Direct Debits
How do I cancel a regular payment?
To change or cancel a regular payment arrangement, please contact the merchant before the next scheduled payment. Until you attempt to cancel, we’re obligated to accept the merchant’s transaction. Please keep a copy of your request for your records.What is a direct debit and how do I set one up?
A direct debit arrangement allows a third party to automatically withdraw funds from your account.
To create a direct debit arrangement, you’ll need to enter into a Direct Debit Service Agreement with the third party debiting your account. Make sure to provide our BSB and your account number to identify your account, otherwise the debit may not be processed.
If there are insufficient funds in your account for a direct debit payment, we may cancel or refuse the transaction and you may be charged a dishonour fee. However, we can also choose to allow the transaction and overdraw your account.
We won’t be liable for any cost, loss or damage incurred by you due to a stop, cancellation or refusal of payment authorisations.
How do I cancel a direct debit?
To cancel a direct debit arrangement, please notify us of this in writing, including the details on the direct debit you wish to cancel and the date you want the payments to cease. You can do this by sending us a Secure Mail via Internet Banking. We also suggest notifying the third party of the cancellation.
We’ll process your cancellation request within one Business Day of receiving it. Please note that we won’t be responsible for any payments deducted from your account before this time.
What is the difference between a direct debit and a regular payment?
A direct debit uses your BSB and account number, whereas a regular payment involves providing your Visa Card details to a third party. A regular payment is an agreement between you and a merchant where you authorise them to bill your Visa Card at set intervals (e.g. monthly or quarterly).