Whats the difference between a periodical payment and a direct debit?
A periodical payment is a recurring payment that you set up yourself to pay a commitment, such as your rent or a loan, on the same day each month. A periodical payment is easy to set up and update yourself. If you don’t have enough money in your account when the periodic payment is due, you may be charged a dishonour fee. A direct debit is a payment established through a particular merchant, where you have authorised them to draw funds from your account. If you don’t have enough funds in your account for a direct debit to go through, you may be charged a dishonour fee. Refer to our Fees and Charges for the respective fee amounts.
