myRAMS

What is a direct debit?

A direct debit is a contract between an account holder and a merchant/company. The agreement allows the merchant/company to automatically debit funds from the account holder’s nominated account (using the BSB and account number) as per the terms and conditions of the Direct Debit Request Service Agreement. It appears on the transaction account statement as Payment by Authority (along with the service provider’s name).

What is a recurring payment?

A regular payment established by a customer using myRAMS to pay anyone is referred as a recurring Payment.

RAMS debit cards do not have the functionality to set up recurring payments.

It is your responsibility to ensure that you have sufficient available funds in your chosen account when payments are due to be withdrawn.

For frequently asked questions on direct debit vs recurring payment please go to our FAQs page.