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 Credit or Visa Debit card details (using your credit card or 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 message us via Internet Banking or the Mobile Banking App, or contact us in-branch or by telephone, and we will promptly take action to cancel the facility.
We will not charge you a fee for cancelling a direct debit.
We will not ask or suggest that you raise the direct debit cancellation request directly with the Merchant or service provider, however it is advisable to contact them to inform them that the direct debit has been cancelled, but you don't have to.
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.
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. You can choose also to contact the Merchant or supplier to resolve the matter, but you don't have to.
Can a Direct Debit transaction overdraw my account?
Yes, you must keep sufficient cleared funds in your account to cover all debit transactions, including but not limited to direct debits and EFT transactions. If you do not, we can dishonour the transaction.
How do I change a Direct Debit from another financial institution to Teachers Mutual Bank?
Switching is easy. Find out how you can switch your account to us here.