How the bank can protect my money.

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There are a number of ways the bank can help you to protect and keep your money safe. How does the bank really know that they are dealing with you? What can you do to also help protect your money. Here are a couple of handy hints.

Bank account

A bank account is where the bank keeps a record of your money transactions – money coming in and money coming out.

A bank account is identified by a BSB number and an account number.

Bank customer number

Sometimes called a customer ID this number is unique to you and is what you use for online or telephone banking. It is different from your BSB and account number.

Identification

The bank will always want to make sure they are speaking to the owner of the bank account. This is so the bank can protect you and your money.

Identification can include:

  • Indigenous Community ID Card with full name, DOB, residential address, and photograph
  • 18+ photo card
  • Driver licence
  • Passport
  • Medicare card

Let the bank know if any of your details change so they can update their records and continue to keep your money safe.

Personal Identification Number (PIN)

Your PIN is a 4-digit secret number that allows you to access your money. A PIN should be a number that you can remember but others cannot guess.

It is important not to share this number with anyone otherwise they can use your PIN to take money out of your bank account without your permission.

Online banking

Also known as internet banking, online banking is a very convenient way to access your bank account without having to go to a bank branch. Online banking can be accessed via a computer or a smart phone.

It is a good idea to have a strong password to access online banking. Again, it is important not to share this password otherwise other people can access your money without permission. If using a public or shared computer remember to always log out so the next person cannot access your account.

Checking bank statements

A bank statement is a list of bank account transactions as recorded by the bank. It is a record of money going in and money going out of your bank account.

It is important to regularly check your bank statements for transactions you do not recognise. Contact the bank if there is something not quite right.

Lost card

If you have lost your bank card contact the bank. They can place a stop on the card to prevent anyone using it without your permission and organise a replacement card to be sent to you.

Where can I go for help

Westpac Indigenous Connection team: 1800 230 144

Westpac website: www.westpac.com.au

 


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Lisa Gissing

From Melbourne to Perth to the Tiwi Islands, from Launceston to Port Moresby, Lisa has helped many individuals, communities and businesses to build financial confidence for over ten years. From developing and delivering face to face workshops, to facilitating webinars and creating educational tools, she is committed to delivering education with impact, flexibility and sensitivity tailored for each audience. She is responsible for delivering on Westpac’s Reconciliation Action Plan financial education commitment. In 2016 she was runner up in the Westpac Women of Influence Awards recognising her work around Inclusion and Diversity. Her story is featured on the Westpac Careers website as an example of people helping people and she is also here to help you.

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