A regular payment is an agreement between a customer and a merchant to debit either a bank account or a card at a determined interval agreed by both parties. There are two types of regular payments - direct debit and recurring payment.
Regular payments from bank accounts
A 'direct debit' is an agreement or contract between a customer and a merchant (biller, supplier, service provider) that allows the merchant to debit the customer’s nominated bank account.
When you, as a customer, set up a direct debit you are setting up an agreement between yourself and the merchant. You give that merchant permission to electronically withdraw a nominated amount from your bank account on a date you request and at regular intervals. You will provide your bank account details (BSB and account number) to the merchant to allow them to debit your bank account regularly to pay for the services that they provide you.
For a transaction or savings account, you will nominate the bank account number you wish to use. If that bank account has a debit card attached to it, you may choose to use the debit card number.
Cancelling a direct debit
You can ask us to cancel your direct debit request and we will promptly do this.
You can provide this request by phone, in writing, or by secure email via internet banking.
Once you have requested us to cancel your direct debit, you may also wish to contact the merchant to advise them that you are seeking to cancel your direct debit.
Regular payments from cards
'Recurring payments' are regular payments from your card. This is where you give your card details (card number, expiry date and security code) to a merchant or supplier to allow them to charge your card regularly to pay for the services they provide you.
Cancelling a recurring payment
To cancel a recurring payment from your card, you should contact the merchant at least 15 days before the next scheduled payment and keep a copy of the cancellation request.
If the merchant does not act in accordance with your instructions you may be able to dispute the transaction. Disputed transactions can be completed over the phone or requested by secure email via internet banking.
Recurring payments and new cards
You will need to notify each merchant of the new card number. You may want to complete our regular payment letter template to help you with this.
Mastercard® Automatic Billing Updater
When you set up recurring payments on your card, you want managing those payments to be as safe and easy as possible. That’s why we enrol our card holders in Mastercard® Automatic Billing Updater service.
Automatic Billing Updater service ensures there’s no disruption or cancellation to your recurring payments if your card is replaced or lost. It does this by advising Mastercard of your new card details so your payments can continue without disruption while you wait for your new plastic card to arrive.
This service is free and does not add any additional fees to your account.
If you want to stop any of your recurring payments, you’ll need to contact your service/billing provider and cancel the service.
If your card has had fraudulent activity, then Mastercard will not re-link your card to any service providers and you will need to update your details manually.
Your service/billing providers will not be able to see your new card details. They will be provided with a token from Mastercard that will enable payments to continue on the new card. Your card details will remain secure.
Not all service providers update their customer details via the Automatic Billing Update service, so you’ll need to keep an eye on your services in case there are any disruptions.