Bank Code Verified

063-587, BSB Number for Commonwealth Bank, Wheelers Hill, VIC

BSB Number: 063-587

Bank: Commonwealth Bank

Financial Institution: CBA

Address: Shop MM001A 580 Springvale Road

City: Wheelers Hill

State: VIC

Postcode: 3150

System: PEHto BSB Numbers: A Vital Part of the Banking System

Have you ever wondered what those mysterious numbers beside your bank account details mean? They may seem like a random assortment of digits, but they actually play a crucial role in the world of banking.

These numbers are known as Bank-State-Branch (BSB) numbers, and they are essential for the identification and routing of funds in the Australian banking system. Topic 1:to BSB numbers: Explain what BSB numbers are and their importance in the banking system.

Discuss how BSB numbers are used for identification and routing of funds. BSB numbers serve as a unique identifier for each individual bank branch in Australia.

These numbers consist of six digits, with the first two digits representing the bank, and the following four digits indicating the specific branch location. For example, the BSB number 063-587 belongs to the Commonwealth Bank branch located at 580 Springvale Road, Wheelers Hill, VIC.

But what is the importance of these numbers in the banking system? BSB numbers play a vital role in ensuring that funds are accurately directed to the intended recipient.

When you make a payment or transfer funds to another bank account, the BSB number is used to identify the recipient’s bank and branch. This information helps the banking system in routing the funds to the correct destination.

Let’s say you want to transfer money from your Commonwealth Bank account to a friend’s account at another bank. When completing the transfer, you will need to provide your friend’s BSB number along with their account number.

The BSB number ensures that your money reaches the correct bank and branch and is then directed to your friend’s account. BSB numbers also play a crucial role in the processing of automatic payments.

Whether it’s for salary transfers, bill payments, or direct debits, BSB numbers are used to ensure that these transactions are accurately processed. By providing the correct BSB number, you can have peace of mind knowing that your payments are being directed to the right recipient.

It’s worth noting that BSB numbers are specific to the Australian banking system. Other countries may have different systems in place for identifying and routing funds.

In Australia, however, BSB numbers have been in use since the 1970s and have become an integral part of the banking infrastructure. In conclusion, BSB numbers are more than just a random assortment of digits.

They are a unique identifier for bank branches and are essential for the accurate and efficient routing of funds within the Australian banking system. Whether you’re making a payment, transferring funds, or setting up automatic payments, BSB numbers ensure that your money reaches its intended destination securely and without any hiccups.

Topic 2: Commonwealth Bank

The Commonwealth Bank, also known as CBA, is one of Australia’s largest and most prominent financial institutions. With a rich history spanning over a century, the Commonwealth Bank has played a vital role in the development and growth of the Australian economy.

Established in 1911 as a government-owned bank, the Commonwealth Bank was initially created to provide essential banking services to Australians. Over the years, it has grown into a fully-fledged financial institution, offering a wide range of products and services to cater to the diverse needs of its customers.

Today, the Commonwealth Bank serves millions of customers across Australia, offering personal banking, business banking, and wealth management services. Whether you’re looking to open a savings account, apply for a home loan, or plan for your retirement, the Commonwealth Bank has solutions to meet your financial goals.

The Commonwealth Bank is known for its commitment to innovation and technology. In recent years, it has embraced digital banking, allowing customers to conveniently manage their finances through online and mobile platforms.

From transferring funds to paying bills, the Commonwealth Bank’s digital banking services provide customers with a seamless and efficient banking experience. In addition to its banking services, the Commonwealth Bank is also actively involved in supporting the community and driving social change.

Through various initiatives and partnerships, the bank focuses on education, healthcare, and environmental sustainability. It works hand in hand with organizations and individuals to create positive impacts and contribute to the well-being of society.

As a customer of the Commonwealth Bank, you can expect exceptional customer service and a commitment to meeting your financial needs. The bank’s extensive network of branches and ATMs ensures that you have easy access to your accounts and can receive assistance when needed.

With a dedicated team of financial experts, the Commonwealth Bank is equipped to provide tailored advice and solutions to help you achieve your financial goals. In conclusion, the Commonwealth Bank is a cornerstone of the Australian banking industry, providing a wide range of products and services to meet the needs of individuals, businesses, and communities.

With its focus on innovation, technology, and social responsibility, the Commonwealth Bank continues to grow and evolve, shaping the future of banking in Australia. Topic 3: PEH System

While BSB numbers are an essential part of the banking system in Australia, another term often associated with them is the PEH system.

PEH stands for Post and Electronic Home, and it refers to a mechanism used to process electronic transactions within the Australian banking system. The PEH system enables the secure and efficient transfer of funds between different financial institutions.

It acts as an intermediary, connecting banks and other financial organizations to ensure that electronic payments are correctly routed and settled. In the context of BSB numbers, the PEH system plays a crucial role in the identification and routing of funds.

When you initiate a payment or transfer, the information provided, including the BSB number, is processed through the PEH system. This system validates the BSB number, confirms the recipient’s bank and branch, and ensures that the funds are directed accordingly.

The PEH system operates behind the scenes, allowing for seamless transactions while maintaining the integrity and security of the banking system. It has evolved over time to keep up with advancements in technology and changing customer behaviors, ensuring that electronic payments can be processed reliably and efficiently.

Now that we have explored the PEH system, let’s delve deeper into the structure of BSB numbers and understand how they are organized. Topic 4: Understanding BSB Number Structure

BSB numbers follow a specific format and structure that provides valuable information about the bank and branch they belong to.

By understanding the different components of a BSB number, you can interpret the information it contains. A BSB number consists of six digits, divided into two groups: the bank code and the branch code.

The bank code comprises the first two digits, while the branch code occupies the remaining four digits. The bank code represents the financial institution, providing insights into the bank that operates the branch.

For example, the bank code “06” in the BSB number 063-587 corresponds to the Commonwealth Bank. The branch code, on the other hand, signifies the specific branch location within the bank.

These four digits further refine the identification of the bank branch. For instance, the branch code “3587” in the BSB number 063-587 refers to the branch located at 580 Springvale Road, Wheelers Hill, VIC.

To break down and interpret the BSB number 063-587:

– The bank code “06” indicates that the bank is the Commonwealth Bank. – The branch code “3587” specifies that the branch is located at 580 Springvale Road, Wheelers Hill, VIC.

By analyzing the BSB number, you can quickly identify the bank and branch associated with it. This information is vital for accurately directing funds during transactions or routing electronic payments through the PEH system.

Additionally, BSB numbers can provide valuable insights into the scale and reach of a financial institution. Banks with larger networks may have multiple branches with different BSB numbers, each corresponding to a specific location.

In conclusion, BSB numbers have a specific structure and format that enables them to provide crucial information about the bank and branch they belong to. Understanding the components of a BSB number allows for the interpretation of the associated details, such as the name of the bank and the specific branch location.

Combined with the PEH system, BSB numbers ensure accurate identification and routing of funds within the Australian banking system.

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