Frequently asked questions - new BSB number

 

When is this change effective?

On 19th October 2010 our BSB number will change to 812-170.

 

What is a BSB?

A BSB is a unique number which identifies both the financial institution and the point of representation of a particular account in Australia. BSB stands for and identifies the Bank State Branch and is always used in electronic banking.

 

Why is the number changing?

The new BSB number is now fully owned by Teachers Mutual Bank which will provide us with greater flexibility to introduce new, innovative and cost effective products and services to members.

 

Is my member number changing?

No. All other account details will remain unchanged.

 

What transactions does this change affect? 

• All of your automatic deposits eg payroll, share dividends, super and other pensions, Centrelink payments
• All of your bills and other automatic payments eg insurance, electricity, water and transfers to other financial institutions.

 

Do I need to advise all of my regular direct credit or direct debit suppliers myself?

We are currently negotiating with key suppliers to globally change our BSB and avoid the need for members to contact them individually. This may not be possible in all cases due to strong privacy laws in Australia so some suppliers will still need to be contacted by you.

We therefore suggest that you contact your suppliers where possible to ensure that your details are updated efficiently.

 

How long do I have to make the change?

We will ensure that both the old and new BSB will operate for 12 months but we encourage you to advise your direct debit/credit suppliers of the change as early as possible.

 

Do I need to use this new BSB for new direct debits and credits?

Yes, the new BSB 812-170 is now in effect.

 

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. Teachers Mutual Bank will continue to have no transaction or administration fees.

 

What happens to my existing cheque and deposit books?

You can continue to use your existing cheque and deposit books until they need replacing. Replacement cheque and deposit books will include the new BSB and will be provided when your current book needs replacing. If you don’t use your cheque book, you can return any complete unused books for a refund of the cheque book fee.

 

Can I still make deposits and cash my cheques through NAB?

Yes, the same arrangements still apply. There is no change to our current arrangements for depositing and cashing cheques at NAB.