What is a direct debit?

What is a direct debit?

A direct debit is an automatic transaction that transfers money from your account to another.

Direct debit payments are considered a type of ‘account-to-account’ payment method. When you set up a direct debit, you authorise a merchant or service provider to take an agreed amount of money from your nominated account using your BSB and Account Number. Direct Debits are set up with the supplier.