switch to · 2020-05-04 · why switch to community first? community first is sydney’s largest...

Switch to Community First Credit Union

Contents

Account switching – an overview 2.

6 easy steps to switch 2.

Quick debit & credit checklist 3.

How to switch your accounts to Community First 4.

Why Switch to Community First Credit Union? 5.

What does Community First offer? 5.

Sample list of regular payments 6.

Tips for a smooth change over 7.

How to minimise Fees and Charges 7.

FAQs: Account Switching 8.

Forms and templates 10.

✼ ■ Do it yourself - direct debit letter 11.

✼ ■ Do it yourself - direct credit letter 12.

■ Member Application Form 13.

■ Account Switch form 15.

■ Whole of Pay/Deduction Authority 16.

■ Authority to Cancel Periodical Payments 17.

■ Authority to Close Account 18.

Contact Us Back cover.

COMMUNITY FIRST CREDIT UNION LIMITED ABN: 80 087 649 938 AFSL No: 231204 BSB: 802-038 2.

Account switching – an overview

Switching your accounts to Community First is now easier than ever

Switching your accounts doesn’t need to be a hassle. In fact, there’s a simple process for changing your direct debits, direct credits, pay details and periodical payments.

We’ve created this account switching pack to make switching your accounts to Community First simple, quick and easy. It provides you with all the tools you need to complete the process with minimal hassle.

These guidelines will:

■ Provide you with the steps to switch your regular payments to your new account at Community First

■ Outline the steps you should take to set up payment arrangements

■ Provide tips for a smooth change over whilst also minimising fees

■ Include some easy to use forms and letters to streamline the process.

6 easy steps to switch

New Account Old Account

Step 1 Open a new account

Step 2 Identify your regular payments to and from your old account

Step 3 Re establish your regular payments on the new account

Step 4 Arrange for your pay or income to be deposited in to your new account

Step 5 Complete and sign all forms and return them to us

Step 6 Close your old account

Notes

Checklist

Direct debits

Utilities

❑ Electricity ❑ Water ❑ Gas ❑ Rates Communications

❑ Home Phone❑ Mobile Phone❑ Internet Access❑ Cable TV

Insurance❑ Home and Contents Insurance❑ Health Insurance❑ Car Insurance

Loans/Credit❑ Home Loan Repayments❑ Personal/Car Loan Repayments❑ Credit/Store Card Payments

Education❑ Child Care❑ School or University Fees

Other Living Expenses❑ Rent❑ Road Toll Accounts

Leisure❑ Gym Membership❑ Subscriptions

Savings❑ Regular Savings❑ Regular Investments❑ Superannuation Contributions

Other❑ ❑

Direct Credits

❑ Investment Property Rent❑ Medicare❑ Pensions or Allowances❑ Childcare Rebates❑ Share Dividends❑ Salary

Other❑

❑


How to switch your accounts to Community FirstIf you’re switching your banking from another financial institution to Community First, we’ll help make the process simple, quick and easy with our account switching service.

6 easy steps to switch:

1. If you’re not yet an existing Member of Community First, you can complete our Member Application form found on pages 13 and 14 of this pack under ‘Forms and Templates’.

2. Contact your current financial institution and request a list of all your current direct debits, direct credits and periodical payments. You may also be able to identify these regular payments from your financial institution statements.

3. In order to re-establish your regular payments on your new Community First account and cancel them on your old account, Community First would be pleased to arrange this for you. Alternatively, you have the option of directly contacting the organisations you have regular payments to or from to notify them of your new Community First account(s).

* Note: All relevant forms can be found on pages 10 to 18 of this switch pack (Forms and Templates)

To do it yourself

Complete the following forms/letters and send them to each provider or organisation:

■ Direct Debit Change Notification (page 11)■ Direct Credit Change Notification (page 12)■ Authority to Cancel Periodical Payments (If applicable) (page 17)

To arrange for us to do it for you

Complete our Switch Form on page 15 and return it to us together with your list of regular payments.

