A direct debit is an instruction to your bank or building society to pay money into your credit union account when requested. Using the online direct debit form, you can choose an amount and the day each month when this payment will take place. The dates we can collect a direct debit are 1st, 15th, 20th, or 25th. Once set up, this will happen automatically until you tell us or your bank to stop.
You can use a Direct Debit to regularly deposit into your savings account and to build savings over the year. Or, if you have a loan with us, direct debit can be used to make loan repayments at the agreed amount each month.
You can withdraw the savings built up by direct debit anytime, except for the situation when a direct debit is repaying your loan with us. The funds can be withdrawn in the branch (up to £300 a day) or via online banking (any amount).
Wish to change or cancel your direct debit?
If you would like to change, increase or cancel your direct debit, please email email@example.com your membership number, name, surname, and the request what amount you wish to change it to.
Already using Salary Deduction?
If you work for an employer that offers salary deduction, there is usually no need to set up a direct debit. Savings and any loan repayments that you have agreed with us will be taken automatically each month, directly from your pay.
- If you would like to change, increase or cancel your salary deduction, please email firstname.lastname@example.org your membership number, name, surname, and the request what amount you wish to change it to.
- If you are changing jobs and moving to an employer that does not offer salary deduction, read this article