Recurring withdrawal process

Recurring Withdrawal instructions require a frequency to be set.

• The first Recurring Withdrawal follows the same process as Once Off Withdrawals (select Instruction type ‘Recurring Withdrawal’, instead of ‘Once Off Withdrawal’) and then need to be SUBMITTED and AUTHORISED.
• Each time a Recurring Withdrawal is processed the next recurring withdrawal is created and the status is automatically changes to ‘Ready to Recur (auto recur)’.
• The Commencement Date of the next recurring is set according to the Frequency of the first Recurring Withdrawal. If this is MONTHLY the next Recurring Withdrawal’s Commencement Date will be one month later.
• The current month’s recurring Withdrawal will then show a status of “Processing” and the next month’s recurring will show a status of ‘Ready to Recur (auto recur)’.
• ‘Ready to Recur (auto recur)’ recurring withdrawals do not need to be authorised again, unless you need to make a change to the recurring.
• To make a change you need to REJECT the recurring, make the change then SUBMIT and AUTHORISE the recurring again.
• A Recurring Withdrawal has a Commencement Date. All AUTHORISED first time recurring withdrawal instructions AND all ‘Ready to Recur (auto recur)’ recurring withdrawals (2nd, 3rd, 4th …. etc occurrences), with a Commencement Date <=than today’s date will automatically be included in the day’s dealer instructions and the status of the instruction will change to processing when the dealer instruction is created.

Also see Last recurring withdrawal

Last Updated on 3 years ago by Antoinette Van Meyeren