4. To start having your pay or income deposited directly in to your Community First account, simply complete our Whole of Pay/Deduction Authority form found on page 16. Alternatively, you can contact us directly on 1300 13 22 77 and we can set it up over the phone.

5. Complete and sign all the relevant forms and return them to us by any of the following methods:

Member Administration Community First Credit Union Fax to: 02 9735 1661 Post to: PO Box 98, Lidcombe NSW 1825 Scan to: [email protected]

6. Once you are sure all regular debits and credits have been successfully re-established on your new account, you can close your old account with the Authority to Close Account form found on page 18.


Why Switch to Community First?■ Community First is Sydney’s largest community based credit union, operating throughout the Sydney and Central Coast region. ■ Community First is a financially sound and well managed financial institution that has been in operation since 1959 (see our Annual Report on-line for more details). ■ Community First consistently outperforms Banks in surveys of customer satisfaction.■ As we are Member owned, we aren’t required to make large profits to return to shareholders which means that we give our profits back to Members in form of better rates and fees, competitive products and superior customer service.■ We provide a wide range of award winning products and services.■ Members of Community First are rewarded for their loyalty with lower and a fairer fee structure through our Member fee allowance which results in over 60% of our Members not paying any transaction fees at all.■ All deposits with Community First are government guaranteed.■ Access to a growing network of approximately 1,300 rediATMS

What does Community First Offer?Community First provides a wide range of innovative products and services including:

■ Everyday accounts■ Savings and investments■ Home loans■ Personal & car loans■ Credit cards■ Insurance■ Financial planning■ Business banking


[ Full name of customer ][ Address of customer ]

BSB: XXXXXXXX Account No: XXXXXXXXDirect Credit and Direct Debit arrangements for the last 13 months as at dd/mm/yyyy

LodgementDate User ID Name of User Name of Remitter Reference Amountdd/mm/yy XXXX XXXXXXXXXXX XXXXXXXXXXX XXXXXXXXXX XXXXX

DEBITS

12345 001234 Your Gym Gym Brand 0000123456 28.00

12346 001236 Gas provider Gas Prepaid 0000123456 99.0012347 001237 Power provider Power Prepaid 0000123456 79.0012348 001236 Telco provider Telco Prepaid 0000123456 159.00

CREDITS

12909 0012909 Your work Payroll Salary 2,000.00123410 00121202 Shares Share dividend Dividend 140.00

Your direct debit arrangements are listed here.

Each row listed may represent a Direct Debit arrangement with an organisation.

Multiple rows with the name of user and name of remitter but a different lodgement reference and date may be a single debit arrangement were a a different lodgement reference is used for each debit transaction.

Your direct credit arrangements are listed below. Identify your Direct Credit organisations by following the same guidelines provided for your Direct Debit arrangements above.


Sample of list of regular paymentsHere’s an example of a typical list of regular direct debits and credits. Your old financial institution can provide you with details of your periodical payments, if you have any, but they may be provided on a separate sheet.

Tips for a smooth change overOnce the organisations 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 re-established on your new account.■ Check your new account when you expect the new regular debit or credit to appear. If the payment does not appear on your new account, or continues to appear on your old account, contact the relevant organisation.■ Close your account with the old financial institution as soon as your regular payments appear on your new account.

Please note that financial institutions have no control over when the organisations that make credits and debits to your account will update their records.

How to minimise Fees and ChargesFollowing the above tips should ensure you are not charged fees such as dishonour fees or account overdrawn fees.

Remember, the organisations that make debits and credits to your old account will contact you for new instructions, should any payment fail.

For further information, contact your financial institution.



FAQs: Account Switching

Why has account switching been introduced?

