billpaying service
Our BillPaying service is one of our most popular accounts. Why? Because we pay all your bills for you! Even when there’s not enough money in the account!
Plus we don’t charge you interest when the account balance is overdrawn, and we don’t charge you any postage, cheque fees, BPAY costs or direct debit charges.
To open a BillPaying account, simply visit your local branch, or download an application and visit your local branch to discuss.
Here’s a quick example
Let’s say your bills total $17,400 a year. We work out how much you need to set aside by adding a 10% safety margin to certain bills to that are variable each time you get them (such as phone and electricity). In this example, we would need a total of $17,871 a year (which includes a monthly service fee). If your salary is received fortnightly, you can deposit each fortnight an amount of $687.35.
| Month | Deposits Made | Bills Paid | Account Balance |
| 1 | $1489.24 | $1,095 | $394.24 |
| 2 | $1489.24 | $2,595 | -$711.52 |
| 3 | $1489.24 | $1,420 | -$642.28 |
| 4 | $1489.24 | $2,095 | -$1,248.04 |
| 5 | $1489.24 | $1,175 | -$933.80 |
| 6 | $1489.24 | $540 | $15.44 |
| 7 | $1489.24 | $1,395 | $109.68 |
| 8 | $1489.24 | $2,045 | -$446.08 |
| 9 | $1489.24 | $1,095 | -$51.84 |
| 10 | $1489.24 | $1,095 | $342.40 |
| 11 | $1489.24 | $1,275 | $556.64 |
| 12 | $1489.24 | $1,495 | $550.88 |
| TOTALS | $17,870.88 | $17,320 | $550.88 |
Generally you’ll always remember the big bills but sometimes forget about the little ones in between that all add up. So here’s a list of some bills that you possibly receive and might like to include in the BillPaying service: Work out the regular payment amount Once you’ve chosen all the bills you’d like included in your BillPaying service, we add them all together with a 10% safety margin to account for any bills that are variable each time you get them (such as phone and electricity). We also add in the monthly service fee to this amount. Send us your bills Once we approve your application, we arrange an authority with your employer or agency for funds to be electronically deposited each payday directly into your BillPaying Account… which means you don’t have to do anything. We start paying your bills once we have received one twelfth (1/12) of the total contract amount in the account. You might even decide to just pay this upfront in order to get started straight away. As you receive your bills in the mail, just drop them into the branch (or you can scan and email or fax if you’re super busy) and we’ll pay them for you.
Here's all you have to do...
1.
Decide what bills to include
2.
Then we work out the number of pay days you have each year, and we divide the total amount of all your bills by this number and figure out how much to deposit into the BillPaying account.
3.
You just need to:
At the end of the 12 months, whatever is left in the account is a great kick-start for the next year’s BillPaying arrangement.
