Thanks to the Australian Government's account switching reform, it's easier than ever to move your savings and transactional accounts from one banking provider to another. Put simply, if you're unhappy with your current banking arrangements or you'd like to consolidate your banking, you can do something about it... and it's not that difficult!
There are four primary steps to switching your transactional banking:
Opening an account at SERVICE ONE is just like opening an account at another banking institution. If you already bank with SERVICE ONE, you can open a range of new accounts through our Internet banking facility, eLink, or visit a Branch and complete a short form. If you’re new to SERVICE ONE, generally, you just need to visit a Branch with a primary form of identification (for instance, your driver’s licence), and we will establish a membership for you and your new accounts can be opened as part of this process.
SERVICE ONE can request account details from your existing banking provider on your behalf and this will detail your regular payments. In order to do this, we’ll help you complete a ‘Switch of Regular Payments Arrangements’ form and we’ll send this off to your existing banking provider. You’ll need to sign this form and your existing provider will verify this signature through their records in order to complete the request. Your existing provider will then send SERVICE ONE 13-months worth of regular payments information on the account/s you are switching.
Once we have your 13-months of transactions, we can help you identify your regular payments and you can let us know which of these you would like moved over to your new SERVICE ONE account/s (you may even want them all moved over so you can close the account/s with your existing banking provider). We will then help you complete ‘Notices of Variation of Account Details’ and these will be sent to your third party suppliers or other parties that may be making regular payments to you.
Once your third party suppliers receive the notices of variation, they will then redirect your regular payments to your new SERVICE ONE account/s. Once these payments are redirected, you are then able to close any account/s you no longer need with your existing banking provider.
It’s important to monitor transactions on both your new SERVICE ONE account/s as well as account/s held with your existing banking provider over the account switching process. As part of this process, you should confirm each of your nominated regular payments have been moved over to your new SERVICE ONE account/s (and if you’re moving all regular payments and all of these have been redirected), you are then free to close account/s held with your existing banking provider.
Be sure to keep some money in account/s with your existing banking provider to cover any automatic payments that may be taken out during the switching process.
Keep in mind that in addition to your savings and transaction account needs, SERVICE ONE also provides a comprehensive range of loans , including home loans, personal loans, car loans and more. We have a strong tradition of maintaining particularly competitive rates so if you’d like to see if we can help you save money on your loans, speak to us about refinancing. As part of the refinancing process, we will deal with your existing lender to take the hassle out of this process.
Having loans with SERVICE ONE will also help you save on everyday banking fees. This is because we use your total loans and deposits held with us to determine an ‘Average Relationship Balance’ and this balance largely determines the number of free withdrawals, rediATM cash transactions and direct debits you’re eligible for.
If you would like to take advantage of the benefits of being a SERVICE ONE Member or you are unhappy with your current banking arrangements or you’d like to consolidate your banking with SERVICE ONE, we’re here to help and we’ll make the process as easy as possible. Visit us in-Branch or phone us during business hours.