BSB Number: 764-128
Bank: Commonwealth Bank
Financial Institution: CBA
Address: S15 Coorparoo Sq 26 Holdsworth St
City: Coorparoo
State: QLD
Postcode: 4151
System: PEHto BSB numbers:
Have you ever wondered what those random series of numbers on your bank statement mean? They may seem insignificant, but they play a vital role in the banking system.
These numbers are known as BSB numbers, and they serve as a unique identifier for each bank branch in Australia. In this article, we will explore what BSB numbers are and why they are important in the banking system.
We will also delve into how they are used for identification and routing of funds. What are BSB numbers?
BSB stands for Bank State Branch, and it is a six-digit number that identifies a specific bank branch. Each BSB number is unique to a particular financial institution and their respective branches.
For example, the BSB number 764-128 belongs to the Commonwealth Bank branch located in Coorparoo, QLD. The importance of BSB numbers in the banking system:
The main purpose of BSB numbers is to enable accurate and efficient routing of funds between banks.
When you want to transfer money to another bank account, whether it’s within the same bank or a different one, you will need to provide the BSB number along with the account number. This helps the banks identify the destination branch where the funds should be routed.
In addition to fund transfers, BSB numbers are also used for other banking transactions such as direct debits, direct deposits, and bill payments. By including the BSB number, banks can ensure that transactions are processed correctly and funds are directed to the intended recipient.
How BSB numbers are used for identification and routing of funds:
When you initiate a fund transfer, whether online or at a bank branch, you will be prompted to enter the BSB number of the receiving account. This BSB number helps the banking system identify the recipient’s bank and branch accurately.
It ensures that the funds are directed to the correct institution for further processing. Once the system identifies the recipient bank and branch using the BSB number, it then uses additional information such as the account number to correctly route the funds to the specific account within that branch.
It is crucial to provide accurate BSB numbers and account details to avoid any delays or errors in fund transfers. The format of BSB numbers:
BSB numbers are always six digits long and are typically written in a three-digit dash three-digit format (XXX-XXX).
The first three digits represent the bank or financial institution, while the last three digits identify the specific branch. For example, in the BSB number 764-128, the first three digits ‘764’ indicate that it belongs to the Commonwealth Bank, while the last three digits ‘128’ represent the Coorparoo branch in QLD.
Tips for finding BSB numbers:
If you need to find the BSB number for a particular bank branch, there are several ways to do so. You can check your bank statement or online banking portal, where the BSB number is usually listed alongside your account details.
You can also visit the bank’s website or contact their customer support for assistance. It is essential to double-check the BSB number before initiating any transactions to avoid any errors or delays.
Incorrect BSB numbers can result in funds being directed to the wrong branch or even the wrong bank, leading to complications and potential loss of funds. In conclusion, BSB numbers are a crucial element of the banking system in Australia.
They serve as unique identifiers for bank branches and play a significant role in the accurate routing of funds. By providing the correct BSB number along with the account details, you ensure that your transactions are processed correctly and funds are directed to the intended recipient.
Take the time to familiarize yourself with the BSB number of your bank branch and always double-check the accuracy when performing any banking transactions. Topic 3: PEH System
Introducing the PEH System:
In the world of banking, efficiency and accuracy are paramount.
That is where the PEH (Payment Entry Hub) system comes into play. The PEH system is an advanced electronic platform employed by financial institutions in Australia to handle the processing, routing, and settlement of financial transactions.
Let’s delve into what the PEH system stands for and how it relates to the provided BSB number, 764-128. Understanding the PEH System:
PEH stands for Payment Entry Hub, and it refers to the centralized electronic system used by banks to manage various transactions.
The PEH system acts as a hub, processing and directing funds to the appropriate bank branches based on the BSB numbers provided. The PEH system not only handles internal transfers within a bank but also facilitates interbank transactions.
When a customer initiates a transfer, whether it’s a payment, a direct deposit, or a bill payment, the PEH system uses the BSB numbers provided to identify the recipient’s bank branch and route the funds accordingly. Relating the PEH System to the BSB number provided:
Now, let’s see how the PEH system relates to the BSB number 764-128, which belongs to the Commonwealth Bank branch in Coorparoo.
When a customer initiates a transaction with this BSB number, the PEH system recognizes the BSB number as belonging to the Commonwealth Bank and directs the funds to the Coorparoo branch. The PEH system is designed to ensure that the correct funds are routed to the designated bank branch based on the BSB number provided.
This electronic system plays a crucial role in streamlining the financial transactions within the banking system and ensures the timely and accurate transfer of funds. Topic 4: Understanding BSB number structure
The format and structure of BSB numbers:
BSB numbers consist of six digits, typically presented in a three-digit dash three-digit format (XXX-XXX).
Each digit in the BSB number holds a specific significance, and understanding this structure can help you interpret the number more effectively. The first three digits: Representing the bank or financial institution
The first three digits of a BSB number correspond to the specific bank or financial institution.
These digits are assigned to each bank or institution by the Australian Payments Clearing Association (APCA). For example, the BSB number 764-128 has the first three digits ‘764,’ which identifies the Commonwealth Bank.
The last three digits: Identifying the bank branch
The last three digits of a BSB number identify a specific bank branch within the financial institution. Each branch is assigned a unique three-digit code that allows for precise identification and routing of funds.
In the example BSB number 764-128, the last three digits ‘128’ correspond to the Coorparoo branch of the Commonwealth Bank. Breaking down and interpreting the BSB number given:
Now, let’s break down and interpret the provided BSB number, 764-128, to understand its components and significance.
The first three digits, ‘764,’ identify the Commonwealth Bank. This major Australian financial institution has been serving customers for over a century and offers a comprehensive range of banking products and services.
The last three digits, ‘128,’ represent the Coorparoo branch of the Commonwealth Bank. Being specific to this branch allows for accurate routing of funds and ensures that transactions are processed within the intended location.
The BSB number is crucial for customers to make accurate transactions, and the identified bank branch plays a significant role in providing banking services to the local area. The Commonwealth Bank’s Coorparoo branch, located in S15 Coorparoo Square at 26 Holdsworth St, serves the community of Coorparoo and surrounding areas in Queensland with its comprehensive range of financial services.
By understanding the breakdown and interpretation of the BSB number, customers can easily identify the financial institution and branch, ensuring smooth and accurate transactions. In conclusion, the PEH (Payment Entry Hub) system is an integral component of the banking system, handling the processing, routing, and settlement of various financial transactions.
The BSB number plays a vital role within this system as a unique identifier for bank branches. Each digit within the BSB number has a specific significance, with the first three digits corresponding to the bank and the last three digits identifying the branch.
Understanding the structure and interpretation of BSB numbers allows customers to navigate the banking system with ease and confidence, ensuring accurate and efficient transactions.