New Zealand Bank Account Prefix - How Do I Start A Bank Account

New Zealand bank account numbers in NZD follow a standardised format of 16 digits:

• a prefix representing the bank and branch (six digits), otherwise known as the Bank code;
• the body (seven digits); and
• the suffix representing the product/account type (two or three digits).

While the New Zealand format is similar to Australia's Bank State Branch, the two systems are not interchangeable.

New Zealand bank account numbers in foreign currencies vary by bank.

bankoforma.blogspot.com

Background

The origins of the format lay in the establishment of the Databank Systems Limited, a company set up by a consortium of competing banks New Zealand, to provide computing resources (development and operational) for the consortium members.

Bank codes are coordinated by Payments NZ who administer the Bulk Electronic Clearing System (BECS). The scope of BECS includes direct debits, automatic payments, bill payments, and direct credits. Payments NZ also administer the following payment systems in New Zealand:

• Paper Clearing System
• High Value Clearing System
• Consumer Electronic Clearing System

How Do I Start A Bank Account Video

Format of account numbers

Account numbers are generally presented in the format PPPPPP-BBBBBBB-SSS where P equals prefix, B equals body and S equals suffix. Where a bank displays the suffix as two digits, a leading zero is added to create the full 16 digit account number (for example, PPPPPP-BBBBBBB-SS would become PPPPPP-BBBBBBB-0SS).

This format allows customers to open multiple accounts using a common account number where only the suffix changes. Exceptions apply to credit card and loan products.

edoozie.blogspot.com

Account number prefix

Bank accounts are prefixed with six digits, two indicating the bank and four which indicate the branch. The table below shows which banks are allocated which bank prefix. The symbol ^ denotes banks that are no longer trading under their own name and/or are defunct. A current list of branches as their associated bank/branch numbers is available for download from the Payments NZ website.

bankoforma.blogspot.com

Account number body

The account body consists of seven digits, right adjusted and padded with zeroes if necessary. The last digit of the body is a check digit which can be validated using a modulus algorithm

travelwithgrant.boardingarea.com

Account number suffix

The table below shows the account number suffixes as introduced by Databank Systems Limited from 1969.

Are You Looking for Products

Here some products related to "New Zealand Bank Account Prefix".

QuickBooks Online Simple ..

One Bed, One Bank Account..

iBank 5 [Download]: Softw..

iBank 5 [Download]: Softw..

Get these at Amazon.com

* amzn.to is official short URL for Amazon.com, provided by Bitly

Source of the article : here