Banking Accounts Frequently Asked Questions
All you need to do is open a new account and organise any regular payments to be moved to your new account.
You can access the Suncorp Account Switching self-service tool that allows you to import information that you have stored with your other banks such as payees and billers. You can also download a summary of direct debits, direct credits and active regular transfers.
Find more information for switching your accounts to Suncorp Bank.
Stepped interest is when you’re paid a different interest rate for parts of your account balance that fall within set dollar ranges. For example, a 55 Plus account pays interest on a stepped basis.
Tiered interest is when you’re paid an interest rate based on the tier that your account balance falls into. For example, a Cash Management Account pays interest on tiered basis.
You can find your account number on your statement, cheque book, and within Internet or Mobile Banking, via the Suncorp Bank App.
You’re able to have up to 9 sub accounts linked to your main Everyday Options Account.
If you haven’t completed a transaction during last 12 months, you’ll need to reactivate your account by visiting a store or making an ATM withdrawal, transferring funds from the account, or completing a transaction on the account or linked debit card.
Daily limits are the maximum amount of money that can leave your account in a 24-hour period to protect you and your money from theft and fraud. Different daily limits apply to Internet Banking, ATM withdrawals and EFTPOS cash out withdrawals.
You’ll need a Security Token when transferring funds to other Australian banks and Bpay billers when the combined total is above $3,000 per day in Internet Banking, Mobile App and Suncorp App. If you have access to Global Payments or Business Payments in Internet Banking, you will be required to enter a Security Token Code for every transaction.
Oops! If you don’t have enough money to cover a transaction, your account may be overdrawn. Your transaction can get either ‘honoured’ or ‘dishonoured’, depending on your circumstances. You may receive an honour or dishonour fee of $10 if your account is overdrawn.
To protect the risk of overdrawing your account, you can set up an insufficient funds sweep to cover a direct debit, personal cheque or debit VISA transaction, by sweeping available funds from another related account.
You can contact us to see if your account can be set up for an insufficient funds sweep.
Yes, you could set up a ‘sweep’. A sweep is an automatic transfer between two of your accounts to ensure an account of your choice maintains a minimum balance or sufficient funds. There are two types of Sweeps – a Funds Management Sweep or an Insufficient Funds Sweep. You can organise a sweep by visiting your nearest store or sending a secure message via Internet Banking.
If you’re a savvy saver, you can set up an Automatic Savings Plan that transfers money into your chosen savings account on a regular basis, like just after pay day. It’s simply putting money aside that could be earning you interest.
To set up an Automatic Savings Plan, login to Internet Banking, click ‘Transfer Money’ to create a recurring payment between your Suncorp accounts.
Your personal account limit is a set maximum amount of money you or another account holder can transfer to someone from a business account on a daily basis. A business account limit is a set maximum amount of money that can be transferred from a business account on a daily basis.
Direct Debit disputes typically can take up to 7 days to resolve with the Direct Debit User.
EFTPOS and ATM disputes typically can take up to 30 days to resolve your dispute with the Merchant.
For Visa Debit disputes, most will be resolved within 45 days, however, timeframes may vary due to the reason of the dispute and how the transaction was processed
We will contact you throughout the process to provide updates or request further information when required.
You are unable to stop or cancel a transaction whilst it is pending. A pending transaction can be released or reversed at any time if the Merchant submits a request to the Bank.
To request for the release or reversal of a pending transaction, the Merchant will need to provide us with the following transaction details on their company letterhead:
- Card number
- Expiry date
- Cardholder name
- Authorisation number, if available
- Amount of authorisation
The Merchant should send the request to us by:
Email: firstname.lastname@example.org; or
Fax: 07 3031 2626
If we do not receive all these details from the relevant merchant, we may not be able to release or reverse a pending transaction.
Alternatively, once the pending process is completed and the transaction has been processed to your account, then you can raise a dispute if required.
If you require further assistance, please call us on 13 11 55 or +61 7 3362 1712 from overseas.
You should attempt to resolve any issues directly with the Merchant, as sometimes this is the quickest option. If you are unable to contact the Merchant, don’t receive a response from the Merchant or are unable to resolve your query with the merchant, call us on 13 11 55 to raise a dispute.
Please note, as a requirement under the Visa Scheme Rules, we will request supporting documentation/information as part of the transaction investigation.
Yes, personal and business accounts have no monthly account keeping fees.
The Financial Claims Scheme (FCS) limit of $250,000 applies to the sum of an account holder's deposits under the one banking license.
Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250,000 FCS limit, and this includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name.
A Product Information Document (PID) is a document that contains information about financial products and is designed to help you decide if a product can meet your needs.
Once you have generated your Account Switching Report, and have saved the details of the regular billers and payees that you wish to import into Internet Banking, you are then able to easily re-establish any regular transfers within Internet Banking or the Mobile Banking App.
