A long-time customer of the Commonwealth Bank, Brooke, found herself bewildered and anxious after receiving a message indicating that her and her partner’s accounts would be closed by the end of May, with no explanation provided. Speaking on 2GB radio, Brooke recounted that she and her partner had been loyal customers of the bank for ten years when the abrupt notification arrived via text last week.
Initially suspicious, they contacted the bank only to have the closure confirmed without any justification. Brooke related that the bank representatives stated, “It’s all real, you’ve got until the end of May to shut all accounts,” further adding they were not obligated to disclose reasons for the closures. Within days, all of her partner’s accounts were blocked, preventing him from accessing funds for daily needs, prompting another call to the bank. Although they managed to have the block lifted, Brooke was left unsettled by the situation.
The couple received a follow-up letter confirming the closure, yet it lacked any details explaining the decision and instructed them to withdraw their funds by May 31. They had multiple accounts with the Commonwealth Bank, including a joint account, savings, a credit card, and a car payment, and were taken aback by the suddenness of the situation. Brooke expressed concern about the long-term implications for their credit rating and financial reputation, particularly since they were not engaged in any questionable activities—just an ordinary young family with two children.
The incident occurred right before a long weekend, adding to their stress as they scrambled to find a new banking solution. When attempting to open accounts elsewhere, they felt compelled to attribute their switch to “customer service issues,” as they had no clear explanation for their decision to leave.
Under Australian law, banks retain the right to close customer accounts, a process that is described as taking into account various factors on a case-by-case basis. A Commonwealth Bank spokesperson acknowledged that while customers often seek more transparency regarding account closures, the bank is limited by regulatory obligations on what it can disclose.
This situation highlights the emotional and practical challenges faced by customers when sudden banking decisions are made, particularly when there is a lack of communication and clarity from financial institutions.