Bank Code Verified

762-806, BSB Number for Commonwealth Bank, Charlestown, NSW

BSB Number: 762-806

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 216 – 218 Pacific Hwy

City: Charlestown

State: NSW

Postcode: 2290

System: PEH

Title: Understanding BSB Numbers and the Commonwealth BankIn the world of banking, BSB numbers are like fingerprints. They are unique identifiers that play a crucial role in the smooth functioning of the financial system.

These numbers may seem insignificant, but they are the backbone of how funds are identified and routed between banks. In this article, we will delve into the world of BSB numbers, with a focus on the Commonwealth Bank, one of Australia’s leading financial institutions.

Topic 1:to BSB numbers:

BSB numbers, or Bank-State-Branch numbers, are a six-digit numerical code used in Australia to identify individual bank branches. They were introduced in the late 1960s as part of the Australian Payments Clearing Association’s efforts to streamline the processing of electronic funds transfers (EFT).

BSB numbers are unique to each bank and branch, distinguishing them from one another. These numbers are essential for various banking transactions, including direct debit, electronic fund transfers, and clearing houses.

When combined with an account number, BSB numbers help ensure that funds are routed accurately to the intended recipient. Importance of BSB numbers in the banking system:

BSB numbers serve vital functions in the banking system.

Firstly, they provide a means of identification for both banks and specific branches. By using BSB numbers, banks can accurately process transactions and avoid potential errors or delays.

Secondly, these numbers play a crucial role in the routing of funds. When initiating a transaction, the sender provides the BSB number to instruct the bank on where to send the funds.

This ensures that the money reaches the intended recipient and helps eliminate confusion in the vast network of banks and branches. Furthermore, BSB numbers also aid in regulatory reporting, enabling authorities to track and monitor financial transactions.

Using BSB numbers for identification and routing of funds:

To understand how BSB numbers facilitate fund identification and routing, let’s say you want to transfer funds to a friend who banks with a different financial institution. You would need your friend’s account number and BSB number to establish the correct destination.

The BSB number indicates the bank and branch where the account is held, while the account number specifies the exact account within that branch. When you initiate the transfer, your bank uses the BSB number to determine which bank to send the funds to, ensuring they reach the correct branch.

Once they reach the branch, the account number ensures the funds are deposited in the intended account. Topic 2: Commonwealth Bank:

The Commonwealth Bank (CBA), abbreviated as CommBank, is one of Australia’s largest and most trusted financial institutions.

With a rich history dating back to 1911, the Commonwealth Bank has played a significant role in shaping the nation’s banking landscape and supporting the economic growth of Australia. Overview:

Headquartered in Sydney, the Commonwealth Bank boasts an extensive network of branches and ATMs across the country.

It offers a wide range of financial services, including personal and business banking, home loans, insurance, investments, and wealth management. The bank’s commitment to innovation and customer experience has made it a leader in the industry, with a strong emphasis on digital banking solutions.

Commitment to Customer Satisfaction:

The Commonwealth Bank places great importance on understanding and meeting its customers’ needs. It invests in technology to provide a seamless and convenient banking experience, allowing customers to access their accounts and manage transactions anytime, anywhere.

Whether it’s through their user-friendly mobile app, online banking platform, or in-person at branches, CommBank aims to empower its customers with the tools and support they need to achieve their financial goals. Community Engagement and Social Responsibility:

As a responsible corporate citizen, the Commonwealth Bank actively contributes to the communities it serves.

Through its Corporate Responsibility program, the bank focuses on initiatives that support education, financial literacy, and social welfare. It actively partners with community organizations, leveraging its resources and expertise to make a positive impact.

The Commonwealth Bank also encourages employee volunteering and donation-matching programs to enhance their involvement in community development. Security and Trust:

The Commonwealth Bank places utmost importance on the security of its customers’ financial information.

It employs robust systems and cutting-edge technology to protect against fraud and cyber threats. With encryption protocols, secure payment gateways, and vigilant monitoring, customer data remains safeguarded at all times.

Additionally, the bank has implemented multi-factor authentication procedures to ensure authorized access to accounts. Conclusion:

BSB numbers are fundamental to the smooth operation of the banking system, enabling the routing of funds accurately and efficiently.

Understanding their role and importance is essential for anyone engaging in financial transactions. The Commonwealth Bank, with its extensive reach and commitment to customer satisfaction, stands out as a reliable and innovative financial institution.

By leveraging technology and embracing social responsibility, CommBank continues to meet the evolving needs of its customers and contribute positively to the communities it serves. Topic 3: PEH System:

In the world of banking, the PEH (Pensioner and Beneficiary Electronic Health System) is an integral part of the Australian financial infrastructure.

This system is designed to provide essential support to pensioners and beneficiaries by facilitating the efficient transfer of funds. While the BSB number provided is associated with the Commonwealth Bank, it is worth noting that the PEH system is utilized by multiple financial institutions to ensure smooth and timely payment delivery.

What is the PEH system? The PEH system is a specialized electronic funds transfer system that enables the Australian government to directly deposit payments to eligible pensioners and beneficiaries.

It ensures that individuals receive their entitlements promptly and reliably, without the need for physical checks or manual processes. The system streamlines the payment process by eliminating the risks and delays associated with traditional paper-based methods.

How does the PEH system relate to the BSB number provided? The BSB number provided, 762-806, is associated with the Commonwealth Bank and is utilized within the PEH system for the routing of funds.

When the Australian government initiates payments to pensioners and beneficiaries, the relevant BSB number is used to direct the funds specifically to the Commonwealth Bank branch located at 216 – 218 Pacific Hwy, Charlestown, NSW 2290. Topic 4: Understanding BSB number structure:

BSB numbers are structured in a specific format and provide meaningful information about the bank and branch associated with them.

Format and structure of BSB numbers:

A BSB number consists of six digits, which are broken down into three separate segments. The first two digits represent the bank code, the next two digits indicate the state code, and the final two digits identify the particular branch within the bank.

Significance of different digits within the BSB number:

1. Bank Code: The first two digits of the BSB number signify the bank where the branch is located.

In this case, the bank code 76 corresponds to the Commonwealth Bank. 2.

State Code: The following two digits represent the state code, providing information about which part of Australia the branch is situated in. For example, the state code 2 refers to New South Wales.

3. Branch Code: The final two digits of the BSB number pinpoint the specific branch within the bank and state.

These digits differentiate one branch from another within the same bank and state. In the provided BSB number, 806 identifies the branch located at 216 – 218 Pacific Hwy, Charlestown, NSW 2290.

Breaking down and interpreting the BSB number given:

Using the BSB number 762-806, we can interpret its structure and identify the relevant details:

– The bank code ’76’ indicates that the branch belongs to the Commonwealth Bank. – The state code ‘2’ signifies that the branch is located in New South Wales.

– The branch code ‘806’ specifies the particular branch at 216 – 218 Pacific Hwy, Charlestown, NSW 2290. Understanding these different digits within the BSB number allows banks, financial institutions, and customers to easily identify and route funds accurately to the intended branch for various banking transactions.

Conclusion:

The PEH system plays a crucial role in delivering prompt payments to eligible pensioners and beneficiaries in Australia. In conjunction with the BSB number system, it ensures that funds are routed accurately to the appropriate financial institution and branch.

The BSB number structure, with its segmented format, provides valuable information about the bank, state, and branch associated with it. These details empower customers, financial institutions, and regulatory bodies to navigate the intricate network of the banking system with confidence and ease.

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