Direct Debit for settlement is our preferred method to enable an easy and seamless trading experience.
How it works
On the day of settlement (stated on your confirmation note) we will instruct your bank to transfer the settlement amount to our custodial account. There is nothing you need to do on that day, and there is no extra charge.
Using direct debit means:
- No late or forgotten payments.
- Easier transfer as we handle the entire process, freeing up your time.
- You no longer have to worry about transferring to the wrong account or with the wrong amount.
- It saves you transfer fees.
To enable direct debit for all transactions, simply complete and sign this form: direct_debit.pdf
What is a Direct Debit?
This Direct Debit Request allows us to automatically transfer funds from your nominated bank account (using the BSB and account number) as per the terms and conditions of the Direct Debit Request on the day of settlement of your trade.
It is your responsibility to ensure that you have sufficient available funds in your chosen account on the day of settlement, and that your bank allows for direct debit.
Do account transfer limits would impact the direct debit arrangements?
That’s another of the benefits of direct debit! They are not limited by your account transfer limits and no changes are needed to be made for this to occur.
Need to make a change to my Direct Debit payments?
To make a change to your Direct Debit payment you will need to contact us directly.
How can I cancel a Direct Debit?
You can contact us and request that we cancel the direct debit request, and if needed, block any further payments.
Please note, cancelling your direct debit does not cancel payment of coupons. Coupon payments will continue as normal.
Can a Direct Debit transaction overdraw my account?
It is your responsibility to ensure that you have sufficient available funds in your chosen account when payments are due to be withdrawn. While your bank is under no obligation to do so on any particular occasion, it may permit you to overdraw your account by allowing a Direct Debit payment to occur even if there are insufficient funds in the account.
If you unable to ensure sufficient funds will be available on settlement date, please contact us ASAP to discuss alternate payment options.