What is the difference between a direct debit and a recurring payment?

A direct debit is a regular automatic payment set up on your eligible TCU account using your BSB and account number. When you set up a direct debit using your BSB and account number, it allows a merchant or service provider to withdraw an agreed amount of money from your account into a merchant’s or service provider’s account at set times.

A recurring payment is a regular automatic payment set up from your debit or credit card with a merchant or service provider. To do this, you’ll need to arrange a direct debit authority and give the merchant or service provider your card number, expiry date and 3-digit CVV number on the back of your card. This allows the merchant or service provider to charge your debit or credit card.