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Important bcu banking changes 

The upgrade to our new banking system has been completed over the weekend 24 - 25 October. This upgrade will build a stronger and more sustainable future for bcu and provide ongoing benefits to our valued Members.

As we transition to our new banking systems, there will be some unavoidable disruption to our banking services that may impact you. Please refer to further information below on how this may impact your banking.

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Product and account changes

For important information on changes to account numbers and payments.

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bcu iBank and the bcu Connect App

Exciting changes to iBank and the bcu Connect App are coming.

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Frequently asked questions

 

 

Our new banking system does not allow for daily $ transfer limits to be set at an ‘account’ level.   

From 25 October your daily $ transfer limit will be set at a fixed amount and applied to your ‘Membership’, which encompasses all your personal accounts and business accounts on which you have the authority to operate. 

What this means is if you complete a transfer up to your daily membership $ transfer limit, you will not be able to complete any further transfers from any of your accounts on that same day without contacting us.

You will see your new account number(s) in iBank and in the bcu Connect App. You will also see the new number appearing on your statements, store receipts and all communications referencing your account number going forward. 
Our new iBank will no longer offer the ability to redraw online on loan accounts that require “multi-to-sign” (that is both or all parties are required to sign to authorise transactions). 
To continue to redraw from the loan/s online, you will be required to sign an authority form changing your account from “multi-to-sign” to “one to sign” that will allow either party to authorise a redraw online.  Alternatively, both signatories can visit us in store or call us to perform a redraw using the “multi-to-sign” option. 
If you currently use your own personalised combination of letters and numbers (e.g. 1234John) in the ‘Member Number’ field when logging into iBank or your bcu Connect App, this will change with new iBank.  From 25 October, you will need to use your personal bcu Member Number and your existing password to log in. This will provide you with access to your personal accounts and any non-personal accounts you have authority to operate. If you currently have multiple logins, we will need to assist you to work through these changes.

Any existing credits or debits set up using your member number and product code (eg. 654321 S1) will continue to work,

For future payments we suggest you use your new 8-digit account number, the bcu BSB (533-000) and your account name, as most other Financial Institutions do not support alphanumeric account numbers. (ie account numbers containing letters as well as numbers).

 

We have made the required updates to ensure all existing direct debits and credits are transferred over to the new 8-digit account number. 

 

In order to improve the services we can provide to members and reap the full benefits of the merger, we need to integrate our existing bcu systems with P&N Bank's systems. Our new banking systems only allow 8-digit account numbers for savings and deposit accounts.  

For all new direct credits and debits, you should provide your new 8-digit account number, the bcu BSB (533-000) and your account name.

However, if you do provide your 9 digit account number the credit or debit will still be processed as it is now.

 

If you have provided your member number to creditors, these credits will continue to come through to your account(s). If you want to amend which account your funds are paid to, we suggest you instead provide your new 8-digit account number, the bcu BSB (533-000) and your account name. 

Your cheque book will continue to work as it does now.

The exception to this is if you have multiple active cheque facilities set up on a bcu account. From 25 October, our new banking system permits only one cheque facility per account.

We have been endeavouring to contact all affected members who have more than one cheque facility on an account. However, in the event we have been unable to contact you we suggest you contact us directly

 

Our new banking system does not allow for account sweeps. You may choose to  contact us to establish a “minimum balance sweep”, which will keep your account at a predetermined minimum balance level. 

Alternatively, with the enhanced features in our iBank and bcu Connect App, you may choose to self-serve transfers when it suits you.

Any future scheduled payments will be processed via direct entry, which means it may take additional time for your funds to reach their destination. You may need to adjust your payment schedule to ensure funds arrive on time.

We have made a number of improvements to the Rewards Credit Card. 

All cash back will now be paid directly back to the credit card, meaning you may pay less interest, and BPAY and balance transfers will now be treated as purchases so you can get the following benefits:

  • Up to 55 days interest free.
  • The lower purchase rate will be applied instead of the higher cash advance rate.
  • You can earn cash back on each of these transactions too.

Your current Rewards Savings Account will be transferred to a bcu iSaver Account.

Our new banking system will not allow for deposits (including payroll) to be split by percentages across your accounts. From 25 October, all splits must be for a fixed amount. To ensure you continue to enjoy uninterrupted banking, please contact us to advise the fixed amount that you would like to set for your payroll split/s.  

You may have an iBank/bcu Connect App login set up for someone who is not currently a bcu Member, so they can operate on your account.  We want you to enjoy a more secure banking experience, so for that person/s to continue to transact on your account, please take the following steps as soon as possible to ensure this feature continues to be available.

The person/s who has your permission to login to the non-personal account, will be required to open their own Membership with bcu.

This can be a shareholding or non-shareholding Membership. To open a new Membership, they can visit us in store with suitable photo identification such as a Drivers Licence or Passport. Alternatively, they may wish to set up their new Membership online by visiting bcu.com.au/applyonline.

Once they have opened their own bcu Membership, we can link them to your account with your permission. To save you time, we can contact you directly at the time they open their Membership, or otherwise, you may choose to contact us at your convenience to link their Membership to your account.

The member information booklet has been provided to all bcu members in the post or via email. If you'd like to download a PDF copy you can do so from our terms and conditions page.

Your Visa Debit and Credit cards will work exactly as they do now. There will be some unavoidable disruption when we switch our systems over, for which we will ensure we provide plenty of notice to our members.
The bcu BSB number will remain the same - 533-000.
We're here to help. If you'd like to speak to a bcu team member to find out more about the changes and how you might be impacted, please call us on 1300 228 228 or visit your local store.

To align with the new systems, we've had to change the terms and conditions for some products. We have notified all impacted members and also provided a booklet outlining these changes.

More information can be found on our terms and conditions page.