Bank Code Verified

062-121, BSB Number for Commonwealth Bank, Blacktown, NSW

BSB Number: 062-121

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Cnr Main & Campbell Sts

City: Blacktown

State: NSW

Postcode: 2148

System: PEHto BSB numbers: What are they and why are they important in the banking system? In the vast world of banking, there are numerous systems and codes that play a crucial role in making sure your hard-earned money gets to where it needs to be.

One of these codes is the Bank-State-Branch (BSB) number. While it may seem like just a random set of numbers, BSB numbers are actually a vital component of the banking system, serving as a unique identifier and routing mechanism for funds.

So what exactly are BSB numbers? Well, they are a six-digit numerical code that is used in Australia to identify individual branches of financial institutions.

Each BSB number is unique to a particular branch and is assigned by the Australian Payments Clearing Association (APCA), the organization responsible for regulating and overseeing payment systems in the country. One might wonder why these seemingly random numbers are so important.

The answer lies in the efficient and accurate processing of financial transactions. BSB numbers ensure that funds are directed to the correct branch of a bank, allowing for timely and accurate transfers.

They serve as a form of address for your money, helping it reach its intended destination. When you make a payment or transfer funds to another bank account, you will be required to provide the BSB number of the recipient’s branch.

This number, combined with the recipient’s account number, allows the banking system to locate and route the funds accordingly. Without a correct BSB number, the transaction may be delayed or even fail altogether.

BSB numbers also have other important uses within the banking system. They are used to identify the financial institution and account type associated with a particular branch.

This information is crucial for internal record-keeping, compliance with regulatory requirements, and customer service purposes. BSB numbers are also used by financial institutions to determine the eligibility of certain transactions or services, such as electronic funds transfers or direct debits.

It is worth noting that BSB numbers are publicly available information. You can find them on the websites of most banks, as well as through online directories and financial institutions themselves.

However, it is important to exercise caution and ensure that you are obtaining the BSB number from a reputable source. Providing incorrect BSB numbers can lead to significant financial and logistical issues, so it is always best to double-check and verify the accuracy of the information before initiating any transactions.

In conclusion, BSB numbers are a critical component of the banking system, facilitating the identification and routing of funds to their intended destinations. They ensure the efficient processing of financial transactions and help banks maintain accurate records.

By understanding the importance of BSB numbers and ensuring their correct usage, both individuals and businesses can navigate the banking system with ease and confidence. So the next time you make a payment or transfer money, remember the significance of those six digits and how they play a vital role in the smooth functioning of our financial world.

Topic 3: PEH System

Have you ever come across the term “PEH” when dealing with your banking transactions in Australia? The PEH system, also known as the Planning and Execution Hierarchy system, is a key component of the Australian banking infrastructure that works in conjunction with the BSB numbers.

In this section, we will delve into what the PEH system stands for and how it relates to the BSB number provided. The PEH system is essentially the system that manages the routing and execution of payments within the banking network.

It ensures that funds are transferred accurately and securely from one financial institution to another. The PEH system operates behind the scenes and processes the complex web of transactions that occur daily, ensuring their smooth and efficient completion.

So how does the PEH system relate to the BSB number provided? Well, the BSB number of a particular branch plays a crucial role in determining its position within the PEH system.

Each BSB number in Australia is associated with a specific financial institution and branch. They are organized within the PEH system to facilitate the routing and execution of payments.

The PEH system categorizes BSB numbers into different levels of significance, with the first two digits forming the highest level. These first two digits, known as the “Bank” digits, represent the financial institution running the branch.

In the case of the BSB number provided (062-121), the Bank digits (06) indicate that the Commonwealth Bank is the financial institution associated with the branch. The next two digits, known as the “State” digits, represent the state or territory in which the branch is located.

For the BSB number (062-121), the State digits (2-1) indicate that the branch is in the state of New South Wales (NSW). This information helps the PEH system identify the location of the branch within the vast network of Australian banks.

The final two digits, known as the “Branch” digits, identify the specific branch within the financial institution and state. In the BSB number (062-121), the Branch digits (21) indicate that the branch is located in the city of Blacktown, with the postcode 2148.

This level of detail allows the PEH system to pinpoint the exact destination of funds and route them accordingly. When a payment or transfer is initiated, the PEH system utilizes the BSB number provided to determine the appropriate route within the banking network.

By analyzing the Bank, State, and Branch digits, the PEH system can swiftly and accurately identify the recipient branch and financial institution. This information ensures that the funds are directed to the correct location, safeguarding against errors and ensuring a seamless transaction process.

In summary, the PEH system is an integral component of the Australian banking infrastructure, working hand in hand with BSB numbers to facilitate the routing and execution of payments. BSB numbers provide crucial information about the financial institution, state, and branch associated with a specific account.

This information is vital for the PEH system to accurately and efficiently transfer funds from one account to another. By understanding the connection between the PEH system and BSB numbers, individuals and businesses can navigate the complexities of the banking network with ease and confidence.

Topic 4: Understanding BSB number structure

The six-digit BSB number may seem like a random sequence of numbers, but it actually has a specific format and structure that holds valuable information. Understanding the structure of BSB numbers can help you interpret and utilize them more effectively.

In this section, we will outline the format of BSB numbers and explain the significance of different digits within the number. Let’s delve into this fascinating coding system.

The BSB number is comprised of three pairs of digits: Bank, State, and Branch. Each pair of digits serves a unique purpose in the identification and routing process.

Let’s break down the structure of the BSB number (062-121) provided and see what each digit signifies. The first two digits, known as the Bank digits, indicate the financial institution associated with the branch.

In the case of the BSB number (062-121), the Bank digits (06) signify that the branch is operated by the Commonwealth Bank. This information is essential for the PEH system to identify the correct financial institution and initiate the transfer accordingly.

The following two digits, known as the State digits, represent the state or territory in which the branch is located. For the BSB number (062-121), the State digits (2-1) indicate that the branch is situated in New South Wales (NSW).

This level of detail is vital for the PEH system to route the funds within the appropriate geographical region. The final two digits, known as the Branch digits, identify the specific branch within the financial institution and state.

In the case of the BSB number (062-121), the Branch digits (21) point to the branch located in the city of Blacktown, with a postcode of 2148. This specific information enables the PEH system to pinpoint the exact destination of the funds, ensuring a seamless transfer of resources.

By understanding the structure and significance of the digits within a BSB number, you can gather valuable information about the associated financial institution, state or territory, and branch. This information is useful when making payments or transfers, as it allows you to ensure accuracy and efficiency in directing funds.

It is worth noting that while the first two digits remain static for each financial institution, the latter four digits may vary depending on the branch location. In conclusion, the BSB number structure follows a specific format that provides essential information about the financial institution, state or territory, and branch associated with a particular account.

By understanding the significance of different digits within the number, individuals and businesses can decipher and utilize BSB numbers more effectively. This knowledge enhances the accuracy and efficiency of banking transactions, ensuring that funds reach their intended destinations seamlessly.

So the next time you encounter a BSB number, take a moment to analyze its structure and appreciate the insights it holds.

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