From 1 November 2008, all Authorised Deposit-taking Institutions (ADIs) with retail customers are required to provide ‘listing and switching’ services. These services are designed to make financial institution account switching easier for consumers by assisting with the process of transferring automatic payments (direct debits and credits) from their old financial institution account to their new financial institution account.

What type of accounts does the account switching process apply to?

The account switching facilitation package is confined to transaction accounts (i.e. savings and cheque) owned by a personal customer.

It does not include:

• Transaction accounts not owned by a personal consumer, such as business accounts• Direct debit and direct credit arrangements on card scheme accounts (i.e. credit)• Transactions conducted using the 16 digit scheme debit card number• Closing of the customer’s current transaction account

What are my old financial institution’s obligations?

At your request, your financial institution is required to:

1. Provide you with a list of all direct debits and credits over the last 13 months so that you can identify the companies you need to contact with your new banking details.2. Provide you with information and support to help you make the account switching process as easy as possible.3. Ensure that the process is completed with regard to timeliness, fairness, and notifying you how you can avoid any exception fees.4. The information provided by your current financial institution must be provided to you within 5 days of your request.

What are my new financial institution’s obligations?

At your request, your new financial institution is required to assist you by notifying the billing or crediting organisations of the new direct debit and direct credit arrangements.

What if I am switching my banking from Community First to another financial institution?

While we hate to see you leave, you can contact us on 1300 13 22 77 and we can provide you with a list of all direct debits and credits over the last 13 months so that you can identify the companies you need to contact with your new banking details.

Is there a cost for using the account switching service?

No. This service is absolutely free.

What is a direct debit?

Direct debits are payments organised to automatically be debited (or deducted) from your account on a regular basis. For a list of examples of direct debits, take a look at our Quick Debit and Credit Checklist found on page 3.

What is a direct credit?

Direct credits are payments organised to automatically be credited (or deposited) to your account on a regular basis. For a list of examples of direct credits, take a look at our Quick Debit and Credit Checklist found on page 3.

What is a periodical payment and how is it different to a direct debit?

Periodical payments are recurring payments or transfers that you authorise your financial institution to make on your behalf from your nominated account. An example of a direct debit is a home loan or personal loan repayment.

Direct debits are arrangements made between a customer and a business that authorise that business to deduct agreed amounts from a nominated account. An example of a direct debit is the monthly deduction of a gym membership.

You need to arrange with your previous financial institution to cancel any periodic payments from your previous account before closing that account.

What should I do if a payment has not been switched?

If a regular payment has not been switched, you should contact the company you have the payment arrangement with as soon as possible.

What is Community First’s BSB?

Community First Credit Union’s BSB is 802-038.


Forms and Templates

The following forms and templates have been provided to assist you complete the account

switching process via your preferred method:

■ Do it yourself - direct debit letter 11.

✼ ■ Do it yourself - direct credit letter 12.

■ Member Application Form 13.

■ Account Switch form 15.

■ Whole of Pay/Deduction Authority 16.

■ Authority to Cancel Periodical Payments 17.

■ Authority to Close Account 18.


Do it yourself - direct debit letterUse this letter sample to contact each of your debiting organisations.


[Your address]

[insert debiting organisation name & department][insert debiting organisation address]

[insert current date here]

Dear Sir/Madam,

Change of direct debit information for [insert your name and customer reference/policy number]

I/We have changed the financial institution account from which my/our direct debits are deducted. With immediate effect, please amend your records to make sure all future payments are deducted from my/our new account.

My/Our current account details

Financial institution: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .BSB: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Account name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Account number: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

My/Our new account details

Financial institution: Community First Credit UnionBSB: 802 -038Account name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Account or member number: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I/We confirm that I/we am/are authorised to operate the account represented by the BSB and Account number shown immediately above (My/Our new account details).

