BCU Bank Logo

Search www.bcu.com.au

Switch to BCU

Switching made easy

BCU is part of a customer-owned organisation with a focus on providing our community with competitive products and local, personalised service and we have a commitment to provide members with award-winning products and services that meet their needs.

Why switch to BCU?

Safe and secure banking

Safe and secure banking

We value you

We're owned by our members, and we care about our members

We'll help you succeed

We'll help you achieve your financial goals with friendly and helpful service

We'll offer the best

Our products are award-winning

Step 1. Open your new account with BCU

Switching has never been easier — you can open a new account with BCU online in just a few minutes.

If you'd rather speak to someone about opening an account, you can call us on 1300 228 228 or visit one of our branches.

Get started

Step 2. Identify any regular payments

Once your new BCU account is open, it's a good time to review any regular payments you have and get them switched over.

To get a list of all your regular payments, you can:

  • look at your transaction history or bank statements from the last 13 months, or
  • ask your previous financial institution to provide you with a list of your regular payments from the last 13 months.

You'll want to include any payments that occur regularly — which could be weekly, fortnightly, monthly, quarterly, six monthly or annually.

Tip: Regular payments to your account could include your salary or government payments, while regular payments from your account could include payments such as bills, rent, a gym membership or insurance payments.

Step 3. Set up the required payments on your new account

For scheduled bill payments using BPAY, or payments to a BSB and account number or a PayID, the process is simple:

  • log in to BCU iBank or the BCU Bank app and follow the prompts from the Transfer/Pay screen to set the new payment up online, and
  • cancel the existing payment with your previous financial institution.

For direct debits or credits set up with a service provider or employer, you can either:

  • contact them all individually and follow any given instructions, or
  • send them a change advice letter by email or post.

You can download a copy of our Switch of Financial Institution & Account Details form, which may help you with this process.

Tip: Keep a list of your regular identified payments so you can cross them off as you go. This way, you'll know which ones you've given your new account details to, and which ones you still need to contact.

Step 4. Close your old account

Once you've opened your new account with BCU, identified your existing credits and debits and taken the steps to switch them over, it's a good idea to keep both accounts open for a short period of time. We recommend making sure there's enough money in the old account to cover any due payments that haven't yet been updated to your new account details to avoid any payments dishonouring.

Once all of your regular payments have been successfully switched over, you can close the old account.

Tip: Don't forget — you may get charged account keeping fees if the old account is left open.

Still after more help?

If you fill in a Switch of Regular Payments Arrangements form, we can handle some of the above switching steps for you, such as:

  • we can contact your previous financial institution to get a list of your regular payments over the past 13 months, and
  • we can submit a change advice to your employer or any service providers who you have a direct credit or debit with. Please note, this won't cover any regular BPAY payments, scheduled transfers or debits linked to your card details — you will still have to arrange for these details to be updated yourself.

Note: The assisted switching option can take up to eight weeks to complete. If you would like to switch financial institutions sooner, we recommend following the four simple steps above.

For more information, call us on 1300 228 228 or visit your local branch