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.
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. You can also register for internet banking and phone banking, or apply for a VISA Debit Card or Redi Card. (conditions apply for all access methods, please refer to the PDS for further information)
2. Can I switch online?
No. However you can download the “Account Switch of Regular Payments Arrangements” form and return it to us.
Account Switching Regular Payments Arrangements
You can return the form via
Email - email@example.com
Mail - Attention : Account Switching PO Box 929, Fortitude Valley, QLD 4006
In Person - at any QTMB Branch
QTMB will then provide you with a Regular Payments List once it is returned by your old bank.
To make any changes to your Regular Payments you will be required to sign additional forms.
3. What payments can I switch?
Regular Payments that can be switched may include regular debits and credits to and from your personal bank account/s. Regular Payments may include such regular debit payments as a monthly Insurance debit or a fortnightly gym membership payment for example.
QTMB can not assist you to change any of these five (5) Regular Payment types listed below:
- Credit or Debit card payments
- Online Banking ‘Pay Anyone’ payments
- Regular BPAY payments
- Periodical Payments
- Any cancelled Regular Payments
To update payment details for these types of payments you could use one of the following “change advice” templates below:
4. How long will it take to switch my Regular Payments?
The time frame for switching a regular payment can vary. This depends on many factors such as; the response times between the Old and the New Financial Institution, notice time required from the debiting or crediting organisation and of course customer participation. The switch process could take a few weeks to be completed where there are no complications or time delays.
5. What can I do to speed up the process of Switching?
Whilst the Switching process can help you move your payments, it can take some time to complete the switch. If you would like to expedite the process there are some things that you can do yourself to make the changes quickly.
- Review your regular debits and credits through your Old bank account statements. You should be looking for Regular Payments such as your salary, gym membership or any subscription type payments. As cycles can vary, it is best to look back at least 13 months.
Hint – If you currently have internet banking with your old bank you may be able to retrieve them easily.
- Once you have a list of payments that you would like to switch or cancel, prior to asking QTMB to lodge a Regular Payments request, you can begin to advise any debiting organisations of your New bank details to ensure a quick transition.
Hint – Many direct debit users, such as Phone companies, Councils and Energy providers have service options to change your banking details via online access or they can take the new details verbally over the phone from you. If you can utilise these services they can update your Regular Payment details as soon as possible.
- Advise your payroll office, or whoever may provide you with income of your QTMB bank details to ensure that your salary/wages payment are switched quickly and effectively.
6. Close your old account.
Once you are satisfied that you have transitioned all your regular debits and credits to your QTMB account you can close your old account.
- 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.