Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Direct Debit
Direct debit is a method of payment wherein funds are directly withdrawn from your bank account. It usually involves a written agreement between the account holder and receiver. To set up direct debit, you need to set a nominated account from which the funds will be taken. Unlike a direct credit system, it doesn't need to be regular and the amount doesn't have to be the same with every payment. Direct debit is a popular system for monthly, annual and quarterly bills, and may be applied to savings, cheque, credit, and other account types.
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