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Suncorp Wealth Management Cash Account Replacement

Why is Suncorp Bank closing my Wealth Cash Management Account?

As Suncorp Bank is no longer offering the Wealth Cash Management Account (WCMA) product, some WCMAs will be closed from November 2022.

What is the ANZ Cash Account?

The ANZ Cash Account is an Australia and New Zealand Banking Group (“ANZ”) account opened on your behalf by CMC Markets Invest in accordance with the CMC Markets Invest Terms and Conditions (“ANZ Cash Account”). This account is for trading and settlement purposes only and enables you to trade online using any of the CMC Markets Invest platforms.

Will I get a new bank account number?

Yes. When you are transitioned to an ANZ Cash Account, you will receive a new BSB and bank account number. Your new details will be provided by CMC Markets Invest in November.

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

Once you receive your new ANZ Cash account details, the easiest way to deposit funds into your ANZ Cash Account is by Direct Deposit using your BSB, Account Number and Account Name available on the standard platform under Account > Transfer Funds > How to deposit. It is important to reference the transfer with your Cash Account number when transferring funds into your Cash Account. This reference will allow us to credit the funds into your account seamlessly.

Once your WCMA is transitioned to your ANZ Cash Account, we recommend you update your Payee details with your banking provider so you don’t unintentionally deposit money into the closed WCMA. Please note, once Suncorp Bank places a block on your WCMA, it will no longer receive payments into it and any incoming payments will be automatically returned to the remitter.

What will happen to my cash dividend instructions?

When you transition your cash account from Suncorp Bank to ANZ, we will direct any ASX CHESS dividend instructions to the ANZ Cash Account. If you provided your SWCMA details directly to any share registries for dividend payments, you will need to update them with your new ANZ Cash Account details when we provide them . Any dividend reinvestment instructions you have will not be impacted.

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

You will only have access to your new ANZ Cash Account through the CMC Markets Invest platforms. In the platforms, you can view your balance, request withdrawals and download statements. You won’t have access to this account through ANZ’s online banking.

How can I withdraw funds from my new ANZ Cash Account?

The CMC Markets Invest platforms allow you to withdraw funds from your ANZ Cash Account to a nominated external bank account, you can do this by following these steps;

  1. Select 'Transfer funds' from the 'Account' menu
  2. Enter the amount you wish to transfer from the trading account you require
  3. Enter your trading PIN and click 'Request Transfer' to initiate the fund transfer request

Your online trading account balance will update when the transfer is requested and you will receive a confirmation email when it has been processed by us. In some cases, we may need to contact you to confirm some details of this withdrawal before it can be finalised.

If you need to link an external bank account to your trading account, you can do this in the ‘External Bank Account Setup’ tab on the Transfer Funds section of the platform.

Enter your account details (including BSB, Account Number) to set up the new external bank account for the trading account required.

Enter your trading PIN and click ‘Submit’.

When you link an external bank account for a non-Individual account, such as a Company, Trust or Joint account, a pre-filled PDF form will be generated that all account holders are required to sign. This PDF form can be returned to us using the File Uploads page in the Support menu, or via email.

Withdrawal requests received before 11.00am will be processed that day - provided the funds are cleared. Withdrawal requests received after 11:00 am will be processed the next business day.

Withdrawals can take up to 2 business days before the funds are available in your nominated external bank account.

Will I get a closing statement from Suncorp?

Yes. If you receive a notice from Suncorp Bank regarding your WCMA closure, Suncorp Bank will send a closing statement by mail to your registered postal address. Please retain this for your tax purposes.

I am an ANZ banking customer, can I see my ANZ Cash Account in ANZ online banking?

No. The ANZ Cash Account opened on your behalf by CMC Markets will not be linked to your ANZ banking customer profile, and it will not have ANZ online banking access. You can only operate this cash account through the CMC Markets Invest trading platforms or by calling CMC Markets. You can view your balance, request a withdrawal and download statements within the CMC Markets Invest trading platforms.

Can I contact ANZ with queries about my ANZ Cash Account?

No. Please contact CMC Markets directly for all ANZ Cash Account enquiries. You can only operate your ANZ Cash Account through the CMC Markets Invest trading platforms or by calling CMC Markets.

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