Merger.

Nexus Mutual and Beyond Bank have merged.

On 17 February 2020, an overwhelming 93.4% of votes cast by Nexus Mutual’s members at a Special General Meeting (SGM) were in favour of the transfer resolution.

Nexus Mutual and Beyond Bank formally merged on 1 March 2020 and system integration took place on 7 June 2020.

What system integration means for members.

On Sunday 7 June 2020, members with Nexus Mutual accounts transferred over to the Beyond Bank Core Banking System, resulting in important changes to Nexus Mutual memberships, accounts and services.

We have detailed the changes in an information pack that was mailed out to all members at the start of May 2020. The information pack includes the booklet Important Changes are Coming, also available for download here.

Checklist – What you need to do after 7 June.

 

  • Continue using your Visa Debit Card and Visa Platinum credit cards
  • Log into Internet Banking and re-register your password
  • Download the Beyond Bank Mobile Banking App after you have changed your password in Internet Banking
  • Update your BSB and account numbers supplied to creditors and debtors for electronic payments.

FAQs

Merger

No, there will be no changes to your established payments, as they will be automatically migrated to Beyond Bank. This means that you will not have to make changes to your existing electronic payments (regular payments, direct debits and direct credits) or your Osko and PayID services, where you have supplied your BSB and account number.

While the Nexus Mutual BSB will continue to be accepted, we encourage you to update the BSB for electronic payments made from 7 June to 325-185 as we are working towards future consolidation into Beyond Bank’s BSBs. Please use 325-185 when modifying or setting up any new direct debits or credits from 7 June.

From 7 June, where your member number rather than your account number has been supplied for real-time payments to your accounts, these payments will continue to be processed, although they will no longer be instant and are expected to take two to three business days to reach their destination accounts.

To continue to receive real-time payments from 7 June, please provide your registered PayID (mobile or email address) or Beyond Bank BSB 325-185 and account number.

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