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 are not able to make any deposits on your behalf without it. However, it won't automatically create deposits towards your Plum account on its own.
Plum leverages its intelligent depositor rules to execute automated deposits. You have control over the deposit amount and frequency, depending on the rules you activate within the app.
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.