If you have any questions, please contact me on . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Thank you for your assistance

Yours sincerely,

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .[insert your name]

Do it yourself - direct credit letterUse this letter sample to contact each of your crediting organisations


[ Your address ]

[insert crediting organisation name & department][insert crediting organisation address]

[insert current date here]

Dear Sir/Madam,

Change of direct credit information for [insert your name and customer reference/policy number]

I/We have changed the financial institution account into which my direct credits are paid to. With immediate effect, please amend your records to make sure all future payments are deducted from my/our new account.

My/Our current account details

Financial institution: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .BSB: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Account name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Account number: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

My/Our new account details

Financial institution: Community First Credit UnionBSB: 802 - 038Account name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Account or member number: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

I/We confirm that I/we am/are authorised to operate the account represented by the BSB and Account number shown immediately above (My/Our new account details).

If you have any questions, please contact me on . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Thank you for your assistance

Yours sincerely,

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .[insert your name/s and signature/s]

Title: Surname:

First name(s): Date of Birth: Sex: M F

My current residential address (mandatory):

Suburb/City: State: Postcode:

MEMBERSHIP APPLICATION1. YOUR DETAILS

Mobile: Drivers Licence Number: Occupation:


2. CONSENT FOR ELECTRONIC DELIVERY OF STATEMENTS, NOTICES AND MARKETING

Tax File Number - please use this TFN for all my accounts with you (if you quote your TFN, no tax will be taken out of interest paid on your Investment accounts. It is not an offence if you choose not to quote your TFN):

Please use my email address to advise me when my statements and notices for all my banking and loan accounts are available to view and download from your internet banking site.

By approving the application of my email address for the above purposes, I understand that:

■ The E-Statements Terms & Conditions will apply for this statement service

■ You will stop posting me paper statements and notices, and;

■ I can revert to receiving paper statements and notices in the post at any time by notifying Community First.

I consent to Community First marketing (where electronically available) to be sent to my email address.

3. ANNUAL REPORTEach year we will publish our Annual Report on our website and will advise when this has been done and where you can access it. The Annual Report contains information on Community First’s financial position and performance, how effectively it is being managed and about any financial risks it may face. At any stage in your Community First membership, you may elect to have a copy of the Annual Report either mailed or e-mailed to you. As a new Member, we will provide you with this selection option in our New Member Pack.

4. OTHER SERVICES PROVIDED BY COMMUNITY FIRST CREDIT UNION

Please indicate if you are interested in:

An appointment with a Home Loan specialist:

An appointment with a Personal Loan specialist:

Free competitive insurance quotation for your home, contents, car or travel insurance:

An appointment with a financial advisor to discuss retirement planning, creating wealth or other financial planning matters:

Fixed Term Deposit:

A low rate VISA Credit Card:

5. HOW DID YOU HEAR ABOUT US?

Please tick the most relevant box indicating where you heard about Community First Credit Union

Local Area Advertising Internet Advertising My local Store

Direct Mail Directory (e.g. Yellow Pages) Friend

E-mail Press Advertising Other (Please Specify)

TV Advertising Market Days / Expo

/ /

Date: Member number:/ /

7. JOINT ACCOUNTS (if relevant)

Name of Joint owner(s): Signature: Member number: Method of Operation:

Any one to sign:

All parties to sign:

Other (specify):

6. RELATED MEMBERSHIPS

Membership confers rights and obligations under Community First Credit Union’s Constitution, a copy of which you can obtain on request.

My PRIOR residential address (recommended – to assist us in verifying your identity electronically):


Home Tel: Work Tel: E-mail:

My postal address (if different from above):



11. ACKNOWLEDGEMENT AND SIGNATURE

/ /

I submit with this application the full subscription price of $2 for a share of Community First Credit Union. If I am less than 18 years of age, I acknowledge that this junior shareholding will convert to a full shareholding right as from attaining 18 years of age. This does not involve any change in the value of the shareholding, only a change in class and rights of the share.I acknowledge that I am aware that it is an offence under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) to provide false or misleading statements, including not disclosing any other commonly known name or names, and certify the particulars on this application to be true.

