Updating New Zealand Bank Accounts - New Update

By completing this session, you will understand the updated format of NZ Bank Accounts in Alpha and the importance of updating a bank account correctly.

What has changed?

There is a new field to update bank accounts, so that it is easier for you and also to ensure that you update to the correct bank account every time.

The main error that we come across, is that if part of the account number was typed into the suffix, or vice versa, payment would go to the wrong bank account.

The update is that the “Bank Account Number” section  still exists, but is now read-only, and are for display purposes only.

You will now need to update bank account in the “Enter Bank Account” section and in a nutshell, ignore the Bank Acc. Number section as it’s for banking purposes only.

Here is how it works:

The bank account code, branch, base number and suffix are now entered in a single box (Enter Bank Account), with the four sections separated by hyphens:

**You must always ask the customer to specify the hyphens in the bank account number, or break down the sections (i.e Bank, Branch, Account Number, Suffix) and read the account number back every time.**

 

 

When you save, a history record is also created in the “history” tab showing the exact number that you have typed into the Enter Bank Account box. This record is written only if the bank account number has changed. See the last line in the example below : "Updated bank account entered as"

When you have saved the bank account number, you can now read back to the customer the number entered in either the history tab or the "Enter bank account" box. No need to drop any zeros as you may have done in the past!

Please note: If leading zeros are added or removed, this is not considered to be a change: that is, 03-0791-111111-0 equals 03-0791-00111111-0000.

The Bank Acc Number box is always re-formatted when you click Save. The formatting is: Bank Code (2)-Branch Code (4)-Base Number (8)-Suffix (4).

There is a lot more validation now on the bank account number.

For example:

  • The bank code must be two digits
  • The branch code must be four digits
  • The whole account number must consist of four parts, separated by three hyphens
  • The base number length must be between one and eight digits, and leading zeros are optional
  • The suffix length must be between one and four digits, and leading zeros are optional

If you make a number of mistakes at the same time, you will get a number of error messages when clicking Save.

For example:

cid:image004.png@01D0CE15.28DC0F90

 

The Enter Bank Account box is ignored if Cheque is selected in the Cheque Or Bank section as below:

If a customer is currently paid by cheque, but is switching to bank transfer, you must select Transfer in Cheque Or Bank before updating a bank account as below, otherwise it will not save:

Once you have updated a customers bank account in Alpha, please ensure you have saved the account by refreshing Alpha.  To do this, put your cursor in the ID # box and hit the tab key.

OneNote has been updated here: NZ Bank Account Updates in Alpha

Please note:

There are serious implications if you do not update a bank account correctly. If payment is made to another account and is NZTR error, then we would need to cover the fee for a bank trace and if not successful, reimburse the customer the refund amount.

We take this very seriously and if you do not follow the correct procedures, you will be required to undergo bank account refresher training and may  result in disciplinary action.

Once you have read the above and fully understood, then please click on "Next" to go through the confirmation questions.

If you have any questions about the update please see your Team Leader or Training Facilitator.

I understand that I need to select "Transfer" when adding in a bank account to Alpha,  otherwise it will not save.

  • Yes, I understand
  • No, I do not understand

I will always ask the customer to read out the hyphens when updating a bank account.

  • Yes, I agree
  • No, I do not agree

I will read back the full bank account number with hyphens or specify the sections (i.e. bank, branch, account number and suffix) to the customer every time.

  • Yes, I agree
  • No, I do not agree

I will ensure that I have saved the bank account by pressing  Tab before exiting the customers account.

  • Yes, I agree
  • No, I do not agree

I understand the implications of not updating a bank account correctly.

  • Yes, I understand
  • No, I do not understand