Cash Account Replacement

Why are you closing the CMC Markets Cash Account?

Following a review of the CMC Markets Cash Account product issued by Bankwest and administered by Colonial First State, it has been decided by Colonial First State and Bankwest to no longer offer this product from 28 February 2021. As a result, the Bankwest Cash Accounts will be closed prior to 28 February 2021.

What is the ANZ Cash Account?

Similar to the CMC Markets Cash Account, the ANZ Cash Account is an account with Australia and New Zealand Banking Group operated by CMC Markets Stockbroking under your instructions. This account is for trading and settlement purposes only and enables you to trade online using any of the CMC Markets Stockbroking platforms.

Will I get a new bank account number?

Yes. As part of the transition to an ANZ Cash Account, you will be allocated with a new BSB and bank account number. The new bank details will be provided to you closer to transition date.

Will this have an impact on my BPAY details?

Your current BPAY details will remain the same and you will be able to continue using these details to fund your new ANZ Cash Account.

How can I deposit money into the new ANZ Cash Account?

You will be able to deposit money into the new ANZ Cash Account using your existing BPAY biller code and reference number, you can also direct deposit funds using your new BSB and bank account number. Once we have transitioned to ANZ we recommend you update your Payee details with your banking provider so you do not deposit money into the closed CMC Markets Cash Account. Once your account is closed, you will no longer be able to receive payments into it and any incoming payments will be automatically returned to the remitter.

What will happen to my cash dividend instructions?

When we transition from Bankwest to ANZ, funds in your Bankwest Cash Account will automatically be transferred into your new ANZ Cash Account. We will also direct any ASX CHESS dividend instructions to the ANZ Cash Account.  If you have provided your Bankwest Cash Account details directly to any third parties, such as share registries, you will need to update those third parties,  after we provide you with your ANZ Cash Account details.

Will I get online access to this new ANZ Cash Account?

You will have access the new ANZ Cash Account through the CMC Markets Stockbroking platforms. You will be able to view your balance, request withdrawals and download cash transactions summaries via the platform. 

How can I withdraw my money from the new ANZ Cash Account?

There will be no change to the way you withdraw your available funds. You will still be able to request withdrawals from your new ANZ Cash Account to a linked external nominated bank account via our Stockbroking platform.

Will I get a closing statement from Bankwest?

Yes. When your CMC Markets Cash Account is closed, Bankwest will issue you with a closing statement via mail to your registered postal address.

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