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Switch your banking to a SERVICE ONE Alliance Bank account

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Thanks to the Australian Government's account switching reform, it's easier than ever to move your savings and transactional accounts from one banking provider to another. Put simply, if you're unhappy with your current banking arrangements or you'd like to consolidate your banking, you can do something about it... and it's not that difficult!

Switching transactional banking

There are four primary steps to switching your transactional banking:

  1. Open your new SERVICE ONE Alliance Bank account/s.
  2. SERVICE ONE will request regular payments information from your existing banking provider.
  3. Identify the regular payments to move to your new SERVICE ONE Alliance Bank account/s.
  4. SERVICE ONE will have your regular payments redirected and you can then close account/s you no longer need with your existing banking provider.

Opening a SERVICE ONE Alliance Bank account is just like opening an account at another banking institution. If you already have access to the eLink Internet banking facility you can open a range of new accounts, or visit a Branch and complete a short form. If you’re not a SERVICE ONE Member, generally, you just need to visit a Branch with a primary form of identification (for instance, your driver’s licence), and a membership will be established for you (being a mutual you need to purchase a Member share before you can open SERVICE ONE Alliance Bank accounts) and your new accounts can be opened as part of this process.

SERVICE ONE can request account details from your existing banking provider on your behalf and this will detail your regular payments. In order to do this, we’ll help you complete a ‘Switch of Regular Payments Arrangements’ form and we’ll send this off to your existing banking provider. You’ll need to sign this form and your existing provider will verify this signature through their records in order to complete the request. Your existing provider will then send SERVICE ONE 13-months worth of regular payments information on the account/s you are switching.

Once we have your 13-months of transactions, we can help you identify your regular payments and you can let us know which of these you would like moved over to your new SERVICE ONE Alliance Bank account/s (you may even want them all moved over so you can close the account/s with your existing banking provider). We will then help you complete ‘Notices of Variation of Account Details’ and these will be sent to your third party suppliers or other parties that may be making regular payments to you.

Once your third party suppliers receive the notices of variation, they will then redirect your regular payments to your new SERVICE ONE Alliance Bank account/s. Once these payments are redirected, you are then able to close any account/s you no longer need with your existing banking provider.

It’s important to monitor transactions on both your new SERVICE ONE Alliance Bank account/s as well as account/s held with your existing banking provider over the account switching process. As part of this process, you should confirm each of your nominated regular payments have been moved over to your new SERVICE ONE Alliance Bank account/s (and if you’re moving all regular payments and all of these have been redirected), you are then free to close account/s held with your existing banking provider.

Be sure to keep some money in account/s with your existing banking provider to cover any automatic payments that may be taken out during the switching process.

Refinancing your loan to a SERVICE ONE Alliance Bank loan

Keep in mind that in addition to your savings and transaction account needs, a comprehensive range of SERVICE ONE Alliance Bank loans are also available, including home loans, personal loans, car loans and more. These loans are known for their competitive rates and award winning features so if you’d like to see if you can save money with a SERVICE ONE Alliance Bank loan, speak to us about refinancing. As part of the refinancing process, we will deal with your existing lender to take the hassle out of this process.

Holding SERVICE ONE Alliance Bank loans will also help you save on everyday banking fees. This is because your total loans and deposits are used to determine an ‘Average Relationship Balance’ and this balance largely determines the monthly Fee Allowance you will receive to offset everyday withdrawal fees.

We're here to help

If you are unhappy with your current banking arrangements and would like to know more about the SERVICE ONE Alliance Bank products and services on offer or you’d like to consolidate your banking with SERVICE ONE Alliance Bank, we’re here to help and we’ll make the process as easy as possible. Visit us in-Branch or phone us.

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