How does a Direct Debit or Recurring Payment work?


What is a Direct Debit?

A direct debit is an automatic transaction that transfers money from your eligible transaction account (using your BSB and account number) to another account on a periodical basis.

What is a Recurring Payment?

A recurring payment is when you give your Visa Debit card details (using your debit card number and expiry date) to allow a Merchant or service provider to make regular scheduled payments.

How do I cancel a Direct Debit?

To cancel a direct debit, you may contact us or you can contact the Merchant or service provider directly. 

To request a direct debit cancellation, you can  contact us in-branch or by telephone, and we will cancel the facility within 1 business day. 

We will not charge you a fee for cancelling a direct debit. 

We will not tell you to try to cancel the direct debit cancellation request directly with the Merchant or service provider, however we may suggest that you also contact them to inform them that the direct debit has been cancelled and we may explain the benefits of doing this.

If you tell us you wish to cancel only one of multiple payment arrangements associated with a single direct debit, we will advise you to establish a new facility for the payment arrangements you wish to maintain.

How do I cancel a Recurring Payment?

To cancel a recurring payment, you need to contact the Merchant or service provider directly to cancel the payment yourself,  otherwise we can cancel your card and have a replacement card issued to you. A replacement card fee may apply in this instance.

I have an irregular or unauthorised Direct Debit appearing on my account

If you believe that a direct debit was not authorised or is otherwise irregular, you may contact us and we will promptly investigate the issue. We will not tell you to resolve the matter with the biller first but we may suggest that you also contact them. 

Can a Direct Debit transaction overdraw my account?

Yes, you must keep sufficient cleared funds in your account to cover all debit transactions. If you do not, we can either dishonour the transaction and charge a Direct Debit Rejection fee or pay the transaction and charge a Overdrawn fee.