Why is it important to update your direct debit account?
Updating your direct debit account is crucial to ensure that your loan payments continue without any interruptions. By making this update, you can avoid:
Missed repayments
Being charged with late fees
Potentially impacting your repayment history
Completing the direct debit form
You can download the direct debit form within RedZed Connect. Ensure all your details are correct (including personal and banking information) so the update is processed correctly.
How long will it take to process a direct debit change?
Once you submit your new direct debit details, it may take up to a few business days for the change to be processed. During this time, it’s important to ensure that there are sufficient funds in your old account to cover any payments until the switch is confirmed.
What are some things to be mindful of when changing your direct debit account?
Remember to do the following when updating your direct debit information:
Carefully review your new account information
Ensure there’s enough time before your next payment
Keep funds in both the old and new accounts
Let's get started
Download the direct debit form via RedZed Connect or request a copy from RedZed Client Services. Fill out the form with your new details, and ensure that all parties listed have signed before submitting the form via RedZed customer service.
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