Bank Code Verified

062-302, BSB Number for Commonwealth Bank, Dee Why, NSW

BSB Number: 062-302

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shop 2 884-896 Pittwater Rd

City: Dee Why

State: NSW

Postcode: 2099

System: PEHto BSB numbers

Have you ever wondered what those series of numbers at the bottom of your checks or on your bank statements mean? Well, those numbers are known as BSB numbers, and they play a crucial role in the banking system.

In this article, we will delve into what BSB numbers are, their importance, and how they are used for identification and routing of funds. So let’s get started!

What are BSB numbers?

BSB, which stands for Bank State Branch, is a unique identifying code used in Australia for various banking transactions. Each BSB number is six digits long and represents a specific bank and branch location.

These numbers were first introduced in the 1970s to make electronic funds transfer in Australia more efficient and accurate.

Importance of BSB numbers

BSB numbers are essential in the banking system as they serve multiple purposes. Firstly, they help to identify the bank and branch to which a particular account belongs.

This identification is crucial when transferring funds, especially when dealing with large amounts or international transactions. Secondly, BSB numbers play a vital role in the routing of funds.

When you initiate a transfer, the BSB number helps the bank’s system to determine the correct destination for the funds. It ensures that the money reaches the intended recipient’s account without any errors or delays.

How are BSB numbers used for identification? Let’s say you want to transfer money to your friend’s bank account.

To do so, you will need their BSB number, along with their account number. The BSB number helps to identify the specific bank and branch where your friend’s account is held.

Without the correct BSB number, your funds may end up in the wrong account or not reach the recipient at all. Additionally, BSB numbers can be used to confirm the authenticity of a bank account.

When setting up direct debit or direct credit arrangements, businesses often ask for your BSB number to ensure that the provided account details are accurate and belong to the correct financial institution. How are BSB numbers used for routing of funds?

When you initiate a funds transfer, whether through online banking or in person at a branch, you will be asked to provide the BSB number of the recipient’s account. This information is essential for the banking system to determine the correct destination for the funds.

Once you input the BSB number, the system identifies the corresponding bank and branch, ensuring that the funds are routed accurately. This process eliminates the chances of errors or misrouting, providing a secure and efficient means of transferring money.

In addition to transferring funds, BSB numbers also come into play when setting up automatic payments, such as utility bills or loan repayments. By providing the correct BSB number, you ensure that your payments are processed correctly and applied to the appropriate account.

Conclusion

BSB numbers are a crucial component of the Australian banking system. They serve as unique identifiers for banks and branches, enabling accurate identification and routing of funds.

Whether you are transferring money or setting up automatic payments, knowing the correct BSB number is essential. So next time you see those numbers at the bottom of your checks, remember the important role they play in ensuring your money reaches its intended destination.

PEH System and its relation to BSB numbers

You may have noticed the mention of the “PEH” system in the provided BSB number (062-302). But what exactly does PEH stand for, and how does it relate to BSB numbers?

In this section, we will explore the PEH system and its connection to BSB numbers in Australia. PEH stands for “Principles for Electronic Handling,” and it is a system developed by the Australian Payments Clearing Association (APCA).

The PEH system sets out rules and guidelines for the electronic handling of payments, including the use of BSB numbers for routing funds accurately and efficiently. The PEH system is responsible for ensuring the smooth flow of electronic payments within Australia.

It establishes industry-wide standards and procedures to facilitate secure and reliable electronic funds transfers. These standards cover various aspects, including the use of BSB numbers as a means of identifying and routing funds.

Now that we understand what PEH stands for and its purpose let’s explore the structure and significance of BSB numbers in more detail.

Understanding BSB number structure

BSB numbers consist of six digits that are divided into three parts: the bank code, the state code, and the branch code. Each part holds specific significance and helps in identifying the bank, state, and branch associated with an account.

The bank code, represented by the first two digits, identifies the financial institution to which the BSB number belongs. In the case of the provided BSB number (062-302), the bank code is “06,” which corresponds to the Commonwealth Bank.

The state code, represented by the third digit, denotes the state or territory where the branch is located. In this BSB number, the state code “2” indicates that the branch is located in New South Wales (NSW).

The branch code, represented by the last three digits, specifies the particular branch within the given state. For the BSB number (062-302), the branch code is “302,” which uniquely identifies the branch located at Shop 2, 884-896 Pittwater Rd in Dee Why, NSW.

By breaking down and interpreting the BSB number, we can gather specific information about the bank, state, and branch associated with a particular account. This helps in ensuring accurate identification and routing of funds, as we mentioned in the previous sections.

The role of PEH system in BSB numbers

The PEH system provides guidelines and standards for using BSB numbers effectively in the electronic handling of payments. It ensures that financial institutions and payment service providers adhere to a consistent approach when processing transactions.

Under the PEH system, financial institutions are required to maintain accurate and up-to-date BSB number records to ensure the integrity and reliability of the electronic payments system. This includes regularly checking and updating their BSB number databases to reflect any changes made by banks or branches.

The PEH system also facilitates the exchange of BSB number information among financial institutions in a secure and standardized format. This ensures that all parties involved in a transaction have access to the correct BSB numbers for accurate identification and routing of funds.

By providing a framework for the proper use of BSB numbers, the PEH system enhances the efficiency and security of electronic funds transfers. It minimizes the risk of errors or misrouting and promotes confidence in the banking system.

Understanding the PEH system and its relation to BSB numbers gives us insights into the robust mechanisms in place to ensure the accuracy, efficiency, and security of electronic payments in Australia. In conclusion, the PEH system sets out guidelines for electronic payment handling, including the use of BSB numbers.

BSB numbers, with their unique structure and digital composition, play a vital role in identifying and routing funds accurately within the Australian banking system. Through the implementation of the PEH system, electronic payments are processed securely and reliably, maintaining the integrity of the entire financial ecosystem.

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