Before you start
First, you'll need to make sure you've set up a direct debit agreement with us.
Make ongoing payments in myIR
From the homepage in myIR, go to the 'I want to...' tab and scroll down to 'Payments, refunds and returns'.
From there select 'More payment options' then 'Prepay a future obligation'.
Select 'Set up a new direct debit' next to the account you want to pay
Confirm your bank account details
If you have more than 1 bank account set up for direct debit, you'll be able to choose between them. You can also set your preferences for each account in 'Manage my profile' > 'I want to...' > 'Manage payment channels'.
Select 'Next'.
Set recurrence options
For payment options, you can set the:
- payment frequency
- amount
- start date.
For recurrence options, you can either:
- choose the number of payments
- set a payment end date.
For most accounts, you cannot set the multiple payments to go past 1 year.
Check the 'Summary' to make sure your details are correct.
Click 'Submit'.
Authorise the payments
You'll need to give us permission to direct debit the payment amounts from your account when you've specified.
Keep in mind you cannot pay more than the amount owing or, in most cases, make payments past 1 year. If you do, we will automatically correct these to fit the maximum amounts or dates allowed.
What happens next
You'll be able to print or save a confirmation of your direct debit submission. It is not a transaction receipt because it may take a few business days to process the transaction. You can follow its progress from the homepage in your myIR account by going to the:
- 'I want to...' tab and selecting 'Search submissions'.
If you're using an international bank account, you'll get a notification 22 hours before the next payment. It will tell you the applicable exchange rate and the payment amount of the direct debit in the currency used by your bank account.
My responsibilities
If you cannot get direct debit to work, double-check if you've:
- set up an agreement with us
- approved the direct debit payment by clicking 'OK' when authorising us to debit the account
- got a bank account that can handle direct debit payments, for example, a transaction or chequing account instead of an investment account.
Some US banks require an ACH number to verify a debit initiator. Our ACH number is 1000000333.
If you need help, contact us by sending us a message in myIR or give us a call.