For help setting up Suncorp Internet Banking, adding billers and/or transferring money, visit our Internet Banking Help Page, or call 13 11 55.
You’ll have to notify your employer of your new account details (Suncorp’s BSB is 484-799 and your account number is contained in your welcome email).
Ensure you advise any other creditors of your new Suncorp account details so they can transfer directly into your new account. Don’t forget Medicare and other government agencies that automatically credit into your account.
Be sure to call all direct debit providers to advise them of your new Suncorp account number. Consider service providers that might have your card details on file, such as Paypal and Uber.
Suncorp can assist with cancelling direct debits on your behalf, however fees may apply. Please contact Suncorp on 13 11 55 if you require assistance.
- Ensure that there’s sufficient money in your new Suncorp account to cover any newly established transfers.
- It’s a good idea to leave some money in your old account to ensure any remaining debits are covered and you don’t incur a fee.
- Once you’re sure all payments are set up to and from your new account, you may wish to consider closing your old account to avoid any account keeping fees that may apply.
The service requires you to provide your login information from your other financial institution. This information is securely encrypted and is not seen or stored by Suncorp, or any of our third-party providers. A 95-day summary report will then become available for download in PDF format. You are also able to import saved billers or payees to Suncorp’s Internet Banking, which can then be used to establish any regular transfers.
You’ll be asked to enter your login details from your other financial institution, which is provided to our third-party provider and used to retrieve your 95-day summary report. Your login details are not stored. All information that is made available to you through this service is instantly purged at completion of the service. Payees and billers that you personally select to import to Suncorp Internet banking will be saved in your Internet Banking.
We have no contract or arrangements with any other financial institutions relating to the provision of this service. Your other financial institution may not authorise or endorse your use of this service or our provision of this service to you. You should ensure that your other financial institution permits your use of the service before proceeding.
This service requires you to input your login credentials of your other financial institution. Your login credentials are not stored. It is important to know however, that by disclosing these credentials, you could be breaching your other financial institution’s terms and conditions. While the security of this service is robust, any loss of money from your other financial institution that can be associated with the use of this service may not be protected under the ePayments code. You should ensure that your other financial institution permits your use of the service before proceeding.
A regular payment involves receiving or making consistent payments to/from your account to pay for services such as rent, salary, utility bills, government payments, lending or credit repayments or memberships.
There are different types of regular payments such as:
- Direct Debit
- Recurring Payments
- Direct Credit
- Periodical transfers
Direct Debit is a type of regular payment, where you have provided your deposit account details (BSB and account number), to allow a merchant or service provider to take money from your account regularly. To pay for the services they provide you, such as phone, gas or electricity bill payments.
Recurring payments is a type of regular payment where you have given your credit card or debit card details (e.g. card number, expiry date and security code) to allow a merchant or service provider to charge your credit card or debit card regularly for services they provide you, such as online media streaming subscriptions.
Direct Credit is a type of regular payment where you have given your deposit account details (BSB and account number) to allow an institution to make payments to your account regularly, such as salaries, government payments or dividend payments.
Periodical Transfers is a type of regular payment where you have set up electronic funds transfers frequently (e.g. weekly, fortnightly or monthly) via Internet Banking to another person’s or institution’s account, such as rental payments or an automatic savings plan.
Complete the Direct Debit Stop/Cancellation Request Form and ensure you select ‘Add a stop’ in the request type.
When you are ready to allow the Direct Debit User to recommence the direct debit arrangement, you will need to complete this form again by selecting the ‘Delete Existing Stop’ in the request type.
Complete the Direct Debit Stop/Cancellation Request Form and ensure you select ‘Cancel Direct Debit’ in the request type.
If you are wanting to set up a new direct debit arrangement with the Direct Debit User and had previously completed this form to cancel the last arrangement, you will need to complete this form again and select the ‘Delete Existing Stop’ in the request type as we have also blocked future direct debit requests via a direct debit stop. After this is processed, you will be able to set up a new direct debit arrangement directly with the Direct Debit User.
Stopping a direct debit will reject direct debits from being taken from your account by the Direct Debit User indefinitely until you inform us to remove the stop.
Canceling a direct debit will permanently stop and reject future direct debits, and then cancel the direct debit arrangement with the Direct Debit User. You will need to let us know to remove the stop as we would have added this to prevent any direct debits being taken by the Direct Debit User.
A Direct Debit User is a person or institution you have authorised to process a Direct Debit to your Account. What you see in your account statement may be different from the person or institution you have agreed to make direct debits from your account.
Only an authorised cardholder can stop or cancel a recurring payment on a credit card or debit card. You need to contact the merchant or service provider to cancel the recurring payment before it is processed. You should keep a record of the cancellation in case you need to dispute a future payment from the merchant or service provider.
