Frequently asked questions:  Account Switching

 

This page contains frequently asked questions relating to Account Switching for use by business customers who process transactions via Direct Credit or Direct Debit facilities.

 

 

I'm a business customer using Direct Credit to pay salaries/creditors, how will I know when to change the BSB and Account Number?

 

When a recipient of a Direct Credit payment changes banks they have two options available to them to notify their new BSB and Account Number:

 

 

You will receive this notice as an attachment via Internet Banking.

 

I'm a business customer using Direct Debit to collect monthly payments, how will I know when to change the BSB and Account Number?

 

When a customer whose account you are authorised to debit under a Direct Debit Facility changes banks they have two options available to them to notify their new BSB and Account Number:

 

 

You will receive this notice as an attachment via Internet Banking.

 

Does the Account Switching process change the Terms & Conditions of my Direct Debit or Credit facility?

 

No, there are no direct changes but you have a duty to:

 

  • act promptly to verify and process requests received;
  • contact your customer direct if there is any doubt as to the authorisation;
  • retain all change requests in accordance with your facility terms and conditions.

 

A copy of the Debit User Acknowledgement and Indemnity (PDF 35kb) is available here.

 

How do I change the Contact Details for my Direct Credit/Debit Facility?

 

Go into any BOQ Branch and they will be able to assist you.

 

How do I cancel my Direct Credit/Debit Facility?

 

Go into any BOQ Branch and they will be able to assist you.

 

I've recently opened a BOQ Everyday Transaction account, how do I arrange for Direct Credit and Direct Debit transactions to switch to the new account?

 

As part of the account opening process you would have been asked to complete the Switch of Regular Payments Arrangements Form. Your old financial institution is obliged to provide a list of your existing Direct Debits and Direct Credits.

 

Once this information has been returned to BOQ you can decide to:

 

  • Migrate the payment to BOQ
  • Cancel the regular payment
  • Leave the regular payment with your old financial institution

 

I've recently opened a BOQ Business Transaction account, how do I arrange for Direct Credit and Direct Debit transactions to switch to the new account?

 

As part of the account opening process you would have been asked to complete the Switch of Regular Payments Arrangements Form. Your old financial institution is obliged to provide a list of your existing Direct Debits and Direct Credits.

 

Once this information has been returned to BOQ you can decide to:

  • Migrate the payment to BOQ
  • Cancel the regular payment
  • Leave the regular payment with your old financial institution

I've recently opened a BOQ Business Transaction account, how do I arrange for Direct Credit and Direct Debit transactions to switch to the new account?

 

For business customers, there is a simple letter template which can be completed and provided to your current direct debtors.

 

To complete this form you need the following information:

  1. Your BOQ transaction account number and BSB;
  2. Your old bank account number and BSB;
  3. The list of all your automatic direct credits and debits such as phone bill, electricity bill, etc;
  4. The list of businesses (and their addresses if you want to write to them individually) who automatically transfer these funds;