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Banking - Changing bank accounts

Generally, all clubs bank with either NAB or CBA.


Most clubs have transferred their clubs to CBA, as NAB has closed their on campus branch.


This article will outline how to transfer accounts from NAB to CBA.


  1. Prepare to hold an Ordinary Meeting (or General Meeting).
    • An Ordinary Meeting requires at least 3 days’ notice to the USU, including submitting a complete Agenda.
    • The proposed opening of a new bank account shall be a motion on notice and must be included in the agenda.
    • You also must provide at least 3 days’ notice to your membership.
    • See the C&S Handbook for more information.
    • At the Ordinary Meeting, you will move a motion to switch banks from NAB to CBA.
    • At the Ordinary Meeting, you will move a motion for the membership to endorse the signatories of the current NAB account to be signatories on the new CBA account.
    • Pick a date and time to ensure you’ll meet quorum.
  2. Hold the Ordinary Meeting.
  3. Submit the Minutes and other post-meeting documentation to the C&S Office and request the ‘New Bank Account’ authorisation letter.
  4. Once everything’s confirmed, a letter will be prepared and you’ll be notified to collect the ‘New Bank Account’ authorisation letter from the C&S Office.
  5. Take the letter to Commonwealth Bank and open the new account.
    • You should be provided with a document from the bank including your new bank account’s details. This needs to be sent (see Step 7) to the C&S Office, and it’s recommended to CC the Clubs & Societies Finance Coordinator.
  6. Download all your Club or Society’s most recent bank statements from NAB for the last two years.
  7. Email the C&S Office the CBA Opening of Account letter and your NAB bank statements for the last two years so we have a record of them.
  8. Once confirmed, the USU will advise you to transfer the full balance from your NAB account to your new CBA account.
    • You’ll need to order a bank statement after you complete the transfer to show nil funds in the NAB account. I recommend doing this only after you see the funds arrive in the CBA account. This needs to be sent to the USU as well.
    • You should update people/places where your previous NAB bank details have been saved.
  9. Send that final bank statement and proof of transfer to the USU.
  10. Attend a NAB bank branch and close your (now empty) bank account.


Please remember that clubs transitioning from NAB to CBA are required to submit two cashbooks at the end of your financial period. Ask the C&S Office for clarity about what periods you’ll need to cover. You must complete the cashbook reflecting the transactions on your NAB account now and start a fresh cashbook for your new CBA account.
If you have any further questions, please feel free to contact the C&S Office.