What is an e-BSB?
BSB stands for bank, state, branch in banking. It’s a set of numbers that identify a bank. These six numbers tell the bank clerk, algorithm or app, where to pull money from or where to send money. An e-BSB is the electronic version of the bank’s identification number.
It’s important to know this information. When you make your mortgage choice financing for a home purchase, lenders prefer that clients set up a direct debit authority. The automated payments ensure that repayments will arrive like clockwork every first of the month.
Homeowners can suspend a direct debit authority at any time, but they become responsible for sending their repayment monthly through other means, without fail.
Every bank has a unique set of six numbers so that deposits and withdrawals are taken from the correct account. It also tells the machines if fees are going to be charged.
These numbers are necessary when sending or receiving money from overseas. It’s a routing number followed by a sequence of more that point to the correct account.
If you ever need to know your account’s e-BSB, there are plenty of resources online to help you. It’s also possible to contact your bank by phone or in person. With the increase of online banking, you’ll find this information on the bank’s website and app too.
An e-BSB is the electronic version of BSB. When it comes to banking, it’s important to know this information. You’ll use it to make payments and transfers. If you have any questions about your account information, our Mortgage House loan specialists are ready to help.