What is the Direct Debit?
Direct Debit is the simplest and most convenient way to make deposits. It allows businesses like Plum to automatically collect recurring payments from a user’s bank account with their prior authorization.
How does it work?
As part of the initial sign-up process, you set up a Direct Debit Mandate when you connect your bank to Plum. Once your registration in the app is completed, the Direct Debit Mandate becomes active.
It's important to understand that this mandate serves as a secure bridge, enabling seamless manual and automated transactions between your bank and Plum. We can’t set money aside for you without it, but the mandate itself won't move any money on its own.
To start saving, Plum uses automations to move money for you. You can choose how much and how often you'd like to save by managing your settings in the Automations section.
Can I cancel the Direct Debit Mandate?
Absolutely! You have the complete freedom to cancel the Direct Debit Mandate at your convenience, and you can easily do so through your banking app. However, if you have any pending transactions at the time of cancellation, there is a possibility that they could fail.
If you face any issues with the cancellation, you can always contact our Customer Success team.