You will need to complete a transaction dispute form so we can investigate the unauthorised charge.
For our Visa Debit cards, please complete the Visa Debit Dispute Form.
For our Suncorp Clear Options Credit cards, please complete the Transaction Dispute - Customer Investigation Request Form.
The direct debit may have failed due to insufficient balance. This is otherwise known as a dishonoured payment (that is, direct debit request is rejected and not taken from your account). You may be charged a fee for a dishonoured direct debit.
If you are wishing to stop or cancel a direct debit from being processed to your account, please contact us or visit us at any store. We also suggest contacting the direct debit user.
Yes. You are liable for any Direct Debit you authorised, including a direct debit which causes your account to overdraw. You may be charged a fee for a honoured direct debit.
If you are wishing to stop or cancel a direct debit from being processed to your account, please contact us or visit us at any store. We also suggest contacting the direct debit user.
You can contact us to retrieve a list of the following regular payment types:
- Direct Debit
- Recurring Payments
- Direct Credit
- Periodical transfers
The list will be sent to your nominated mailing address within 5 business days of requesting this document. Ensure that you have confirmed your mailing address details before the making the request. You can request this list by calling our Contact Centre on 13 11 55 or visiting your local Suncorp store.
To close your account, simply contact us by calling us on 13 11 55 (+61 7 3362 1712 if overseas), send us a Secure Message through Internet Banking or Suncorp Bank Mobile App, or visit your nearest Suncorp store.
Term deposits, Kids Savings Accounts, accounts that are packaged with an eligible Suncorp home loan and some business accounts may need to be closed in a Suncorp store.
Before we can close your account, we may check with you if your account is in good order. This means that we may seek confirmation from you that:
- Your account is not overdrawn
- All your direct debits and direct credits, recurring payments, account sweeps and future-dated payments have been cancelled or moved to a different account
- Any uncleared funds, such as Visa Debit pending transactions have been processed
- Outstanding cheques have been presented and cleared
- You have closed and/or unlinked any overdraft facilities, merchant facilities, term deposits, flexiRates, savings accounts or mortgage offsets from the account.
- If the account requires two or more people to authorise the closure of the account, those appropriate individuals must be present to authorise closure.
- You have met any other outstanding responsibilities under the terms & conditions applicable to your account before your account was closed
If you have failed to action or confirm any of the above, Suncorp may ask you to deal with these first before closing your account.
If you still have available funds in your account at the time we process the account closure, you may direct us to credit the balance to you in any of the following ways:
- Cash withdrawal
- Transfer to another Suncorp Account or in some circumstances, an account you hold with another financial institution
- Bank cheque (you may be charged a fee for service)
Alternatively, the available funds can also be donated to the Hear and Say Charity, at your request.
Joint account owners, power of attorneys and third-party operator with general authority can request the closure of a bank account.
If there is more than one account holder linked to the account, all those account holders are not required to provide their consent to close the account (unless there is an arrangement in place which requires one or more of those account holders to agree to the closure of the account). If the account closure is requested by one of the account holders, all account holders will be notified of the account closure with a closing statement issued to each account holder.
If more than one account holder is required to authorise the closure of the account (for example, if more than one power of attorney must agree to the account closure), all appropriate account holders will need to be present to provide their authorisation to close the account.
Accounts that have third-party operators with account specific authority do not have authority to request the closure of a bank account.
Any registered business owner, nominated authorised officer or nominated signing officer can request the closure of the business account.
If there is more than registered business owner, nominated authorised officer or nominated signing officer who is linked to the account, consent to close an account is not required by all those parties who are linked to the account (unless there is an arrangement in place which requires one or more of those parties to agree). All account holders (including all other registered business owners, nominated authorised officers or nominated signing officers), will be notified of the account closure with a closing statement issued to each of those parties.
If more than one registered business owner, nominated authorised officer or nominated signing officer is required to authorise a request to close an account, all of those appropriate linked parties in accordance with the ‘number to agree to account changes’ will need to be present to provide their authorisation to close the account.
Contact us on +61 7 3362 1712 or send us a Secure Message through Internet Banking or Suncorp Bank Mobile App to request the closure of your account.
If you have available funds in your account, you and any other account holder may be required to send us a letter with your instructions as to how any balance will be credited back to you. You may also need to provide us with your authorisation to transfer the balance by International Draft.
Alternatively, you may transfer the available funds in your account by International Money Transfer via Internet Banking before you request the closure of your account only if you have a security token registered to your Internet Banking. You can access our security token by downloading the Suncorp Secured App through the app store.
