Switching to QTCU

Thinking of switching to QTCU? If you’re like most of our members, you’ll probably have a number of automated payments that you’ll need to transfer across to us. This checklist is here to outline some of the steps required to complete the transfer of your accounts. There are four main steps...

1. Open a QTCU transaction account

Opening an account at QTCU is easy, simply drop into a branch and our staff will be happy to help. If you're unable to get to a branch you can always start the process by downloading a Membership Kit and posting in the completed forms. When you join the Credit Union, your Current Account is established. This can become your everyday working account, and with the convenience of linked card and cheque facilities, you can have access to your money via ATMs, phone and internet banking.

2. Identify your regular payments to and from your old account

The best place to start is to ask your old financial institution to issue you with a list of all regular payments on your old account. Samples of regular debits to your account could be phone bills, memberships and subscriptions. An example of a regular credit could be your salary.

Payment cycles vary, and can be weekly, monthly, quarterly and yearly, we recommend you look back at least 13 months.

There are four kinds of regular payments to be identified:

1. Regular debits and credits  - as mentioned above;
2. Periodical payments - these are standing instructions given to your financial institution e.g. “debit my account and pay my rent every month”;
3. Recurring payments  - these are made by your providers or merchants where you have supplied your card number, e.g. an online subscription, insurance premium or gym membership; and
4. “Pay anyone” - these are payments you make using your internet banking service e.g. every month pay my child’s pocket money. Before you close your old account you should access your old internet banking account and print your “pay anyone” list.

Sample list of regular payments from your old financial institution.
Date	DE User ID	Name of User	Name of Remitter	Reference	Amount
DEBITS
120508	001244	xyz council	xyz council	0045235620201234	120.80
201107 140208 140807	051679 051679 051679	Telco Telco Telco	Telco Prepaid Telco Prepaid Telco Prepaid	04137778881107 04137778880208 04137778880807	100.00 150.00 100.00
CREDITS
250508	017766	ABC Ltd	ABC payroll	005690	156.76
250508	005566	Telco Ltd	Telco dividend	56789045	256.76

The above shows an example of a typical "list of regular direct debits and credits" your old financial institution may give you when you ask for it. The old financial institution will also provide details of your periodical payments, if you have any, but they may be provided on a separate list. For further explanation please download our Switching to QTCU brochure (PDF).

3. Re-establish your regular payments on your new QTCU account

Now you’re ready to contact each organisation that makes regular credits and debits to your account and ask them to change your account details. Either contact the organisation by phone, mail or internet and follow their instructions; or

Complete and post a “change advice” letter to each organisation. Sample MS Word templates can be downloaed here:

• Change of Direct Debits sample letter (MS Word)
• Change of Direct Credits sample letter (MS Word)
• Regular Payments - change of card details sample letter (MS Word)

For other payments:

• If you make periodical payments please ask us to set them up on your new account.
• If you have recurring payments, advise your provider or merchant of your new debit card number.
• If you use internet banking to make payments yourself, you can replicate your “pay anyone” details on QTCU’s online banking, NetAccess.

And of course don't forget to tell your employer your new account details to ensure your salary gets paid into it.

4. Close your old account

Once you’re sure all your regular direct debits and credits have been successfully re-established on your new account, you can close the old account.

Tips for a smooth change-over

Once the organisations have been advised of your change in 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.
• Look at your new account when you expect the next regular debit or credit to appear and contact the organisation if the payment does not appear on your new account.

Financial institutions have no control over when the organisations that make credits and debits to your account will update their records.

Following these tips should ensure you are not charged additional fees such as dishonour fees or account overdrawn fees.

Remember the organisations that make credits and debits to your account will contact you for new instructions if these regular payments fail.