Switching to QTMB

Thank you for making the decision to switch your banking to QTMB. To make the change as easy as possible, the following checklist outlines a number of steps that will help you transition all your current banking transactions over to QTMB including such things as direct debits, periodic payments and salary deposits.

Four main steps

1. Open a QTMB transaction account
2. Identify your regular payments to and from your old account
3. Re-establish your regular payments on your new QTMB account
4. Close your old bank account

1. Open a QTMB transaction account

When you join QTMB, you can choose between a Current account or an Everyday account for your regular transactions. Also make sure you register for internet banking and phone banking at the same time. 

2. Identify your regular payments to and from your old account.

These may include things such as your salary, gym memberships and subscriptions. You can ask your previous financial institution for a list of all your regular payments on your old account. As payment cycles vary it is probably best to look back at least 13 months. 
 

There are four kinds of payments you need to identify 

1. Regular debits and credits such as your salary, membership fees or subscriptions.
2. Periodical payments are standing instructions given to your financial intuition such as every Thursday pay $250 rent from my transaction account.
3. Recurring payments are by providers or merchants where you have provided them with your Visa Debit card number such as online subscriptions or insurance premiums.
4. Pay anyone are payments you make using internet banking services such as monthly payments made to a family member's account.

3. Re-establish your regular payments on your new QTMB account 

Now that you have a list of all your regular payments you can contact the companies involved and provide them with your new account details. You can contact the companies directly or you can use the “change advice” letter available below.  

• Change of Direct Debits sample letter (MS Word)
• Change of Direct Credits sample letter (MS Word)
• Regular Payments - change of card details sample letter (Ms Word)

For periodical and recurring payments simply ask us to set them up on your new account. For “Pay Anyone” payments you can simply set these up in internet banking. You will also need to advise your employer of your new account details to make sure your salary goes into your new account.

4. Close your old account

Once you are satisfied that your have transitioned all your regular debits and credits to your QTMB account you can close your old account.

Don’t forget

To keep enough money in your old account to cover payments until all of your regular payments are established in your QTMB account.

Monitor your QTMB account and if your regular payments don’t appear when you expect them to contact the organisation responsible.  

Remember financial institutions can’t control when the companies that make debits and credits to your account will update their details. If any of your regular payments fail, the organisations responsible should contact you for new payment information.