Making and receiving direct electronic payments using your transaction account/s can be incredibly convenient, but it can also make it complicated when you want to change the account/s from which these payments are made and received.

At SERVICE ONE, we can help you with this process. So whether you already have an account with us, or you are looking to open a new account, speak to us about how we can take the hassle out of moving across your regular payments and credits to SERVICE ONE (and establishing a new account if you don't already have one).

What you will need

Before you get started, there are a few things you will need to help you with your account switching:

• Your SERVICE ONE account details and your old financial institution account details (including bank/institution name, BSB, Account Number and Account Name).
• Details of your regular payments, including:
  • direct debits (direct debits are payments that are automatically made from your nominated account (at an agreed frequency) and could include telephone bills and/or insurance payments)
  • direct credits (direct credits are payments that are automatically made into your nominated account (at an agreed frequency) and could include your salary and/or share dividends)
  • periodic payments (these are arrangements you have direct with your financial institution - for instance you may have instructed your financial institution to debit your account a specific amount each month and pay your rent or mortgage payments), and
  • any other future/scheduled payments - you may be able to retrieve information regarding these, again from your Internet banking service or speak to your financial institution with which you hold the transaction account.

You can identify payments to and from your old account by reviewing old bills and account statements (keep in mind you should be able to print off statements from your Internet banking service).

Self-service or SERVICE ONE-assist

You can choose to switch your accounts (and electronic payment arrangements) yourself, or get us to help you.

Self-service

If you haven't already done so, open a transacting account with SERVICE ONE. Then use our online switching service^* to generate letters to the companies you have your regular payments with, advising them of your SERVICE ONE account details. Then print the letters, sign and send. It's that simple.

SERVICE ONE-assist

Bring the information of all direct debits and direct credits (over a 13-month period) into any SERVICE ONE Branch. Our staff can then help you establish a new SERVICE ONE transaction account (if you don't already have one), as well as generating the letters to inform companies you have regular payments with of your SERVICE ONE account details.

What's next?

Once you have established your SERVICE ONE account and your regular payment companies have been advised of your change in account details, you should:

• Make sure you have enough money in your old account to cover current payments until all regular payments have been assigned to your new SERVICE ONE account.
• Keep an eye on transactions on your new account - particularly around the time you expect regular direct debits or credits to appear. If they do not appear, contact the relevant companies and ensure they have your new SERVICE ONE account details.

And once you are have confirmed all regular payments and credits are transacting from your SERVICE ONE account (and they are appearing on your statements), you can then close your account with your old financial institution.

Make the switch

Make the switch today and use our online letter generator^*!

^{* Please note that while every attempt to ensure third party company details are correct, if you choose to automatically populate details of third party companies using SERVICE ONE's online letter generator, you should check relevant contact details before sending any correspondence as SERVICE ONE will not take any responsibility for any incorrect information.}