statement for the last 6 months before you close the account.
As I have already mentioned that you can close the account only from the branch of the bank. You have to personally visit the branch. If you send someone else who is your friend or family then the bank will not the closure request for your account from them. Do carry an appropriate identification proof with you.
How to Contact BOQ?
I highly recommend you to verify the information provided above before using it. And you can easily do that by contacting the bank. You can use the below-mentioned contact information to reach the Bank of Queensland.
If you have any remaining funds in your bank account then you have to tell the bank how you wish to receive them. The better option is to transfer all the funds to your new bank account before closing the old account. This is how you can close Bank of Queensland account easily.