About Account Switching
What is Switching?
Switching refers to the process of transferring regular payments from your old bank account to your new NAB smart everyday account.
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How do I switch my banking over to NAB from another financial institution?
Follow the steps outlined on our NAB Switch Homepage and FAQs - we have also developed detailed switch brochures which you can download to help you with the process of transferring your regular payments:
Doing it yourself, PDF, 266kb
Getting help to make the switch, PDF, 266kb
Additionally, our NAB Switch Form has been developed to help you to produce authorisation letters required by some organisations to change your banking details for direct debits and direct credits.
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Your Regular Payments
How do I identify my regular payments?
Review your bank statements to identify all regular payments to and from your old account or alternatively, ask your financial institution to provide you with a list. Your old bank may only be able to provide a list of direct debits, direct credits and periodical payments.
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How far back do I need to go when identifying my regular payments?
As payment cycles may range from weekly up to yearly, you should look back at least 13 months.
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What’s the best way to switch my regular payments to NAB?
Many organisations will allow you to update your details by telephone, via their website or email. This is often the easiest way to switch payments to your new NAB account.
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Notifying a company
What do I do if I need to make the change in writing?
If you need to make the change in writing, download our letter templates and fill in your details or use the NAB Switch Form to generate authorisation letters. Then, simply print, sign and send to the relevant organisations. If it is a joint account, both signatories should sign the letters.
Salary Letter Template, .rtf, 17kb
Direct Debit Letter Template, .rtf, 19kb
Direct Credit Letter Template, .rtf, 18kb
Share Dividend Letter Template, .rtf, 18kb
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Are there any fees associated with using these letter templates?
No, these letter templates are there to make life easier for you and are free for all NAB customers.
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Who is responsible for the information in the switch letters?
You are responsible for checking that all the information in the switch letter is complete and correct before you sign them.
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How do I find the contact details for my organisations?
Use our Contact List which has the most common organisations, check the Yellow Pages or review your bills to find the organisation’s contact telephone number or address.
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How do I get my salary credited into my NAB account?
Download our salary letter template and provide it to your employer or use our NAB Switch Form and generate transfer letters for your direct debits and direct credits at the same time.
Salary Letter Template, .rtf, 17kb
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How do I locate my new NAB BSB and account number?
Your new BSB (six digit number) and account number are located on the letter you receive from NAB when you open a new account. Alternatively you can obtain your account details by calling 13 13 12.
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Using the NAB Switch Form
How does the NAB Switch Form help with switching?
The NAB Switch Form helps you to generate the necessary letters to authorise your employer and organisations you have direct debit or direct credits with to change your bank details. You then simply print, sign and send the letters.
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What payments can NAB help me to switch?
We can help you to switch your direct debits, direct credits and periodical payments. Other regular payments have to be switched by the account holder either directly with the organisation or via NAB Internet Banking.
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Do I have to use the NAB Switch Form to transfer payments?
No, you do not have to use the NAB Switch Form to transfer payments. Some organisations will allow you to change your bank details by telephone, which is often the easiest option to transfer payments.
However, some organisations require the change request in writing with a signature from the account holder for authorisation. If you do not wish to use the NAB Switch Form to generate these letters, you can use our letter templates or write the letters yourself.
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What do I do once the NAB Switch Form is completed?
Simply print the letters, sign and send. If the bank details are for a joint account, both account holders should sign the letters.
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Is there a cost to use the NAB Switch Form?
No. The NAB Switch Form is a free service to help you in transferring your regular payments to your new NAB smart everyday account.
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What happens to the information I enter in the Switch Form?
The information you enter into the NAB Switch Form is used only to generate the letters for you to authorise relevant organisations to change your bank details. The information entered into the form will not be saved or used for any other purpose.
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Glossary of Payments and Reference IDs/Numbers
What is a Direct Debit?
This is a payment taken from your bank account, which is established by you with the organisation receiving the payment. A direct debit is generally used for regular payments such as bills.
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What is a Direct Credit?
This is a payment made to your bank account, established by you with the organisation sending you the payment, such as rental income or pension allowance.
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What is a Share Dividend?
A share dividend is a portion of an organisation’s profit that is paid to shareholders.
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What is a Periodical Payment?
Periodical payments can be arranged through NAB Internet Banking or by your financial institution and are regular payments such as “every month, debit my account and pay into my savings account”.
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What is a Pay Anyone payment?
Pay Anyone payments are set up and controlled by the account holder through internet banking. They may be one off or regular payments. If you have Pay Anyone payments, before you close your old bank account, make sure you print your Pay Anyone list.
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What is a Recurring Payment?
Recurring payments are where you’ve authorised regular payments by supplying your Visa Debit or MasterCard Debit card number to the organisation.
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What is a Customer Reference Number?
Your customer reference number is a number used by an organisation to identify you. This is shown on bills and on your statements if you set up a direct debit, direct credit or other payment method such as BPay®.
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After the switch has been requested
What do I do once I have contacted all the organisations?
Make sure you have enough money in your old bank account to cover current payments, until you’re sure all regular payments have been re-established on your NAB account. This should prevent you from being charged additional fees such as dishonour fees or account overdrawn fees.
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How do I know that my payments have been switched?
Check your NAB smart everyday account when you expect the next regular payments to appear. The organisations that make credits and debits to your account should contact you for new instructions if these regular payments fail.
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What should I do if my salary, periodic payment, direct debit or direct credit has not been correctly redirected?
In the event that your request has not been correctly transferred by a merchant, you will need to contact the company with which you have the arrangement eg. your telecommunications provider and ask them to correct the error.
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What do I do if a payment doesn’t appear on my NAB account?
If a payment does not appear on your new NAB smart everyday account or continues to appear on your old account, contact the responsible organisation and re-supply your changed bank details.
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What do I do if a payment hasn’t been switched?
Financial institutions have no control over when the organisations that make credits and debits to your account will update their records. In the event that your request has not been correctly transferred by an organisation, you will need to contact them and ask them to correct the error.
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When can I close my old account?
It’s best to be sure that all your regular direct debits and credits have been successfully re-established on your new account before you close your old bank account. This should prevent you from being charged additional fees such as dishonour fees or account overdrawn fees from your old financial institution.
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How do I close my old account?
Many financial institutions will let you close the account by telephone, however some may need to be closed by visiting a branch.
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Are there any fees associated with switching from another financial institution?
There may be fees associated with closing some of your accounts with other financial institutions. We recommend you contact your current financial institution to find out.
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