Avoiding and minimising fees

Useful tips for managing your accounts with Teachers Mutual Bank.

Switching your account to us

Useful tips for managing your accounts with Teachers Mutual Bank.

What is switching?

Switching legislation allows for you to authorise your new financial institution to organise the transfer of your regular payments on your transactional accounts on  your behalf.

How can I get more forms?

You can download additional forms from our website or at any of our branches.

How long does the entire process take?

The complete process can take approximately 15 business days, depending on time taken to complete and return forms.

What is not included in this switching process?

The regular payment list does not include Pay anyone, BPAY® payments, recurring payments where you have supplied your debit or credit card number. We can help you identify these and re-establish them on your account.

Where do I send the forms?

You can scan the completed forms and email them to accountswitching@tmbank.com.au or send them to Reply Paid 7501, Silverwater NSW 2125.

How can I check the progress of my payment transfers?

We are able to check if your requests have been accepted by the financial institution (sponsor FI) that processes the payments on behalf of the organisation. For example; if your gym utilises Westpac to process direct debits, we are only able to trace the process as far as Westpac. We are unable to identify whether the gym has received notification from Westpac.

How can I switch my debit card or credit card regular payments?

You will be able to identify your regular credit card payments on your statement. We suggest you check the past 6 months, then call us and we can help you.

How will I know when my details have been updated?

The organisation will confirm receipt of your new bank details directly with you.

Is my personal information safe?

We have taken part in the development and testing of the APCA mail box and conducted our own rigorous security testing to ensure that our member’s details are safe.