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Switching to Police Bank
You may think that changing financial institutions (or transferring loans/accounts) is more difficult than it is. Relax, we can make it easy to switch over to Police Bank and have you enjoying the many benefits we offer. We can assist you to change over all of your current banking arrangements including the following:
Having all of your business with Police Bank can also potentially save you on fees and charges through our Reduced Fees Program. In addition, all savings and investments with Police Bank are government protected. Members can be assured in knowing that their funds with Police Bank are safe.
Don’t keep putting up with inferior service and higher fees and charges from your current provider.
Steps to switch
Open a Police Bank transaction account
Your first step is to open a Police Bank Membership and transaction account. Choose a Police Bank transaction account that suits you from our range of products.
Once you have opened a transaction account under the membership, Police Bank will advise you of your new BSB and account number and when you can commence using the new account.
Identify your existing regular direct credits and debits
To identify the regular direct credits and debits set up on your old financial institution transaction account you will need to complete, sign and return the following form which authorises us to lodge this information on your behalf.
To complete the Account Switching form, take one of the following steps:
A) Complete the Account Switching form online, print out, sign and return to your nearest Service Centre, mail to: Police Bank, Attn. Records Management, Reply Paid 63593, Surry Hills NSW 2010 or email email@example.com.
OR B) Come into your nearest Service Centre for assistance with completing the Account
We will forward the Account Switching Form to your existing financial institution within 3 business days of receiving your request.
Re-establish your regular direct credits and debits
When we have received the list of direct credits and debits from your existing financial institution, we will contact you to discuss your needs. We will then forward any variations or cancellations on your behalf directly to the organisations that credit or debit your account.
Remember to advise your employer of BSB No. 815 000 and your new Member number to ensure your salary payment is made to your Police Bank Membership.
Re-establish any periodical payments
A periodical payment is “a standing instruction given by you to your financial institution against your transaction account to debit the transaction account and pay a third party”.
For example, a typical standing instruction is “on a monthly basis, debit my account and pay my rent”.
Once you have access to your account arrange to set up the regular periodical payments that currently exist on your old transaction account (your existing financial institution will have provided you with a list of the active periodical payments).
You can either set these up yourself via Internet Banking or you can complete a periodical payment form and Police Bank will assist you with setting up the regular periodical payments. Transaction fees may apply.
Remember to cancel the periodical payments at your old financial institution.
Re-establish any internet initiated transaction account details
Don’t forget to set up your Internet Banking initiated transactions details (eg. BPAY and external transfer details) yourself by following the instructions below.
Prior to closing your old transaction account, access Internet Banking with the existing financial institution to retrieve your list of Internet Banking initiated transactions. You will need to record or print the appropriate information including BSB, account number, account name and BPAY biller codes and reference numbers for each Internet Banking initiated transaction and set up these details against your new Police Bank transaction account.
Re-establish any regular payments from a credit or debit card
What is a ‘Regular’ Payment?
Regular payments can be either a recurring payment or an instalment payment. A Regular Payment represents an agreement between you (the cardholder) and a merchant in which you pre-authorise the merchant to bill your card account at predetermined intervals (e.g. monthly or quarterly) or at intervals as agreed by you. The amount may differ or be the same for each transaction.
For example: You may ask your local gymnasium to charge your monthly gym membership fee to your credit card each month.
You may have purchased a new television from your local appliance store and are being billed by the merchant in subsequent multiple periods.
You are responsible for notifying the merchant when your account details change, including a change in card number and/or change of card expiry date. Until you notify the merchant, your bank is required to process transactions from the merchant.
Follow this link to generate a change in account details letter to your merchant.
Please note: This letter is a PDF with interactive fields. All items within brackets ( [ ] ) need to be changed. To do this, highlight the first field and begin typing. Once the first field is completed press the ‘Tab’ key and this will highlight the next field.
We recommend you keep a copy of any Change in account details letter sent to your merchant and your earlier regular payment agreements. This correspondence will be required if your merchant does not comply to your request in a timely manner and you decide to dispute any incorrectly charged regular payments.
Close your old Account
Once you are sure that all of your regular debits and credits have been successfully re-established on your new Police Bank account, you may now close your account by contacting your old financial institution.
Police Bank will try to electronically identify you, however there may be times when we can not.
We must prove your identify when you open a new savings or investment account or become a signatory to an account. When you join, we need to obtain documentary proof of your identity or a statement from an acceptable “Certifier” who has seen and verified your identification documents.
We must do this under the Anti Money Laundering and Counter Terrorism Financing Act (AML/CTF) to help prevent people from using the financial system for tax evasion, money laundering and terrorism financing. We support this nationwide effort to fight crime and will do everything we can to make these procedures as smooth as possible for Members.
To prove your identity to Police Bank you must supply us with relevant identification documents.
Statement from Certifier
After sighting your required identification documents, an acceptable certifier can sign a statement to prove your identity.
Judges of a court, Magistrates, Chief Executive Officer of a Commonwealth Court, a Notary Public, a Police Officer, an Agent of Australia Post, a permanent employee of Australia Post (with 2 or more years of continuous service), a Registrar or Deputy Registrar of a Court, a Justice of the Peace and a member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years continuous service are all acceptable certifiers.
If you have any Membership enquiries please call our Assistance Centre on 131 728
Terms & Conditions
The product issuer for deposit and payment products is the Police Bank Ltd. A Financial Services Guide (FSG) including terms and conditions is available at all Service Centres, on our website and upon request. Any advice given has not taken into account your personal needs and financial circumstances and you should consider whether it is appropriate for you. Please read and consider the FSG in deciding whether to use a particular product. Police Bank Ltd. ABN 95 087 650 799. AFSL/Australian Credit Licence No. 240018. 25 Pelican Street, Surry Hills NSW 2010.