Account Switching

Topics

1. Account Switching

1. Account Switching

   1. Why switch to People’s Choice Credit Union?

      People’s Choice is the second largest Credit Union in Australia with over 360,000 members, more than 65 branches, advice centres and more than 3,400 ATM’s Australia-wide as part of the rediATM network.

      Being member-owned means our customers are actually our owners and have a direct say in how the business is run. Everything we do is designed to benefit our members and any profits we make are reinvested back into providing better products and services.

   2. How can I switch my transaction accounts to People’s Choice?

      For your convenience, there are two options to switch your transaction banking to People’s Choice:

      • We can help you switch your regular payments using our simple switching service; or
      • Manually switch your regular payments (direct credits, direct debits) using our Easy Switch tool

      For more information on using the switching service and the Easy Switch tool, please read the corresponding sections.

   3. What types of payments are able to be transferred using the switching service and Easy Switch?

      The switching service only applies to direct debit and direct credit payments.

   4. Does the switching service & Easy Switch assist with transferring my periodical payments, BPAY payments, recurring payments, internet banking ‘Pay Anyone’ payments or debit and credit card arrangements?

      As the above types of payments are customer initiated, they cannot be re-established using the switching service or the Easy Switch tool.

      You can set these payments up again from your new People’s Choice Account using Internet Banking or via your nearest branch.

      If you have not already registered for Internet Banking, you can do so here.

   5. Does the switching service and Easy Switch close my old account?

      No. Most financial institutions require customers to either phone or physically visit a branch to close their account and don't accept written authorisation.

      If your old financial institution does accept written authorisation, here’s the form you can use to close your old account.

   6. Where can I find details about the interest rates and fees that apply to People’s Choice transaction accounts?

      What transaction accounts do People's Choice offer?

      What are the latest interest rates?

      Where do I find out more information about the fees and charges?

   7. What type of account does the switching service apply to?

      The switching service only applies to Transaction accounts that are owned by one or more persons (either individually or jointly) for non-business purposes.  Savings accounts (such as the Online Saver Account), Business accounts (such as the Business Access Account) and any account owned by a corporation are not covered by the switching service.

   8. What information will I need to provide to use the switching service?

      To use the switching service all you need is the BSB and Account number, Account Name and Signing Authority for both your old account and your People’s Choice Account.

   9. How does the switching service work?

      • Complete and return the Request for Regular Payments List form
        • Word version – complete the digital form, print, sign and return
        • PDF version – print, fill out the paper form, sign and return 
      • If you are unable to print the form simply call us on 13 11 82 or visit your nearest branch
      • To avoid any delays with processing, please ensure that the form is signed in accordance with the signing authority on the account
      • Return the completed form to us in any of the ways listed on the form
      • We will then send this form to your old financial institution requesting a list of your direct debits and direct credits for the previous 13 months.
      • Your old financial institution has five (5) business days to provide us with this Regular Payments List
      • We will then contact you to arrange a time to determine which direct credits and direct debits you wish to switch and which you wish to cancel, and complete the relevant variation and/or cancellation forms on your behalf
      • Once you have signed the relevant forms, we will notify your old financial institution and the direct debit and direct credit suppliers of the changes
      • We will then send you a written communication to confirm the switching request has been completed.

   10. Do I have to notify the billing or crediting organisations of my new account details?

       People’s Choice will arrange to receive your Regular Payments List from your old financial institution. We’ll contact you to confirm the transfer of your regular payments and manage the switch of your regular payments to your nominated People’s Choice account.

       Additionally, you may be contacted by the billing or crediting organisations to confirm your details and account changes in accordance with their policies.

       Note:
       While every effort is taken to ensure the list is complete, the Regular Payments List we receive may not include all regular or one-off payments and may include some cancelled arrangements. Please ensure you check the Regular Payments List thoroughly.

   11. How long will it take to transfer my regular payments from my old financial institution to my People’s Choice account using the switching service?

       There will be a short transition timeframe to redirect your regular payments. Your old financial institution has five (5) business days to provide us with the Regular Payments list and the billing or crediting organisations may take some time to process the switching request. Additionally, some billing or crediting organisations require notice of a change of bank details well in advance of the billing date – if so, a switching notice given under this arrangement may not take effect until the next billing cycle.

       In order to minimise any inconvenience and avoid dishonour fees from your old financial institution, you should maintain a sufficient amount of funds in your old account to cover direct debits that are scheduled during this ‘switch period’.

   12. Where do I return the completed Request for Regular Payments List form once it has been completed?

       You can return the completed form in the following ways:

       Post
       People’s Choice Credit Union
       Member Support Services – Direct Entry Team
       GPO Box 1942,
       Adelaide SA 5001

       Email
       accountswitching@peopleschoicecu.com.au

       In person
       To your nearest branch

   13. What is the Easy Switch tool?

       Easy Switch is an online tool to make it easier for you to manually switch your regular payments to your new People’s Choice account.

       The link to the Easy Switch tool is http://www.peopleschoicecu.com.au/418/easy-switch.aspx

   14. How does the Easy Switch tool work?

       The Easy Switch tool generates letters to companies that you have your regular payments with, advising them of your new People's Choice Credit Union account details.

       These include:

       • Direct credit
       • Direct debit
       • Salary credit
       • Shareholder credit
       • Credit card payment

       Please note:
       It can take time for the new direct debit and direct credit information to be processed by the billing or crediting organisations.  Additionally, some billing or crediting organisations require notice of a change of bank details well in advance of the billing date – if so, the change of details may not take effect until the next billing cycle. Please ensure you have sufficient funds in your old account to cover this ‘switch period’ and avoid any honour/dishonour fees with your old financial institution

   15. How do I use the Easy Switch tool?

       You will need the following information:

       • Your new People’s Choice Credit Union account/s numbers
       • Your old (soon to be closed) account/s numbers
       • Reference numbers and addresses of your direct debits and direct credits
       • Correct BSB numbers

       From there, all you need to do is follow the steps, print the letters, sign and send them to the billing or crediting organisations.

       Hint:
       To ensure you print the correct letter for the company, make sure you select the correct Notification Type (Direct credit, Direct debit, Salary credit, Shareholder credit, Credit card payment) from the drop down menu on the ‘Your transfers’ page.