Document ID: chunk:federal_register_of_legislation:F2023L00189:schedule:4:p2
Version: federal_register_of_legislation:F2023L00189
Segment Type: schedule
Provision Reference: sch 4 (pt 2/3)
Character Range: 11157–14030

account and a debit card attached to that bank account to prevent money in the bank account being used to purchase excluded goods or services.

      Closure of a BasicsCard bank account

       (15) A BasicsCard bank account may be closed by the financial institution with which the account is held, without the consent of the holder of the account, if:

          (a) the holder of the account ceases to be subject to the enhanced income management regime;

       (b) the holder of the account has died; or

       (c) the following requirements are satisfied:

             (i) the holder of the account (first account) has given the Secretary notice of their intention to have a BasicsCard bank account administered by another financial institution named in section 7 of this Determination (second account), with such notice having been given in the form approved, and in the manner required, by the Secretary; and

             (ii) the second account has been established; and

              (iii) the first account has a nil balance.

       (16) Where a BasicsCard bank account is held by a person who has ceased to be subject to the enhanced income management regime, the financial institution administering that account may:

          (a) if the account has a nil balance—close the account within 91 days of the person ceasing to be subject to the enhanced income management regime; or

          (b)  transfer any remaining funds in that account to a bank account that the account holder had previously given notice of to the Secretary with 91 days of the person ceasing to be subject to the enhanced income management regime.

      (17) Where a BasicsCard bank account was held by a person who has died, the financial institution administering that account may:

         (a) if the account has a nil balance—close the account within 91 days of the person deceasing; or

         (b) where the account has remaining funds and the deceased person held an account in their sole name that they had previously given notice of to the Secretary—transfer any remaining funds in the BasicsCard bank account into that other account within 91 days of the person deceasing.

      (18) Where:

          (a) a person subject to the enhanced income management regime has funds held in a BasicsCard bank account (first account); and

          (b) they have given the Secretary notice of their intention to have a BasicsCard bank account administered by another financial institution named in section 7 of this Determination (second account); and

          (c) the notice was given to the Secretary in the form approved, and in the manner required, by the Secretary; and

          (d) the second account is established,

       the financial institution administering the first account may transfer the funds held in that account to the second account.