Making your everyday payments easier.

Direct debits

A direct debit facility is a simple and convenient way for you to make payments straight out of your transaction account with your BSB and account number. It is most often used for regular transactions like card repayments, insurance premiums and utility bills.

To pay by direct debit, you need to sign a Direct Debit Request (DDR) form addressed to the business or company (the biller) that you wish to pay. The DDR gives the biller permission to debit amounts from your transaction account.

Cancelling a direct debit arrangement

If requested, we'll cancel a direct debit arrangement for you within one day of receiving your request. We won't charge you a fee for cancelling a direct debit facility. You can also cancel a direct debit arrangement by making a request directly with the biller. If we cancel the arrangement for you, it's still a good idea to notify the biller to avoid any fees they may charge for a rejected direct debit.

Some billers use PayTo for their direct debit arrangement. For direct debit arrangement with billers using PayTo, you can cancel the arrangement via internet banking.

Recurring payments

A recurring payment arrangement is where you pre-authorise a merchant to bill your Visa card at regular intervals. For example, when you subscribe to a streaming service, you provide your Visa card details and authorise the streaming provider to charge you at regular intervals for your subscription.

Cancelling a recurring payment arrangement

To cancel a recurring payment arrangement with a third-party, you will need to cancel your pre-authorisation with the third party directly. For example, if you cancel your streaming subscription, the service provider must stop debiting your Visa card within the timeframe stipulated in the agreement.

Any issues with recurring payments, including if the third party fails to comply with your request to cancel a recurring payment, should be addressed with the third party directly.

Cheques

• BankVic cheques deposited via Australia Post take three business days to clear.
• For BankVic cheques presented at other financial institutions, clearance times will be up to each institution.
• If you need to stop a cheque or cheque book, please visit a BankVic branch or call 13 63 73 as soon as possible. Cheques that have already been presented by the payee cannot be stopped.

Preventing cheque fraud

• Writing ‘account payee only’ between two parallel lines on your cheque directs the bank accepting it to only pay the cheque into the account of the person named on it.
• If the words ‘or bearer’ are on a cheque, it means a bank can pay the cheque to anyone in possession of it even if they are not named on it. Crossing out ‘or bearer’ means the bank must only pay the cheque to the account of the person named on it.
• Writing ‘not negotiable’ between two parallel lines on your cheque protects the true owner of a cheque if it is lost or stolen. This means that if the cheque is transferred to another person, they have no greater rights to it than the person who gave it.