With the Periodic Payments option you can regularly deposit funds into almost any bank account in the country - whether its held with Westpac, or not.
Use Periodic Payments instead of writing cheques when you need to deposit money into somebody else's account on a regular basis. The bank will then automatically make the payment on the dates you nominate.
- Periodic Payments to accounts for regular payments like rent or loan repayments
- Schedule the payment to be made at regular intervals provided the first payment is two banking days away. You can even set the date the last payments is to be made by the bank
- You can set and forget because the bank will make the payment, subject to there being sufficient cleared funds in the account the day before it is due
What information will I need?
To set up a Periodic Payment you will require the following details from the individual or company receiving the payment:
- BSB - usually a six digit code that identifies the bank and branch the account is held in and
- Account number - identifies the actual bank account of the individual receiving your money
- If you have set up a Periodic Payment to a particular individual or company previously using Online Banking, then there is no need to re-enter their BSB and Account number. Just select that individual or company from the template list provided
- Make sure you complete it before 3:00 p.m., on banking days, for it to start in two banking days. Anything entered after 3:00 p.m. will be processed on the third banking day from that date.
- Scheduled payments can be changed or cancelled up to one business day before the scheduled date