How does a Direct Debit work?

How does a Direct Debit work?

What is a Direct Debit?

It is a payment method that we offer our members to pay a third party by deducting from members nominated deposit accounts on a periodical basis.

How do I cancel a Direct Debit from my transaction account?

Please contact us by telephone to cancel a Direct Debit or you can visit us at one of our branches. We will ensure that no further debits under the relevant authority are withdrawn from your account.

Please note this does not cover recurring payments from your account/s where you have provided a Visa Credit or Visa Debit card number rather than your account number. In those instances you need to cancel the payment yourself.

I’m not familiar with a Direct Debit transaction appearing on my account

We will accept and process your complaint that a direct debit was not authorised or is otherwise irregular. However, we may request that you endeavour to resolve the complaint with the merchant or supplier first.

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 cheques, direct debits and EFT transactions. If you do not, we can dishonour the transaction and charge dishonour fees. Please refer to the Fees and charges brochure for current details. We may vary fees or charges from time to time. We will debit fees and charges from your transaction account.

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.