Direct Debit question

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Geektastic

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#201639 27-Aug-2016 23:26

I presently have a DD paying into my Kiwisaver monthly. I want to increase the amount.

Despite having scoured the FAQ's I cannot see whether I can simply tell the provider to take more or whether they need a whole new form (which is tedious as you have to send the original by snail mail).

Anyone know?

JarrodM

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#1618537 27-Aug-2016 23:30

Not to sure about the direct debit. You could always just add the difference as a tax payment through the ird and they'll transfer it to your provider, will take a bit longer for it to show up in your KiwiSaver though as it is a bit of double handling.

k1w1k1d

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#1618543 27-Aug-2016 23:52

Contact your Kiwisaver provider and ask them to increase the amount. They will tell you what is required to make the change.

michaelmurfy

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#1618547 28-Aug-2016 00:33

The Direct Debit is directly controlled by the provider. In ANZ's case (if you had your Kiwisaver with them) simply contacting ANZ Investments and asking them to up your Kiwisaver contributions is sufficient and can be done on their end. Other Kiwisaver providers are the same - just contact them.

Most providers will also allow you to pay directly into your Kiwisaver if you'd like to make further contributions.

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thestokes

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#1618548 28-Aug-2016 00:33

If it is a direct debit the KiwiSaver provider will be able to increase the amount without another form. If it is an automatic payment you will need to alter it with your bank.

richms

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#1618549 28-Aug-2016 00:54

I have just been manually putting in the amount to maximize the govt contribution each year for the last couple. Its just a simple transfer on ASB.

Richard rich.ms

BlinkyBill

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#1618571 28-Aug-2016 06:56

What is a direct debit? It is an authority you grant to someone to debit your account any amount they want. That's from your bank's perspective. When you signed the authority, that's what you allowed. Any limitation on a debit needs to be organised with the someone.

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#1618654 28-Aug-2016 12:28

thestokes: If it is a direct debit the KiwiSaver provider will be able to increase the amount without another form. If it is an automatic payment you will need to alter it with your bank.

This is spot on. People may loosely use the expression 'direct debit' but in the banking world it means something quite specific - an authority given by the customer allowing a third party to debit various amounts from the customer's bank account from time to time, when an amount is due. eg periodic payment of an electricity bill. The amount due each time is different and not known well in advance. The bank customer has little control over all this except they can cancel the Direct Debit arrangement at any time - by advising the third party, not the bank.

A payment of a fixed amount on a regular basis is usually an Automatic Payment and works differently to a Direct Debit. Can be changed by the bank customer, often online.

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Geektastic

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#1618797 28-Aug-2016 17:06

OK I'll give them a ring tomorrow.

It seems like the sort of thing they should have an automated process for via their secure dashboard, but they don't!