Home > Accounts > Managing your account > Switch to Teachers Mutual Bank
If the thought of switching banks gives you a headache, we’ve got great news. At Teachers Mutual Bank, switching is as easy as 1.2.3.
1. Set up your Teachers Mutual Bank accounts
We have a selection of accounts designed to offer the flexibility you need to create a simple budgeting solution to help you shop, pay bills and save. You can open as many accounts as you want and, with no hidden fees and great rates, you’ll find just what you need. You can also open additional accounts within internet banking.
Consider depositing your pay into your Teachers Mutual Bank account. Complete a Deposit your pay form and we can do it for you.
2. Transfer your regular debits and credits
We can act on your behalf to transfer your regular payments such as direct debits (gym memberships or utility bills) and direct credits (salary or dividends) to your Teachers Mutual Bank account from another bank or financial institution.
All you have to do is:
- Complete an authority form and we will contact your old bank for a list of your regular payments.
- We send you the regular payment list so you can decide which direct debits or credits you would like to move across. You provide authority that you’re happy for us to contact the relevant organisations to update your bank details; and we do the rest.
- Each organisation will notify you when your banking details have been updated. This may take up to 3 weeks.
To cancel a regular payment, complete a Direct debit cancellation form for each payment and we’ll do the rest.
Return the forms to us by scanning your completed and signed forms and email them to email@example.com or mail to Reply paid 7501, Silverwater NSW 2128.
3. Close your old account
Consider closing your accounts with your old bank or financial institution to avoid being charged any fees. We can help you do this too. Complete the Authority to close account.
Don’t forget that the regular payments list does not include ‘pay anyone’ (eg: monthly gardener), BPAY or recurring payments where you have supplied your debit or credit card number. You can identify these in internet banking by reviewing your personal payees or BPAY list. Then we can help you re-establish online.
If you need help to switch to Teachers Mutual Bank, call 13 12 21
8am to 7pm, weekdays or 9am to 3pm, Saturday.