Bank Code Verified

763-709, BSB Number for Commonwealth Bank, Maffra, VIC

BSB Number: 763-709

Bank: Commonwealth Bank

Financial Institution: CBA

Address: 128 Johnson Street

City: Maffra

State: VIC

Postcode: 3860

System: PEHto BSB Numbers

When it comes to the world of banking, there are a plethora of acronyms and numbers that can be quite confusing. One such number that often raises eyebrows is the BSB number.

But fear not, for in this article, we will unravel the mystery of BSB numbers and shed light on their importance in the banking system. What are BSB numbers?

BSB, which stands for Bank State Branch, is a unique identification number assigned to each bank and branch in Australia. It is a six-digit code that is used for various purposes within the banking system, such as identification and routing of funds.

Importance in the banking system

BSB numbers play a crucial role in ensuring smooth and secure financial transactions. Here’s why they are so important:

1.

Identification: Each BSB number corresponds to a specific bank and branch, acting as a unique identifier for that particular location. This helps to avoid any confusion or mix-ups during transfers or payments, ensuring that funds are directed to the correct recipient.

2. Routing of funds: When you make a payment or transfer funds, the BSB number is used to route the transaction to the relevant bank and branch.

This ensures that the money reaches its intended destination seamlessly and efficiently. Without BSB numbers, the process of routing funds would be significantly more complex and prone to errors.

3. Verification: BSB numbers are also used for verification purposes, especially when setting up direct debits or automatic payments.

By providing the correct BSB number, you can validate the bank and branch details, ensuring that the funds are being sent to the right place. How are BSB numbers used?

Now that we understand the importance of BSB numbers, let’s take a closer look at how they are used in different scenarios:

1. Online banking: When you perform online transactions, such as transferring money from your account to another or paying bills, you are required to enter the BSB number of the recipient’s bank.

This ensures that the funds are directed to the correct branch. 2.

Direct deposits: If you are receiving funds through direct deposit, the sender would need to know your BSB number to initiate the transfer. By providing them with the correct BSB number, you can ensure that the funds are credited to your account accurately.

3. Bill payments: When making bill payments, such as electricity or phone bills, the BSB number of the billing organization’s bank is required.

This ensures that your payment reaches the correct entity without any hiccups. 4.

Third-party transfers: If you need to transfer funds to someone else’s account, you would need their BSB number. This ensures that the funds are sent to the right bank and branch, avoiding any delays or potential errors.

In conclusion, BSB numbers are a crucial component of the Australian banking system. They facilitate the identification and routing of funds, ensuring that transactions are completed accurately and efficiently.

By understanding the importance of BSB numbers and how they are used, you can navigate the world of banking with confidence and ease. So the next time you come across a BSB number, remember its significance and the role it plays in keeping our financial transactions seamless and secure.

PEH System

The PEH system, also known as the Post Entry Health System, is a specialized system used within the Australian banking industry. It relates to the BSB number provided in a unique way, as it is one of the many systems used by the Commonwealth Bank to ensure the smooth operation of its banking services.

The PEH system primarily focuses on post-entry checks to verify the accuracy of transactions and detect any potential errors or fraudulent activities. It plays a crucial role in maintaining the integrity and security of the banking system, providing an extra layer of protection for both customers and financial institutions.

By analyzing transaction data and conducting thorough checks, the PEH system can flag suspicious activities and prevent unauthorized access to accounts. One of the key ways in which the PEH system relates to the BSB number provided is through its ability to track and verify the routing of funds.

When a transaction occurs, the PEH system uses the BSB number to cross-reference the details of the bank and branch involved in the transfer. This ensures that the funds are being directed to the correct location and reduces the risk of any misdirection or fraud.

Understanding BSB Number Structure

To better understand BSB numbers, let’s take a closer look at their structure and the significance of each digit within the number. BSB numbers are comprised of six digits, which are divided into three groups – the first two digits representing the bank, the next two digits representing the state or territory, and the last two digits representing the specific branch.

1. Bank digits: The first two digits of a BSB number indicate the bank.

These digits are unique to each financial institution and are assigned by the Australian Payments Clearing Association (APCA). For example, the BSB number provided, 763-709, corresponds to the Commonwealth Bank.

2. State digits: The next two digits represent the state or territory in which the branch is located.

These digits help in identifying the specific geographical location of the branch within Australia. For instance, in our example, the state digits ’63’ correspond to Victoria (VIC).

3. Branch digits: The final two digits of a BSB number signify the specific branch within the state or territory.

These digits help in differentiating between multiple branches of the same bank within a particular region. In our example, the branch digits ‘709’ correspond to the specific Commonwealth Bank branch located at 128 Johnson Street in Maffra, Victoria.

Breaking down the BSB number

Now, let’s break down the BSB number 763-709 to interpret its meaning:

The first two digits ’76’ indicate that the bank is the Commonwealth Bank. The following two digits ‘3’ represent the state as Victoria (VIC).

The last two digits ‘709’ signify the specific branch located at 128 Johnson Street in Maffra, Victoria. This breakdown provides valuable information about the bank, its location, and the specific branch associated with the BSB number.

It ensures that funds are routed accurately and efficiently, minimizing any potential errors or misdirection. In conclusion, the PEH system serves as a vital tool within the Australian banking industry, providing extra security measures to identify and prevent fraudulent activities.

It works hand in hand with BSB numbers, which play a significant role in identifying and routing funds accurately. Understanding the structure of BSB numbers helps individuals interpret the information contained within and ensures that transactions are directed to the correct bank and branch.

By comprehending the relationship between the PEH system and BSB numbers, customers can have greater confidence in the security and efficiency of their banking transactions.

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