Back to KnowledgeBase

I have received my super fund but the bank won't open a bank account for it. Why?

It's probably best to ask the bank about this, but you will also want to make sure that you have fully read the letter that came with the documents and followed the Documentation Summary.

Also, make sure that you have either completed the ATO form, or applied online, to receive an ABN or TFN for the super fund. You have 60 days after execution to complete the ATO form (although under other regulations the ATO needs notification of the contact details and other basic information in relation to the Fund and the trustee within seven days after the establishment of the Fund, so it's best to complete and send this form within seven days - refer regulations 11.03 and 11.04 of the Superannuation Industry (Supervision) Regulations 1994 (SIS regulations)).

Once you have received the ABN and TFN and notified the ATO that it will be a regulated fund, check with the bank to be sure it does not need anything else.