Signature:

Date:

8. SELECT YOUR ACCOUNTS AND ACCESS FACILITIES

Please tick the account(s) you wish to open

Savings Junior Savings

Access Account (S7) Retirement Plus Deeming (S4) Pocket Power (S16) for under 12 yrs

Christmas Savings (S5) Money Market (S10) Powerup Account (S18) for 12 to 17 yrs

Student Starter (S13) Bonus Saver (S9)

Autopay Account (S3) FirstBiz Online Savings (S99)

Choice of Access Facilities

Redicard 12 yrs or older Telephone Banking Cheque Book (18 years and over)

Internet Banking Deposit Book (via NAB) Visa Debit (18 years and over)

Temporary Internet Banking Password (please enter 6 numbers)*:

Nominated e-statements password (please enter 6 numbers)**:

*Temporary Internet Password (6 numbers) – required to be changed when you first access the Internet Banking service at www.communityfirst.com.au. The password must be numeric. We do not accept your date of birth. **Nominated e-statements password (6 numbers) – needed only if you ticked the box in section 2.

3rd party ATO form required for parent or guardian

9. REGISTERED BUSINESS NAME DETAILS (for Sole Trader only)

Registered Business Name: ABN:

Principal Business Address [if different from CURRENT residential address in (1)]

Postcode:

10. PARTNERSHIP DETAILS (for Partnerships only)

Partnership Business Name: ABN:

Mailing address [if different from CURRENT residential address in (1)]

Country in which partnership was established:

If you use a Registered Business Name, we need to sight the original or a certified copy of the Business Name Registration Certificate. When opening a Partnership Joint Account, the signatories confirm the name of the partnership is as listed above

Verification of Identity Details:

Customer Identification Procedure - Individual performed and

loaded into member’s electronic file

Customer Identification Procedure - Sole Trader performed &


Access Facilities Action List:

Redicard &/or Visa Debit card ordered

Cheque Book ordered

Internet Banking / Phone banking activated

Actions taken to respond to applicant’s requests (# 8)

E-statements registration

12. OFFICE USE ONLY

Customer Identification Procedure - Partnership performed &


- Confirm Business Name Search matched Business Name

- Registration Certificate captured and recorded on file

Confirmation:

Staff Member’s Signature & Name:

Operator No:


ACCOUNT SWITCHING FORM

2. MY/OUR DIRECT DEBIT(S)/DIRECT CREDIT(S)

4. MY/OUR NEW ACCOUNT DETAILS

3. MY/OUR OLD ACCOUNT DETAILS

Signature: Signature (if applicable):

Date: Date:

Home or work number: Home or work number:

/ / / /

Primary Account Holder Secondary Account Holder (if applicable)

I/We confirm that I/we am/are authorised to operate the account represented by the BSB and account number described as my/our new account details and:

For direct debits, I/we authorise you to debit my/our new account, in accordance with the terms of my/our existing direct debit request(s).

For direct credits, I/we authorise you to make further payments due to me/us by crediting my/our new account.

BSB Account number

FINANCIAL INSTITUTION USE ONLY:

To user institution: (User FI name) Date sent

The facsimile is confidential and intended only for the use of the addressee. If your receive this communication in error, please notify the financial institution from which you have received it to arrange disposal. Unauthorised use of information in this message may result in legal proceedings against the user.

Please complete one per organisation /Direct Entry User (DE User)

1. CONFIDENTIAL COMMUNICATION

Name of organisation / DE User Organisation / DE User ID

Note: Debit/Credit Users (organisations) are required to verify (by signature comparison or other means) that this form has been properly authorised by the Member before making any changes to the Member’s direct debt/credit arrangements. Debit/Credit Users must contact the Member if there is any doubt as to the customer’s authorisation.

I/We have changed financial institutions and as a result my/our account details have changed. With immediate effect, please use the new account details provided below for my/our direct debits.direct credits.

