Switching your Business Bank Account
It takes just three simple steps.
Open a new Suncorp Bank account*, organise any regular payments to be redirected to your new account, and once your payments are set up, close your old account.
How to Switch
All you need to do is follow three simple steps
1. Open a new Suncorp Bank account*.
Once you've decided which Suncorp Bank account best suits your needs, opening an account is easy. You can choose to open an account online today or by visiting your local branch.
2. Organise any regular payments to be redirected to your new account.
You could start by having your salary paid directly to your new account.
Next, ask your current bank for a list of all your current Direct Debits and Direct Credits, or check your bank statements to understand what payments are being made into and out of your existing account.
Either take your new and old account details (BSB number, account name and account number) into your local branch, along with your list of Direct Debits and Credits and we'll help you to get your banking switched to Suncorp Bank.
3. Once your payments are set up, close your old account.
Contact your previous bank to close the account you hold with them. Don't forget to check that all of your payments have been redirected successfully to your new Suncorp Bank account and transfer any remaining balances to your new account before closing your old account.
What you'll need
Ask your current bank for a list of all your latest Direct Debits and Credits;
Have your salary payment information on hand so that your pay can be deposited into your new account;
Know your new and old account details (BSB number, account name and account number).
Tools & Tips
Tip 1: Get your payments redirected in minutes
To help make redirecting your payments even faster, try contacting the company (e.g. your gym or mobile phone provider) by phone and supply your new account details.
Tip 2: Don't get caught short.
To help you avoid any overdrawn fees, you may like to keep enough money in both your new and old accounts for a little while to cover any Direct Debits (e.g. phone bills or rent) due around the time you switch.
What does a list of Direct Debit and Direct Credit arrangements cover?
The list shows all of the Direct Debits from and Direct Credits to your account over the previous 13 months. This list also includes the details of the transactions that Suncorp Bank needs to notify each of these organisations of your new Suncorp Bank account details.
What if I want to make the changes myself – do I still need to complete the forms with Suncorp Bank?
No. You can contact these organisations directly if you wish, either by phone or letter. We've provided an online notification tool to help you easily create letters to all the organisations you make payments to or receive payments from.
Why can’t I ask Suncorp Bank to ring up a company on my behalf to change the details?
These organisations have an agreement with you to debit or credit your accounts directly, and therefore they will only make changes to those details with your authorisation. This ensures your privacy is protected.
How long will it take for my debits and credits to be changed to my new account?
There is no standard timeframe for these organisations to change the details. We anticipate that the changes should be actioned within 6 weeks, but this will be dependant on the individual organisation and any other criteria (for example, your contract may state that 28 day’s notice is required to change any details).
How will I be able to keep track of what changes have been made?
We've developed a simple tracker tool to help you keep track of your credits and debits so you can follow up any changes that have not been made directly with the specific organisation.
What can I do to make sure I don’t pay any fees?
You can check with the Direct Debit and Credit organisations before the payment due date to confirm which account they will debit/credit next so you can manage your account balances. Alternatively, you can use the Suncorp Bank tool to keep track of payment due dates, and ensure you have sufficient funds in both your old and new accounts to cover these.
What transaction accounts does Suncorp Bank have?
Suncorp Bank has a range of everyday and savings accounts to suit your needs. Find out more about the account options Suncorp Bank offers.
What should I do if I have notified these organisations but they have not made the changes requested to my new account?
There are a number of reasons that may impact when the Direct Debit or Credit organisation changes your account details:
Your Direct Debit contract may stipulate that a notice period is required before any changes can be made.
You may have a payment due in the next few days, and the organisation is unable to make the change in time for this.
In rare cases, the form may have been misplaced between Suncorp Bank and the Direct Debit or Credit organisation. If this is the case, please let us know and we will be happy to resend the form again on your behalf.
Please note - to protect your privacy these Direct Debit and Credit organisations will only make changes based on your direct authorisation, so Suncorp Bank is not able to follow up progress on your behalf.
What is a BSB?
This is a unique 6 digit number which identifies the financial institution and the location of the branch. For your convenience Suncorp Bank has one BSB for all of our branches which is 484-799.
What are Direct Debit and Credit organisations?
A Direct Debit organisation is any organisation you have authorised to Direct Debit funds from your account. Direct debited funds might be for rent, phone bills or power bills.
A Direct Credit organisation is any organisation you have authorised to credit funds into your account. Direct credited funds might include salary, share dividends or government allowances.
*Banking products issued by Suncorp-Metway Ltd ABN 66 010 831 722. Please read the applicable Product Information Document before making any decisions about a product. Contact us for a copy on 13 11 75 or visit your local branch. Terms and Conditions apply and are available on request. Fees and charges may apply.