By now you will be aware that on 1 September 2011 bankmecu became Australia’s very first customer owned bank. It was an historic moment and an achievement of which all bankmecu customers, who own the bank, can be very proud.
This change means new opportunities now exist to create our very own and unique identity.
One step in creating this new identity is to become a member of the payments clearing system in our own right and for bankmecu to use its own BSB number (or Bank, State, Branch number) rather than use a BSB number owned by other agencies, which is what we do now.
What is a BSB?
A BSB number is used in electronic payment processing to identify a customer's bank. With your account number at that bank, it enables swift, accurate and convenient electronic processing of payments to or from your account.
So what changes?
From 1 March 2012, our new BSB number will be 313-140. The new BSB number is owned by bankmecu and it will provide greater flexibility to introduce new, innovative and cost effective products and services to our customers.
Why is the number changing?
The new BSB number is now fully owned by bankmecu which will provide us with greater flexibility to introduce new, innovative and cost effective products and services to customers.
Is my customer number changing?
No. All of your current account details will remain unchanged.
What transactions does this change affect?
- All of your direct deposits (credits) including payroll, share dividends, superannuation, pensions, Centrelink payments and other direct credits into your account
- All of your direct payments (debits) including bills such as insurance, electricity, water rates, council rates and any other situation where you give a third party authority to debit your account or if you pay a bill online using EFT.
What do I have to do?
When setting up any new payment instructions be sure to use the new BSB 313-140.
This change does mean you will also need to advise all of your current direct credit and debit payment suppliers of the new BSB 313-140, and bankmecu apologises for the inconvenience this may cause. The transition completion date is 1 March 2013.
To help you and ensure a smooth transition over to our new BSB number, we have provided a direct credit and direct debit advice letter, these downloadable letters can be completed online and printed at your convenience. You can then provide the completed letters to your direct debit and credit supplier so they’ll know bankmecu’s new BSB number.
Download the direct debit advice letter here
Download the direct credit advice letter here
How long do I have to make the change?
We will ensure that both the old and new BSB’s will operate for 12 months but we encourage you to advise your direct debit/credit suppliers of the change as soon as possible.
I tried to update my BSB and was advised that the new BSB number was invalid. What should I do?
It may take time for some organisations to update details with our new BSB. Please let us know if you encounter any difficulties and we will contact these organisations.
Will there be any transaction or administration fees or charges for using the new BSB?
No fees or charges will be incurred in using the new BSB.
What happens to my existing cheque and deposit books?
Replacement cheque and deposit books including the new BSB will be provided to all customers before 30 June 2012 at no charge.
Can I still make deposits through NAB?
Yes, the same arrangements still apply. There is no change to our current arrangements for depositing at the NAB.
What happens to the old BSB number?
bankmecu’s old BSB number will remain active until 1 March 2013, so your existing direct debits and credits will still work until this date.
New customer cheque and deposit books will also include the new BSB number. Customers will be contacted during the period from 1 March 2012 and 30 June 2012 regarding the replacement of their old Cheque and Deposit books. In the meantime you can continue to use your existing cheque and deposit books.
What if I have questions about the BSB change?
You may call bankmecu on 132 888 or visit your closest Service Centre if you would like to discuss this change with one of our team or request hard copies of the letter. We will help you with this transition in any way we can.