Bank Code Verified

062-249, BSB Number for Commonwealth Bank, Marrickville, NSW

BSB Number: 062-249

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 267 Marrickville Road

City: Marrickville

State: NSW

Postcode: 2204

System: PEHto BSB Numbers: The Backbone of Banking

In the vast and complex world of banking, every transaction, every movement of funds, relies on a seemingly innocuous set of numbers known as the BSB number. These six-digit codes may appear insignificant at first glance, but they play a vital role in ensuring smooth and efficient operations within the banking system.

In this article, we will delve into the realm of BSB numbers, exploring their significance, usage, and how they facilitate the identification and routing of funds.

The Importance of BSB Numbers

BSB numbers, or Bank-State-Branch numbers, are a unique identifier that not only helps in identifying the financial institution but also assists in routing funds accurately. Each BSB number corresponds to a specific branch of a bank and ensures that transactions are directed to the correct destination.

Without these numbers, chaos would ensue, making it impossible to transfer funds seamlessly.

Identification Made Simple

When you initiate a transaction, whether it be depositing money, transferring funds, or making a payment, the BSB number functions as a distinctive mark for your chosen bank and branch. It allows the banking system to accurately identify the financial institution involved in the transaction, ensuring that your money reaches its intended recipient.

This simple yet crucial mechanism helps to eliminate confusion and minimize the risk of misplaced funds.

Routing with Precision

With BSB numbers in place, the banking system becomes an intricately connected network, enabling the smooth flow of funds from one institution to another. When a transaction is initiated, the BSB number acts as a guide, directing the funds to the correct branch of the specified bank.

Whether the funds are being transferred locally or across state lines, the BSB number ensures that they arrive at the designated destination accurately and swiftly.

BSB Numbers in Action

Let’s say you want to deposit money into your friend’s account at the Commonwealth Bank branch in Marrickville. The BSB number for this branch is 062-249.

When you fill out the deposit slip or initiate the transaction online, you will need to specify this BSB number along with your friend’s account number. The BSB number ensures that your funds are routed to the right branch, even if the Commonwealth Bank has numerous branches spread across the country.

Routing Funds Locally

If your friend also has an account at the Commonwealth Bank but in a different branch, the BSB number would differ. However, the first three digits, in this case, the 062, would remain the same, signifying the Commonwealth Bank as the financial institution.

The remaining three digits, the branch-specific code, would differ, pointing to the specific branch where your friend’s account resides. This way, the banking system can effortlessly route your funds to the correct place, even if your friend’s branch is hundreds of miles away from Marrickville.

Routing Funds Across States

Now, imagine your friend moves to a different state and decides to open a Commonwealth Bank account there. If they open an account at a branch in Melbourne, for example, with the BSB number 063-456, your transaction would need to be updated accordingly.

This change in the BSB number ensures that your funds are now routed to the Melbourne branch, making the transaction seamless and accurate, regardless of the distance.

Using BSB Numbers for Online Banking

In today’s digital age, where online banking has become the norm, BSB numbers play an equally critical role. When you enter the details for a transfer or payment online, you will be prompted to enter the BSB number alongside the account number.

This ensures that your funds are routed correctly, even without the need for physical paperwork or deposit slips. The BSB number is like a digital address that guides your money through the vast network of the banking system.

In Conclusion

While BSB numbers may appear insignificant, they are the backbone of the banking system, providing accurate identification and smooth routing of funds. These six-digit codes serve as crucial markers for banks and branches, facilitating seamless transactions nationwide.

Whether you’re depositing money, transferring funds, or making a payment, BSB numbers ensure that your money reaches its intended destination efficiently and accurately. So the next time you engage in a banking transaction, take a moment to appreciate the power of the unassuming BSB number.

PEH System: Enhancing Efficiency in the Banking Sector

In the world of banking, efficiency and accuracy are paramount. To ensure smooth operations and seamless transactions, financial institutions often rely on automated systems that facilitate the identification and processing of funds.

One such system is the Payment Entry Hub, commonly known as the PEH system. In this article, we will explore what the PEH system stands for and how it relates to the BSB number provided.

We will also delve into the structure and format of BSB numbers, deciphering the meaning behind the digits and how they can be interpreted. The PEH System: The Backbone of Efficient Banking

The acronym PEH stands for Payment Entry Hub, a centralized system that enables the routing and processing of transactions.

Developed to enhance efficiency within the banking sector, the PEH system ensures that funds move swiftly and accurately from one financial institution to another. It acts as a hub through which transactions flow, ensuring that the appropriate BSB numbers are utilized for identification and routing purposes.

Relating the PEH System to the BSB Number Provided

In the case of the BSB number 062-249 for the Commonwealth Bank branch on Marrickville Road, the PEH system would play a vital role in directing and processing transactions originating from or destined for this branch. When a transaction is initiated, the PEH system comes into action, taking into account the BSB number provided.

It examines the first three digits, 062, which correspond to the Commonwealth Bank as the financial institution. The remaining three digits, 249, specify the specific branch on Marrickville Road.

Using this information, the PEH system ensures that the funds are accurately routed to the correct branch, guaranteeing a seamless transaction experience for customers.

Understanding the Structure of BSB Numbers

BSB numbers consist of six digits, each serving a distinct purpose in the identification and routing of funds. Let’s break down the structure and significance of each digit within a BSB number:

1.

First digit: The first digit represents the financial institution. In the provided BSB number 062-249, the first digit, 0, signifies that the financial institution is a bank, as indicated by the BSB range of 0 to 1.

2. Second and third digits: The second and third digits, in this case, 6 and 2, identify the specific bank within the financial institution.

In the given BSB number, 6 represents the Commonwealth Bank. 3.

Fourth and fifth digits: The fourth and fifth digits determine the state or territory where the branch is located. In the example BSB number, 2 and 4 indicate that the branch is in New South Wales (NSW).

4. Last digit: The final digit of the BSB number serves as a checksum, ensuring the accuracy and validity of the entire code.

It is calculated using a mathematical formula that involves the previous digits of the BSB number.

Deciphering the BSB Number 062-249

Now that we have outlined the structure of BSB numbers, let’s analyze and interpret the BSB number provided, 062-249:

– The first digit, 0, indicates that the financial institution is a bank. – The second and third digits, 6 and 2, signify that the bank is the Commonwealth Bank.

– The fourth and fifth digits, 2 and 4, reveal that the branch is located in New South Wales (NSW). – Lastly, the sixth digit, 9, serves as a checksum to validate the entire BSB number.

The BSB number 062-249, therefore, identifies the Commonwealth Bank branch on Marrickville Road in New South Wales, enabling the PEH system to accurately route and process transactions involving this branch.

In Conclusion

The PEH system, an integral part of the banking sector, ensures efficiency and accuracy in the identification and routing of funds. When combined with the BSB number, the PEH system becomes a powerful mechanism that facilitates seamless transactions within the financial system.

Understanding the structure and significance of BSB numbers allows us to interpret and utilize these codes effectively. The BSB number 062-249 for the Commonwealth Bank branch on Marrickville Road in New South Wales demonstrates how this system works in action, enabling the PEH system to process transactions flawlessly.

By harnessing the power of the PEH system and BSB numbers, financial institutions can achieve greater efficiency, whether transferring funds locally or across borders.

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