supportWithdrawals

Withdrawals and Deposits

How often is my money withdrawn?

Your round-ups will be withdrawn from your Funding Account usually on the 7th, 14th, 21st and 28th days of the calendar month (or the next business day if a non-business day) when your round-ups (plus any Boosters) equal at least $5 in total for the period. It can take up to 3 business days for the withdrawal to clear.

What happens to my money after it’s withdrawn?

Your round-ups are held securely by Wisr until the month’s accumulated round-ups are deposited (less any fees) into your registered Debt Account by the 7th day of the calendar month (or the next business day if a non-business day).

What’s the difference between a Debt Account, Round-up Account and Funding Account?

Your Debt Account is the debt you’re trying to pay off faster (credit card or mortgage) where Wisr will deposit your accrued round-ups by the 7th day of the calendar month. Your Round-up Account is the account where Wisr tracks your daily transactions to calculate your round-ups. Your Funding Account is where the value of the week’s Round-ups are withdrawn from on a weekly basis. You can select the same bank account for both your Round-up and Funding account (if it’s a debit account) some people, however, prefer to use a daily transactions account for their Round-up Account, and a savings account as their Funding Account. You can also select different bank accounts from different financial institutions if you wish.

When are my round-ups deposited into my Debt Account?

Your accumulated round-ups are deposited into your nominated Debt Account by the 7th day of the calendar month (or the next business day if a non-business day). It can take up to 3 business days (but usually 24 hours) for your round-ups to reach your Debt Account.

What kind of Debts can I pay down?

At the moment, Wisr app only supports paying-down Credit Cards or Mortgage accounts.
We are working on adding new features to our app all the time. If you would like to see another option to pay down your debt, you can email us at feedback@wisrapp.com.au

What happens if I want to cancel a withdrawal?

Once Wisr initiates a transaction it will have to resolve completely. If you would like to take a break from rounding-up, you can turn Round-ups off by opening the menu from within your app, and accessing ‘Settings’. It’s important to remember that it may take up to 2 business days to stop a withdrawal from occurring, so if there is a withdrawal due within that time that transaction may still occur.

What happens if Wisr tries to withdraw money from my account and it fails?

This depends on your financial institution – some will not allow you to overdraw your account and the direct debit will dishonour, other institutions may allow for overdraft and charge you a fee. Ask your financial institution to see what applies to you. Wisr will notify you via email if a direct debit fails, and automatically turn off your round-ups.

I was charged an overdraft fee from my Financial Institution. Can Wisr reimburse me for this?

It’s important that customers ensure that their Funding Account has sufficient funds before using the app to round-up. Wisr will attempt to send in-app and email reminders the day before a withdrawal is made. Wisr will not be responsible for any fees charged to you by your financial institution.

I’d like to request my money back.

Once Wisr has withdrawn your round-ups from your Funding Account and paid them into your Debt Account, this cannot be reversed. For round-ups held by Wisr during the month, typically this will need to be paid to your Debt Account. If you need this refunded to you, you will need to contact Wisr immediately at help@wisrapp.com.au to discuss.

I’ve had money withdrawn from my account, but I can’t see it being paid to my debt.

Don’t fret, round-ups are calculated from your Round-up Account daily, deducted from your Funding Account weekly, and paid to your Debt Account as a lump sum monthly by the 7th day of each calendar month (or the next business day if a non-business day). If you still haven’t seen your round-ups deposited a few business days after the 7th of the month, get in touch with us at help@wisrapp.com.au

What happens if my card/s is stolen or lost?

If any of your registered Round-up, Funding or Debt Account changes for any reason, you can update these details through the ‘My Account’ section in the menu options within the app.

Can I change or unlink my Funding Account?

You can unlink or choose a new Funding Account by accessing ‘My Account’ then ‘Funding Account’ in the menu and tapping ‘change’ in the top right-hand corner. If you have any round-up amounts accumulated, you must have a Funding Account registered.

Can I change or unlink my Debt Account?

You can unlink or choose a new Debt Account by accessing ‘My Account’ then ‘Funding Account’ in the menu and tapping ‘change’ in the top right-hand corner. If you have any round-up amounts accumulated or money held by Wisr on your behalf, you must have a Debt Account registered.

Can I pay down more than one type of debt?

At this time, Wisr only pays down one debt at a time. If you have multiple debts, you can find resources online at https://www.moneysmart.gov.au/ which may help you to determine which debt to pay down first.

Do I have to have a Funding Account linked?

Yes, you must have a Funding Account linked for Wisr to know where to withdraw your round-ups from, and for your round-ups to function.

Do I have to have a Debt Account linked?

Yes, you must have a Debt Account linked for Wisr to know where to deposit your round-ups, and for your round-ups to function.

Why can’t I use a credit card as my Funding Account?

Firstly, you may be charged hefty fees for using cash advance on your credit card account! Secondly, Wisr is passionate about helping all Australians achieve financial wellness and the intention of Wisr App is to help you pay down debt such as your credit card balance, not increase it.

Where can I find my BPAY details for my credit card?

You can find your Biller Code and Customer Reference Number next to the BPAY logo on your credit card bill.

Can I change my Round-up, Funding and Debt accounts?

You sure can. This is managed via ‘My Account’ in the settings panel of the menu.

How come my round-ups get taken weekly but my debt only gets paid down monthly?

Wisr does this to reduce the cost to you, by limiting the number of direct debits and deposits. It also means you see a more rewarding amount of debt being paid down each month when the accumulated total is paid into your nominated Debt Account.

Can’t find what you’re looking for?

Get in touch via the below and someone from Team Wisr will get back to you.

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