Foreign tax residency is determined by the laws of each foreign country and will differ between countries. For individuals and Controlling Persons of an entity, this might be determined by your residency, citizenship or how much time you reside in a particular country. For entities, this might be determined by your country of incorporation or establishment or where effective management and control of your entity is located. A useful resource on the rules governing tax residency for foreign countries can be found at: OECD Automatic Exchange Portal – Rules governing tax residence. If you are unsure whether you are a resident of a foreign country for tax purposes, please contact your lawyer or tax adviser for assistance. We are unable to give you advice in relation to your foreign tax liability status.
What information is passed on to the ATO?
Suncorp Bank may need to pass on personal and financial information to the ATO about you and your Controlling Persons (if applicable), including account name, address, date of birth, Tax Identification Number (TIN), country(ies) of tax residence, FATCA/CRS entity classification (if applicable), details of role or ownership interest in customer entity, account number, account balance and all amounts paid into the account during the year.
A TIN is an identifying number used for tax purposes to deal with the tax administration in a particular country. For example, Australia’s relevant TIN would include our Tax File Number (TFN) which Australians normally quote when completing annual tax returns. Most foreign countries will have an equivalent functional tax identification number.
If you are unsure what your TIN equivalent is, a useful resource can be found at: OECD Automatic Exchange Portal – Tax identification numbers or you should contact your legal or tax adviser for further guidance. We are unable to give you advice in relation to your TIN.
A summary of definition of the main entity classifications can be found at the ATO Glossary.
Full definitions of entity classifications for FATCA can be found in the FATCA Inter-Governmental Agreement.
Full definitions of entity classifications for CRS can be found at Part II(B) of the OECD’s Standard for Automatic Exchange of Financial Account Information in Tax Matters.
If, after considering the above resources, you are still unsure of your entity classification you should contact your legal or tax adviser for further guidance. We are unable to give you advice in relation to your CRS or FATCA entity classification.
Controlling Person is generally a natural person who exercises control over an entity. Control depends on the legal structure of the entity.
For a corporation, a Controlling Person may include a director, senior management and any natural person who holds, directly or indirectly, more than 25 percent of the shares or voting rights of an entity as a beneficial owner.
For a trust, a Controlling Person may include the settlor(s), the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of beneficiaries and any other natural person(s) who exercise effective control over the trust.
For a partnership, Controlling Person means any natural person who exercises control through direct or indirect ownership of the capital or profits of the partnership, voting rights in the partnership or who otherwise exercises control over the management of the partnership.
Over 100 jurisdictions have committed to implement the Common Reporting Standard to exchange information.
For a list of countries committed to CRS, refer to the Commitment and Monitoring section of the OECD CRS website.
Please note Suncorp Bank is required by law to collect customers’ foreign tax residency information and report it to the ATO even if the foreign country of the customer is not contained in the list referred to above.
As a Reportable Financial Institution, Suncorp automatically falls within scope of the CRS requirements (without the need to register). This requirement arises under Australian law, therefore, there is no requirement to register.
However, Suncorp Bank and its related entities are registered under FATCA and have received Global Intermediary Identification Numbers (GIINs). Find out more, including our GIIN, by following the hyperlink.
Our flexiRate offers an interest that is fixed and guaranteed as long as the nominated period is completed.
Yes, all current flexiRates will show on your account statement, along with the applicable start and end dates, balances and interest rates.
The interest rate that applies to your automatically renewed flexiRate will be the current rate available for your allocated term at renewal time.
No, unfortunately you cannot withdraw money from a flexiRate, as the interest rate is based on the money staying in your account for a fixed period. Instead, you can request an Early Release through the Suncorp App, Internet Banking, or the Suncorp Mobile Banking App, which allows you to access the entire portion of your funds.
Yes, if your account is operating in offset mode, you can still setup flexiRates on your Everyday Options sub-accounts.
Yes, you’re able to request an Early Release of the money that you previously locked away in a flexiRate, and you won’t pay any fees to cancel your flexiRate.
Your interest will be adjusted if you choose to release your flexiRate early. This simply reduces the amount of interest you’ll receive and doesn’t impact the amount that you originally put in.
Yes, you can. Subject to the option being available, you may be able to change your renewal instructions by simply going to the Manage my flexiRates section in Internet Banking. Via the Suncorp App, simply go to the Account details section of your account.
You’re able to change your renewal instructions at any time before 7pm EST on the day your flexiRate is due to end.
If you are wanting to rename your sub account in Internet Banking:
- Locate ‘Manage New Account/Loan’ on the left-hand menu.
- Locate your list of bank accounts.
- In the ‘Designated Name’ column click on the change button next to the relevant account.
- Type your desired account name into the empty field and select the green tick.
- Now when you view your accounts you will see this new account name.
If you are wanting to open a sub-account in Internet Banking
- Locate ‘Open New Account/Loan’ on the left-hand menu
- Click on the ‘Everyday Accounts’ Tile
- And then scroll down to the ‘Everyday Options Sub-Account’ section and click on ‘Open Now’
- Follow the prompts and select how many sub-accounts you would like to open