Debits and Credits
Direct Debits and Periodical Payments allow you to prearrange payment of an authorised sum to a nominated recipient at nominated regular intervals.
A Direct Debit transaction is a transfer of funds directly from your account to an account with another financial institution you have authorised to debit your account.
A Periodical Payment is a transfer of funds at your request from your account to a specified account on a regular basis.
A Direct Credit transaction is a transfer of funds directly into your account arranged by you with a supplier.
Establishing a Direct Debit, Direct Credit or Periodical Payment
A Direct Debit or Periodical Payment service may be established on these account types:
- S1 (including accounts designated S2, S3, S4, S6, S10),
Established directly with your Direct Debit supplier.
Complete an authorisation form with your Direct Debit supplier supplying our BSB 805-013 and your Member Number and your Member Name
Established directly with your Direct Credit supplier.
Provide your Direct Credit supplier (eg your Pay Office) with our BSB 805-013 and your Member Number and your Member Name
Established with FSCU.
Provide us with the details of the account you wish to send funds to by completing a Periodical Payment form.
We will require the payee’s BSB, Account Number and Account Name. We will also need to know the amount you wish to send, date of first payment, and the payment regularity (eg weekly, fortnightly)
Stopping or Cancelling a Direct Debit or Periodical Payment
To stop or cancel a Direct Debit or Periodical Payment please contact us. Alternately you can complete a Direct Debit cancellation form or Periodical Payment form and send it to us. We will cancel your payment upon receipt of your phone call or completed form.
When stopping a Direct Debit we suggest you also contact your Direct Debit supplier and advise them of the cancellation instructing them to stop the Direct Debit without delay.