Introduction
These guidelines will provide you with the steps to switch your regular direct debits and direct credits to your account with New England Credit Union.
Outlined are detailed instructions advising what to do if you want to make the switch yourself or if you want NECU to help you make the switch. Tips for a smooth change-over of your accounts will also be outlined.
If you require further information contact us or visit your nearest branch.
Switching Yourself
1. Open a new, or use an existing,account with New England Credit Union.
2. Identify your regular Direct Credits and Direct Debits from your old account.
This requires some planning. Review your old bank statements to identify all regular payments to and from your old account (the ‘credits’ and ‘debits’) or ask your ‘old’ financial institution to provide you with a list of your regular
direct debits and direct credits.
Payment cycles range from weekly and monthly to quarterly and yearly, so you will need to look back at least 13 months.
There are four kinds of regular payments to be identified:
• Regular direct debits and direct credits as mentioned above
• Periodical payments. These are standing instructions given to your financial institution e.g. “on a monthly basis, debit my account and pay my rent”
• Recurring payments. These are made by your providers or merchants where you have supplied your Visa Debit or Credit
Card number; and
• ‘Pay anyone’ are payments you make using your financial institution’s internet banking service e.g. “every month pay my
child’s pocket money”. Before you close your old account you should access your internet banking account with your old
financial institution to print out your ‘pay anyone’ list.
3. Re-establish your payments with New England Credit Union.
Now you are ready to contact each organisation that makes regular credits and debits to your account and ask them to change your account details in their records. Either contact the organisation via phone, mail or internet and follow their instructions; or follow this link for a “Change Advice Letter” that can be printed and completed then mailed or faxed to each organisation.
For other payments:
If you make periodical payments apply for Web Access on your account with New England Credit Union and load each new payment via the internet. If you have recurring payments, advise your provider or merchant of your new credit card or debit card details. If you use internet banking to make payments yourself, apply for Web Access with New England Credit
Union and set up your personal payee details from your old account to your new account. (Future dated recurring payments can be created via Web Access.)
4. Close your old account.
Once you are sure all your regular debits and credits have been successfully re-established on your new account, you can close your old account.
Switch with NECU's help
Follow Steps 1 & 2 from “Switching Yourself” as above.
Ask your old financial institution to provide you with a list of your regular direct debits and direct credits for the
past 13 months.
You will also need to identify:
• Any recurring payments made by your providers or merchants where you have supplied your visa debit or credit card number;
and
• ‘Pay anyone’ transfer, which are payments you make using your old financial institution’s internet banking. Before you close your old account you should access your internet banking and print out your ‘pay anyone’ list.
3. Re-establish your payments on your new account with New England Credit Union.
Each organisation that makes regular direct debits and credits to your old account will need to know NECU’s BSB and your Account number.
Complete a “Switch of Financial Institution and Account Details Form” or collect the form from your nearest New England Credit Union Branch. Complete the form to advise each organisation of your new account details. You will need to sign and authorise each change before New England Credit Union can advise each organisation on your behalf.
If you make periodical payments, apply for Web Access on your new account with New England Credit Union and load each
payment via the internet.
If you have recurring payments, advise your provider or merchant of your new credit card or debit card details.
If you use internet banking to make payments yourself, apply for Web Access on your new account with New England Credit Union and set up your personal payee details and create future dated recurring payments.
Remember to advise your employer of your new account details to ensure your salary gets paid into your new account.
4. Close your old account.
Once you are sure that all your regular debits and credits have been successfully re-established on your new account, you can close your old account.
Tips for a smooth change-over
Once all organisations have been advised of your new account details, you should:
• Make sure you have enough money in your old account to cover current payments until all regular payments have been re-established on your new account.
• Check your new account when you are expecting the next regular direct debits and credits to appear and contact the organisation or New England Credit Union if the payment does not appear on your new account or continues to appear on your old account.
• Close your old account as soon as your regular payments appear on your new account with New England Credit Union.
New England Credit Union has no control over when organisations make direct debits and credits to or from your account or when they will update their records. Following these tips should ensure you are not charged additional fees such as dishonour fees or overdrawn account fees.
Remember the organisation that makes direct debits and credits to your account will contact you for new instructions if these regular payments fail.
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