Inactive accounts FAQ

Q: What is an inactive or dormant account?

A: An account is deemed inactive or dormant when no member generated transactions have been made over a 12 month period. Prior to charging an inactive account fee, members are contacted via email to advise them of their account status and encourage them to reactivate their account before a set date. If no action is taken, an inactive account fee will be charged in accordance with the Fees and Charges Schedule.

Q: How do I reactivate my account?

A: To reactive your account, you can deposit funds into your account via Osko payment or EFT (electronic funds transfer). Alternatively, if you use Online Banking or the Mobile App, you can:

Transfer funds between your accounts, or
Transfer funds to another bank account.

Please contact us if you are unsure of your account or login details.

Q: What happens if I do not reactivate my account?

A: To avoid the annual inactive account fee, we strongly recommend you reactivate your account. Any funds remaining in an inactive account for more than seven years may be considered unclaimed money and sent to the Australian Securities and Investment Commission (ASIC) under the requirements of the unclaimed money provisions of the Banking Act 1959.

Q: What is unclaimed money?

A: Funds in accounts are considered “unclaimed” when the account has a balance of greater than $500 and is inactive (meaning a member has not made a deposit or a withdrawal on the account for 7 years or longer) and you have not notified us that you wish to treat the account as active.

G&C Mutual Bank is required to send the funds to the Australian Securities and Investments Commission (ASIC) each year, under the requirements of the unclaimed money provisions of the Banking Act 1959. Before this is done, we may notify you by email or letter that your account will be closed if you do not take steps to reactivate it.

ASIC keeps a record of all unclaimed moneys transferred by all financial institutions and holds the funds on trust until claimed.

Q: How do I recover my unclaimed money under $500?

A: If you believe there is less than $500 in an unclaimed G&C Mutual Bank account, you can lodge a claim with us. Our Member Service team is available by email at info@gcmutual.bank, in person at one of our Service Centres, or by phone on 1300 364 400

Q: How do I recover my unclaimed money held by ASIC?

A: If you think you might be the owner of unclaimed money, you can conduct an unclaimed money search on the ASIC MoneySmart website.

If you are entitled to unclaimed money originally held by G&C Mutual Bank, please contact us to request a refund. You’ll need to provide proof of your identity (a passport or driver’s licence) and ownership of the account (bank statements or deposit slips).

Once we receive your request, we will forward it to ASIC and ask that they return the money to us. Please note that ASIC can take up to four weeks to complete a request.

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