Bank Code Verified

062-836, BSB Number for Commonwealth Bank, Glendale, NSW

BSB Number: 062-836

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shop 71&72 Lake Road

City: Glendale

State: NSW

Postcode: 2285

System: PEH

Title: Understanding BSB Numbers and the Significance of Commonwealth BankIn the world of banking, BSB numbers play a crucial role in ensuring smooth and efficient transactions. These numbers, used in the Australian banking system, help identify and route funds accurately between financial institutions.

In this article, we will delve into the importance of BSB numbers, focusing on how they aid in fund identification and routing. Furthermore, we will explore the Commonwealth Bank, one of Australia’s largest banks, shedding light on its services and contributions to the banking sector.

Topic 1:to BSB Numbers

BSB numbers, or Bank State Branch numbers, are a unique six-digit code used in the Australian banking system. Each BSB number corresponds to a specific financial institution and branch.

Think of it as a postal code for banking, enabling accurate identification and routing of funds. Importance of BSB Numbers:

1.

Identification: BSB numbers uniquely identify financial institutions and branches. They provide critical information that ensures funds are transferred to the intended recipient accurately.

2. Routing: BSB numbers assist in routing funds within the banking system by indicating the recipient’s bank and branch.

This information is vital for seamless fund transfers. How BSB Numbers Work:

1.

First two digits: The first two digits of the BSB number represent the bank code, indicating the financial institution. 2.

Third digit: The third digit helps identify the state where the branch is located. 3.

Last three digits: The last three digits indicate the specific branch within the financial institution. Topic 2: Commonwealth Bank

Overview and Contribution:

The Commonwealth Bank, known as CBA, is one of Australia’s leading financial institutions, catering to the banking needs of millions of customers.

With a rich history dating back over a century, the bank has been a significant player in shaping the country’s financial landscape. Range of Services:

1.

Personal Banking: The Commonwealth Bank offers a multitude of banking services tailored for individuals, including savings accounts, transaction accounts, credit cards, personal loans, and overdraft facilities. 2.

Home Loans: CBA provides a range of home loan products to help individuals and families achieve their dream of owning a house. 3.

Business Solutions: The bank offers various business banking solutions, such as business accounts, merchant services, business loans, and trade finance, to support Australian businesses across different sectors. 4.

Wealth Management: Commonwealth Bank assists customers in managing their wealth by providing investment options, financial planning services, and insurance products. Innovation and Technology:

Commonwealth Bank has been at the forefront of embracing innovation and technology in the banking sector.

The introduction of NetBank, their online banking platform, revolutionized the way customers manage their finances. Additionally, the bank has integrated cutting-edge technologies like contactless payments, mobile banking, and biometric authorization to enhance customer convenience and security.

Commitment to Customer Satisfaction:

With a focus on customer satisfaction, Commonwealth Bank strives to provide a seamless banking experience. The bank has an extensive network of branches and ATMs across Australia, ensuring customers’ accessibility to their services.

Furthermore, their customer support services assist clients in resolving queries and concerns promptly. Conclusion:

By understanding the importance of BSB numbers, we can appreciate how they contribute to accurate fund identification and routing within the Australian banking system.

Additionally, exploring the Commonwealth Bank’s diverse range of services, commitment to innovation, and focus on customer satisfaction underscores its significance in the financial landscape of Australia. Whether it’s serving individual customers’ banking needs or facilitating business growth, the Commonwealth Bank remains a leading institution committed to providing excellent services to its customers.

Topic 3: PEH System

The PEH system, or the Payments Entry Hub system, is an integral part of the Australian banking infrastructure. It refers to the platform used for processing and routing payments within the Australian Payments Network (AusPayNet).

The PEH system ensures the efficient transfer of funds by utilizing BSB numbers for identification and routing purposes. Importance of the PEH System:

1.

Electronic Funds Transfer: The PEH system processes electronic funds transfers, enabling timely and accurate payments between financial institutions. 2.

Bulk Payment Processing: The PEH system handles high-volume payment transactions, such as payroll processing or government benefits distribution, efficiently and securely. 3.

Clearing and Settlement: The PEH system facilitates the clearing and settlement of funds between financial institutions, ensuring smooth and transparent financial transactions. Relationship between the PEH System and BSB Numbers:

BSB numbers play a critical role within the PEH system for the accurate identification and routing of funds.

The PEH system utilizes BSB numbers to determine the destination bank and branch for each payment transaction. By incorporating BSB numbers into the PEH system, the banks can efficiently transfer funds, keeping the payment process secure and streamlined.

Topic 4: Understanding BSB Number Structure

The structure of BSB numbers follows a specific format consisting of six digits. Each digit within the BSB number carries its own significance in identifying the financial institution and branch.

Let’s explore the breakdown of the BSB number 062-836 provided:

1. First two digits (Bank Code):

The first two digits of the BSB number represent the bank code.

For example, in the given BSB number (062-836), the bank code is 06. Every financial institution in Australia is assigned a unique two-digit code that distinguishes it from others.

In this case, the bank code corresponds to the Commonwealth Bank. 2.

Third digit (State Code):

The third digit in a BSB number represents the state code, indicating the state in which the branch is located. In the given BSB number (062-836), the third digit is 2.

In Australia, the state code 2 is assigned to the state of New South Wales (NSW). 3.

Last three digits (Branch Code):

The last three digits of the BSB number specify the particular branch within the financial institution. In the given BSB number (062-836), the branch code is 836.

This unique identifier helps route funds accurately to the specific branch of the Commonwealth Bank located at Shop 71&72 Lake Road, Glendale, NSW, with the postcode 2285. Interpreting the BSB Number 062-836:

By breaking down the BSB number 062-836, we can decipher its meaning.

The bank code 06 confirms that the financial institution associated with this BSB number is the Commonwealth Bank. The state code 2 indicates that the branch belongs to the state of New South Wales.

Lastly, the branch code 836 signifies a specific branch of the Commonwealth Bank located at Shop 71&72 Lake Road, Glendale, NSW, with the postcode 2285. Understanding the structure and significance of each digit within a BSB number allows individuals and organizations to ensure accurate identification and routing of funds.

It provides clarity on the financial institution, branch, and location associated with a particular BSB number. In conclusion, the BSB number structure consists of a bank code, state code, and branch code.

These digits are key to identifying the financial institution, state, and branch associated with a specific BSB number. Additionally, the PEH system plays a crucial role in processing and routing payments within the Australian banking system, utilizing BSB numbers for accurate fund transfers.

By understanding these concepts, individuals can navigate the banking system more effectively and ensure secure and efficient management of funds.

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