86 400 to help customers get better energy deals

86 400 to help customers get better energy deals

Smart bank 86 400 is offering to help its customers find a better deal on their household’s electricity, thanks to a new energy plan assessment service.

There are already energy comparison websites available, such as the Australian government’s Energy Made Easy. However, 86 400’s new Energy Switch service is set to not just compare deals from energy providers, but to assess a household’s energy usage and show how much they could save with different energy plans.

According to 86 400, Energy Switch will work like so:

  1. Email your latest electricity bill to 86 400. The system will scan your bill for the details required to provide a tailored quote.
  2. 86 400 will send you three competitive electricity plans, plus an estimate of how much money each one could save you per year.
  3. Pick your preferred provider to start the switching process. 86 400 will forward your details to the provider, who will shortly contact you to organise the switch.

At present, Energy Switch will compare plans from Amaysim, Energy Australia, Momentum Energy and Powershop, with more to come. According to 86 400, the smart bank will not take any commission from customer switches.

86 400 CEO, Robert Bell, said that Energy Switch is intended to help Australians take control of their money by prompting them to find a better energy deal, and to save time and money in the process:

“This isn’t about us making commission on the switch, but about giving customers the best independent analysis of their electricity bills. No ifs, buts or kick-backs.”

Energy Switch is set to become available in February 2020 to 86 400 customers, who currently have access to digital bank accounts, savings accounts and home loans from their smartphones.

In the meantime, Australians may be able to find ways to save money on electricity by working out which appliances may cost the most to run, and considering adding solar panels to their homes.

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You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.

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One way to deposit change into your bank account is to visit a branch. Many lenders will also allow you to deposit your change through one of their ATMs.

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Many people find themselves struggling to cope with debt at one time or another. In these cases, a debt collector could contact you to demand payment for a debt, to explain the consequences of you failing to pay a debt, or to organise alternative payment arrangements.

If you’re contacted by a debt collector, you may be wondering what their rights are and whether they can take money out of your bank account.

Creditors cannot access money in your bank account unless a court order (also known as a ‘garnishee order’) is made to allow creditors to recover debt by taking money from your bank account or salary.

If this happens, the creditor can take money out of your bank account unless you pay the debt in full or make an alternative payment arrangement such as paying in instalments through the court.

Can you deposit money into somebody else's bank account?

One of the easiest banking tasks in the world is depositing money. You can even deposit money into someone else’s bank account if you wish.

The basic information you need to deposit money into a third-party bank account is:

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Including the name of the financial institution isn’t necessary – particularly with online banking – because the BSB will identify this for you.

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You can close your Commonwealth Bank account at any branch, provided you have appropriate identification. You can also close your account over the phone, by calling 132 221, 24 hours a day.

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Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.

If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.

There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.

Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.

It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.

What do I need to open bank accounts online?

Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.

Information to have available when you’re ready to apply is:

  • Identification (such as driver’s licence, birth certificate, passport, proof-of-age card)
  • Tax file number
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In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.

There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.

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You can close a bank account with pending transactions. But after the account is closed, any incoming transactions will be declined by your (old) bank.

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If you’re unsure whether you have any scheduled transactions, you can speak to a banking representative over the phone or via online support.

In most cases, your bank withholds the amount owing for pending transactions (such as online purchases).

Because the pending amount is deducted from your bank balance, you can close your bank account and the purchase will be honoured.

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Transferring cash from Paypal into your bank account is simple…if you have a Paypal account that is.

Once you’re logged into your Paypal account, the account balance will appear on your home page. Below your balance are two options:

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The next screen will prompt you to either enter new bank account details or choose a bank account that’s connected to Paypal. You can always add more bank accounts to your Paypal profile.

Another way to transfer out of Paypal is by jumping to the wallet tab on the top menu, and clicking ‘transfer money’. Both options will give you the same result.

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Keep in mind that each type of account you have with a bank comes with a unique account number. This means if you have a bank account as well as a savings account, for example, your bank account number and your savings account number will be different.

If you don’t have access to your bank account online or can’t login, you should be able to find your account number on a mailed bank statement, if you have one.

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