Debits and Credits vs Scheduled Payments

Debits and Credits

Direct Debits allow you to prearrange a 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 Direct Credit transaction is a transfer of funds directly into your account arranged by you with a supplier.

Direct Debits

Established directly with your Direct Debit supplier.

Complete an authorisation form with your Direct Debit supplier supplying our BSB 805-013 and your Account Number and your Member Name

Direct Credits

Established directly with your Direct Credit supplier.

Provide your Direct Credit supplier (eg your Pay Office) with our BSB 805-013 and your Account Number and your Member Name

What is the difference between a direct debit and a recurring payment?

A direct debit is a regular automatic payment set up on your eligible Fire Service Credit Union account using your BSB and account number. When you set up a direct debit using your BSB and account number, it allows a merchant or service provider to withdraw an agreed amount of money from your account into a merchant’s or service provider’s account at set times. For example, to pay for a service, bills or make repayments on your home loan.

A recurring payment is a regular automatic payment set up from your debit card with a merchant or service provider. To do this, you will need to arrange a direct debit authority and supply the merchant or service provider with your card number, expiry date and three digit CVV number on the back of your card. This allows the merchant or service provider to charge your debit card.

If you prefer not to set up a direct debit, you can set up scheduled transfers in Internet Banking or the Banking app instead.

How to set up a Direct Debit

Contact your service provider/merchant to set up a Direct Debit – you’ll need to give them the account details of the eligible Fire Service Credit Union account you’d like them to debit. Usually, you can do this via a paper form, over the phone or online.

How to stop Direct Debits

If you ask us to cancel or stop a direct debit on your eligible Fire Service Credit Union account, we will process your request within 1 business day.

You can do this over the telephone or by visiting out office.

We suggest you also contact the service provider without delay to cancel the Direct Debit in order to avoid any fees the biller may charge for a rejected direct debit. If you have multiple Direct Debits from the same service provider, you must also contact the biller to ensure the correct debit is stopped and that your other debits are still paid as all debits from the one biller could be stopped. Cancelling your direct debit does not cancel your contract with the merchant or service provider. If you still owe money for a service or utility for example, you will need to negotiate an alternative payment method.

We will not charge you a fee for cancelling a direct debit facility.

Scheduled Transfers

Established with FSCU.

A Scheduled Transfer is a transfer of funds at your request from your account to a specified account on a regular basis.

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)