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PayID FAQ

PayID® makes sending and receiving money fast and easy.

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PayID

PayID® makes sending and receiving money fast and easy. You can use your mobile number, email address, ABN, or Organisation Identifier as your PayID to receive fast, secure payments in your online banking.

What is a PayID?

A PayID is something easy to remember, like a phone number, email address or an ABN that you can securely link to your banking accounts. Then when you want somebody to transfer funds into your account, you can give them your PayID instead of your BSB and account number.

How does a PayID work?

Once you have registered a PayID, Laboratories Credit Union will then link that to your bank account so it acts like a ‘pointer’ to your account. Then when someone wants to pay you, just give them your PayID. If that person banks with an institution that doesn’t offer PayID yet, they can still pay you using your BSB and account number.

How do I register a PayID?

From the Payments screen, select “PayID”, press the + (IOS select “ADD NEW” in the top right corner), then follow the prompts to register your mobile number or email address.

Business clients will need to contact LCU to register a PayID.

How do I maintain my PayID?

Via any of your banking channels including Internet Banking, Mobile Banking & the LCU – Banking App.

Are PayID payments secure?

PayID payments use the same very high level of security that protects your existing bank accounts payments.

How many accounts can I link my PayID to?

A PayID can only be linked to one account at any given time.

Can I have multiple PayIDs with different financial institutions?

Yes. You can link different PayIDs to different accounts at different financial institutions. You will need to check with those financial institutions which PayID types they support.

Can I have multiple PayIDs linked to the same account number?

Yes, multiple PayID types can be linked to the same account. For example, you could link an email PayID and a phone number PayID to the same account.

Is it safe to share my PayID with anyone?

When you give a person your PayID, they cannot use it to withdraw money from your account. When they use it in their own participating online or mobile banking to pay you, the only information they will see is the name you have selected to describe that PayID, such as your own name or the name of your business. A PayID on its own cannot be used to create a false identity.

With the creation of the PayTo service, it is now possible to process a debit to an account using a PayID however this requires you to accept the payment agreement via internet banking or the app before they are able to debit your account.

If someone knows my PayID, can they access my bank account or personal details?

When a person uses your PayID to pay you, the only information they will see is the name you have selected to describe that PayID, such as your own name or the name of your business. A person with your PayID cannot access your bank account or personal information linked to your account.

How do I edit my PayID that is assigned to an account with my other bank?

You will need to get in touch with your other bank to have the PayID association removed, as only they can authorise such a change.

Can a person link my PayID to their account?

No. To register a PayID – a verification code sent to the email or phone number being registered must be entered to complete the registration. If you suspect somebody may have gained access to one or both of these, please contact us.

How do I edit my PayID that is assigned to my partner?

You will need to get your partner to initiate the change with Laboratories Credit Union in order for it to become available for you to assign by asking your partner to action the following (from their own Internet Banking or LCU – Banking App login)

Select “PayID” from the Payments screen, selecting the desired PayID, and then change the status to Closed. If on our system as a contact detail for your own client, it will now appear as an option when you attempt to register the PayID from your login.

Additional Resources

LCU - Mobile Banking App FAQ

A straightforward interface makes it easy to find the things you use everyday while the variety of features you know from Internet Banking are tucked just below the surface.

Confirmation of Payee FAQ

Confirmation of Payee is an industry-wide service that matches the bank account details you enter with the account details held by the recipient’s bank and displays a match outcome. It’s a new layer of protection for Australian consumers and businesses when they’re making a payment to a BSB and account number.

Internet Banking FAQ

You can easily transfer funds in your Internet Banking through different payment platforms:

BPAY

External Transfer

International Payments

OSKO

Using internet banking to make payments has never been easier, faster or more secure.

Things you should know

Important Note

The information provided on this website is general in nature and does not consider your personal objectives, financial situation, or requirements. It is important to assess whether it aligns with your circumstances. Before acquiring any of our products, please carefully review the Conditions of Use and Financial Services Guide.

LCU has taken all reasonable care in preparing the information on this website. However, LCU accepts no responsibility for any loss or damage that may arise from its use. This website may feature content or links from third parties, which do not necessarily represent the views of LCU.

Resources

You should read our Privacy documents and Account Access Facilities- Conditions of Use document to fully understand your responsibilities when remaining safe online.

LCU Subscribes to the ePayments Code. If you believe you have been a victim of a fraud or a scam, please contact LCU immediately and report it to the police.