On Thursday, WestPac, one of the Big Four banks in Australia, added a feature on mobile and internet banking platforms offering seamless cancellation of direct debit services amid rising living costs.
The feature will allow more than five million customers to temporarily halt or terminate certain scheduled deductions from the companies that debit funds automatically through their accounts.
Such a feature will allow those Australians who find it challenging to pay their bills amid the rising cost of living crisis to do so.
Westpac Managing Director of Cash and Transactional Banking, Mandy Rutherford, stated: “We know canceling direct debits can be challenging, and we want to make the process easier for our customers.”
“With 5.5 million of our customers actively using digital banking, we are giving them more choice in how they manage direct debits on their transaction accounts. Customers can now stop payment for a future direct debit in their app, giving them greater control over their money.
“This will be particularly handy if they have multiple streaming services or subscriptions that they decide are no longer needed.”
The feature provided by WestPac will allow both consumers and traders to temporarily halt scheduled deductions. Through a mobile app or Internet banking, customers can simply search for “cancel a direct debit” and choose from the list of automatic deductions.
The feature allows consumers to temporarily halt payment for their last 90 days of transactions.
Users have the option of stopping payments to a specific company for three years unless they are asked to be removed prior.
As per the customer’s wish, WestPac can restore automatic normal deductions.
The feature will also allow the bank to directly contact the payee organization on behalf of the consumer when they choose to cancel the direct debit.
Customers also have the option of physically visiting the WestPac branch to avail themselves of the direct debit cancellation feature or contacting the bank at 132 032 seven days a week.
- Published By Team Australia News