Close an account online

You can close some account types by completing an online request in Macquarie Business Online (MBO).

To close an account in MBO:

1. Log in to Macquarie Business Online
2. Select the account you’d like to close from your account list or dashboard
3. Navigate to the Details tab, where you can see account information including closure information
4. Under the account name, BSB and number you’ll see an Account actions button
5. Select Close account
6. You then need to review the beneficiary details for the account (this screen includes their tax status):
   • If the beneficiary details are correct, you can select Next
   • If you need to change the details of an existing beneficiary, including adding tax details, simply select the pencil icon to edit their details
   • If you need to add another beneficiary, you can do that by selecting Add another beneficiary. If you’re adding another beneficiary, you’ll need to provide their name, address, and tax information, so be ready to provide a valid ABN, TFN or a reason for tax exemption
   • Note: It’s important that you review these details carefully because once you submit your closure request, you’ll no longer be able to add or amend beneficiaries for the account
     
     
7. Once you’ve saved any changes to the beneficiaries and selected Next, you’ll see a summary of the distribution instructions
8. Enter your distribution instructions. You can provide up to 10 distribution instructions and you must distribute all funds in the account to bring the balance down to zero
   • If you’re closing a Term Deposit, you’ll need to choose whether to Close at maturity or Close before maturity (i.e. ‘Term Deposit Break’) depending on the length of your term and your proximity to the maturity date
   • If you’re breaking a Term Deposit, it’s important to note that there may be implications. If there are, we’ll let you know
     
     
9. Once you’ve finished your distribution instructions, select Next
   
10.  Select how you’d like to distribute any excess interest (if applicable) and select Next
11. Choose who should receive notifications for the payment on Macquarie Authenticator by selecting one of the below options:
    
    • Notify all approvers: All users with approve access to the account will receive a notification for the payment via Macquarie Authenticator on their device.
    • Notify specific approvers: Select the specific users who will receive a Macquarie Authenticator notification for the payment (Note: you can’t proceed until at least one user is selected).
    • Don't notify approvers: No users with approve access will receive a notification for the payment via Macquarie Authenticator on their device.
      Any approver can still view and approve the payment via Task Centre even if they don't receive a push notification.

To make the most of this feature, you need to make sure that you’ve got your device notifications and alerts for Macquarie Authenticator turned on. To find out more see our article Manage your device notifications and alerts.

12. On the summary screen you’ll confirm that all the details of the closure are correct. Once you’re happy, select to either Submit for Approval or Approve. 

A user with authorise level access on the account will need to have their mobile device close by so they can complete the approval using the Macquarie Authenticator app.

The Macquarie Authenticator app sends users with authoriser level access push notifications so it’s as easy to approve the account closure in real time.

It’s important to note that you’ll need to view distribution details before you can approve the account closure.

Once the request has been submitted for approval, you can track the progress of the request in Task Centre. It’ll stay in the In Progress tab until the closure is finalised, then it’ll move into the History tab.

Your distribution can be made as a one-off bank transfer, Domestic Telegraphic Transfer (DTT) or bank cheque.

If the distribution will be paid via bank transfer or DTT, simply provide the BSB, account number and amount.

If the distribution will be paid via cheque, you’ll need to provide the name of the payee and amount to distribute. You’ll also need to provide the delivery option for the cheque (either delivery address, or collection time and location).

We’re making some important changes to our cash and cheque services across all our banking products, between January 2024 and November 2024.  

From 20 May 2024:

• Cash and cheque services (deposits and withdrawals) will no longer be available at Macquarie branches. This includes ordering a cheque book on your account from this date. 

From 1 November 2024:

• Cash and cheque services (deposits and withdrawals) will no longer be available at National Australia Bank (NAB). Access to a cheque facility and other cheque services such as bank cheques, courier services, and Encashment Negotiation Authority (ENA) will also no longer be available from this date. 

If you have any questions about our move to digital payments, please visit our support page.

If your request has been fully approved before 3pm (Sydney time) on a business day, the account will be closed on the same day.  If the request is approved after 3pm (Sydney time) or on a non-business day, the account closure will happen on the next business day.

Anyone who has create-level access on the account can initiate the account closure process, but it must be approved by an authoriser.