supportDirect Debits

Direct Debits and Payments

How often is my money direct debited?

Your round-ups will be direct debited from your Funding Account 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 debit to clear, and you can see the dates and amounts of any future money movements on the Wisr App dashboard.

What happens to my money after it has been debited?

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 in the first week of the calendar month.

What’s the difference between a Debt Account, Spending Account and Funding Account?

Your Debt Account is the debt you’re trying to pay off faster (credit card, Wisr Loan or mortgage) where Wisr will deposit your accrued round-ups in the first week of each month. Your Spending 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 Your Funding Account is where the value of the week’s Round-ups are withdrawn from on a weekly basis.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 paid into my Debt Account?

Your accumulated round-ups are paid into your nominated Debt Account in the first week of the month. It can take up to 3 business days (but usually 24 hours) for your round-ups to reach your Debt Account. If you’re paying into a credit card via BPAY, payments will look like regular BPAY payments, so you can match them by amount when you tap the Transactions menu to see your debits and payments lists.

What kind of Debts can I pay down?

You can pay down any type of debt that has a BPAY payment option, or that would be listed in your internet banking such as a mortgage, or a savings account. The only exception is that we’re not able to pay into a non-Wisr Personal Loan (but check out Wisr personal loans , because they’re pretty great).

If you have a BPAY biller code and reference number for your credit card, old telephone bill, or anything like that, you can select “credit card” to input the BPAY details of your debt. Or for a bank account or mortgage, simply select “Bank Account” on the debt account screen and you’ll be able to select from your bank accounts list or connect another bank.

What happens if I want to cancel a debit?

Any direct debits in progress cannot be stopped. If you would like to take a break from rounding-up, you can disable round-ups in the Wisr App Settings menu.

What happens if Wisr tries to debit 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 be dishonoured, 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 if a direct debit fails.

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

At any time you can check the date and amount of the next debit of your round-up amounts from your funding account on the Wisr App dashboard. You also have the control to disable round-ups if you’re not able to commit that amount to your debt at the time. Wisr can not be responsible for any fees charged by your financial institution.

I’d like to request my money back.

Once Wisr has withdrawn your round-ups from your Funding Account, these will still be paid into your debt account in the first week of the month even if you have disabled your round-ups or closed your Wisr App profile – no need to worry!

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 in the first week of each month. You can always see the dates and amounts of payments to your debt account by tapping the Transactions menu.

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 ‘EDIT’ 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 update your Debt Account details by accessing ‘My Account’ then ‘Debt Account’ in the menu and tapping ‘Edit’ in the top right-hand corner.

To change your Debt Account to another type – Credit Card to a Bank Account or a Wisr Personal Loan, access ‘My Account’ then ‘Debt Account’ in the menu and then tap ‘I want to pay down another kind of debt’ along the bottom of the screen and choose the Debt Account type of your choice. Please note that for a credit card the Biller code is usually 4-digit code and the reference number is the full 16-digit card number.

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.

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, or you can find your BPAY biller code on the BPAY website.

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?

This reduces 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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