5 Easy Steps To Switch Your Bank Accounts To St.George
Posted November 21st, 2009 and last modified January 30th, 2013To switch bank accounts to St.George is an easy process. If for any reason you feel that your existing bank accounts do not serve your purposes, then you should not be put off by the whole prospect of switching them to another bank.
Don’t be tied down to your bank – there may well be better options out there, and the process is actually very simple.
Step One – Apply for a St.George bank account:
The first step to switch bank accounts to St.George is make contact with St.George and request that a new account is set up for you. Once this is done, you must attend to your old account, and the activity that regularly takes place on it.
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- $0 p.a. annual fee for the first year ($55 p.a. thereafter) annual fee
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- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
Step Two – Wind down your old bank account:
Bear in mind that your old account will need sufficient funds to allow for a smooth transition of any direct debits and payments, so you need to maintain a healthy balance in it to make sure that your commitments are still met until your St.George account can take over.
Step Three – Transfer your wage payments:
It is likely that you have your wages paid into your bank account, so to switch bank accounts to St.George will require that you instruct your employer to switch your payments, using your new BSB and account number, or ask St.George to do this for you.
Step Four – Transfer regular payments:
Your current bank will provide you with a list of your current payments, and you can then contact these organisations and give them your new bank account details. These may include direct debts for utilities, or any type of insurance. Alternatively, you can complete the Activity Summary list and authorise St.George to instigate a transfer of these payments. Note that this switching process does not apply to any direct debit, credit or periodic payments that are set up on your credit card or visa debit card.
Step Five – Close your old account:
Once all your payments and debits have been switched to your new account and you can see that your new St.George account is now the one handling them, you can go ahead and close down your old bank account.
If you are thinking you might switch bank accounts to St.George but are reticent because you don’t want to rock the boat, remember that people switch bank accounts every day. Banks are perfectly geared up for exactly this type of activity, and it is in their interest to make the whole process as smooth as possible for the new customer.
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