Full account name

Lodgement reference Last payment date Amount Debit/Credit(these details can be found on your regular direct debits/credits list from your old financial institution)

Community First Credit Union BSB: 802-038

Account name: Member number:

Name of financial institution: Community First Credit Union Limited


Checked by: Operator no:

Date forwarded: Dept. no:

Pay frequency: Weekly: Fortnightly: Monthly: 4 Weekly:

WHOLE OF PAY/DEDUCTION AUTHORITY

1. PAYROLL DETAILS Member number:

Title: Surname: Department number:

First name(s): Work phone:

Company: Employee number:

2. PAYROLL DEDUCTION DETAILS

Please allocate my total deduction/net pay as follows:

MEMBERNUMBER

4. OFFICE USE ONLY

/ /

BSB number: 802 038

Pay frequency Weekly: Fortnightly:

Monthly: 4 Weekly:

Total Deduction: $ OR Whole OF Pay: $

I hereby authorise the above mentioned Company / Organisation to remit my payments to Community First Credit Union Limited as indicated above. I have read, received and understood the PDS for Savings Account and Payment Services.

Member’s signature: Date:

Title: Surname: Department number:

First name(s): Work phone:

Company: Employee number:

Member number:

ACCESSACCOUNT

(S7)

THRIFT(S2)

CHRISTMASSAVINGS

(S5)

INVESTMENTSAVINGS

(S8)

SAVINGSACCOUNT

(S)

LOANACCOUNT

(L)

LOANACCOUNT

(L)

SUBTOTAL

TOTAL

There is usually a time lag between lodgement and the pay day on which it becomes effective. Delays beyond the control of Community First in the receipt of money from your employer can occur, credit cannot be given for amounts deducted and held by your employer.

Total Deduction: $ OR Whole Pay: $

AUTHORITY TO CANCEL PERIODICAL PAYMENTS

2. INSTRUCTIONS

3. SIGNATURE


Date: Date:/ / / /


PLEASE SEND THIS FORM DIRECTLY TO THE FINANCIAL INSTITUTIONS YOU ARE CANCELLING THE PERIODICAL PAYMENTS FROM

1. FINANCIAL INSTITUTION DETAILS

Name of financial institution

AddressUnit/Floor/Street no: Street:

Suburb/Town:

State: Postcode: Home or work No:

I/We am/are writing to advise that I/we authorise and direct you to cancel the periodical payments described below

from until further notice.

First account holders full name:

Joint account holders full name:

BSB: Account number:

Description of payment type:

Amount in dollars and cents:

$

/ /



2. INSTRUCTIONS

4. SIGNATURE


Date: Date:/ / / /


PLEASE SEND THIS FORM DIRECTLY TO THE FINANCIAL INSTITUTIONS YOU ARE CLOSING THE ACCOUNT WITH

1. FINANCIAL INSTITUTION DETAILS

Name of financial institution

AddressUnit/Floor/Street no: Street:

Suburb/Town:

State: Postcode: Home or work number:

I/We authorise and direct you to close my/our account described below

From:

First account holders full name:

Joint account holders full name:

BSB: Account number:

Please send a cheque for the account balance to:Community First Credit Union 67 - 73 St. Hilliers RoadAuburnP.O. Box 98, Lidcombe NSW 1825

with the following reference:

(Community First Credit Union Member or Account No:)

/ /

3. DEPOSIT INSTRUCTIONSPlease deposit the account balance via Electronic Funds Transfer (EFT), to the following account:

BSB: Member No:

with the following reference: Alternatively, please send a cheque made out to (Account name):to the following address:

Community First Credit Union 67 - 73 St. Hilliers RoadAuburnP.O. Box 98, Lidcombe NSW 1825

AUTHORITY TO CLOSE ACCOUNT

switch to · 2020-05-04 · why switch to community first? community first is sydney’s largest...

Documents