Managing direct debits/credits when credit card or bank account number changes

Changing credit cards or even savings bank accounts is easy these days (no need to visit branch or anywhere). Plus, credit card numbers expire even when you don't change the card bank.

However, you certainly have a number of direct debits set up at different places - some are monthly, some could be quarterly or yearly and some are saved payment details on various apps/ websites/ with institutions. On the other hand, you may have your bank account set up as a credit option for any refund, payment, cashback, etc. Unfortunately, there's no automated way to check where all you've your card registered for direct debit/ credit and get a precise list of all places so that you can update them. The only way to check is going by a yearly statement, transaction by transaction, so that you don't miss any possible association of the card or bank account and you can list them and update them all. I feel that it's a big deterrent when it comes to change of card number or bank account number for any reasons. How do you manage this process generally? Just looking for some tips or thoughts.

Comments

  • +5 votes

    I just use my memory, once i set a payment i log that in my mind, and remember it.

  • +1 vote

    The only way to check is going by a yearly statement, transaction by transaction

    Slightly quicker would be to export to Excel (if possible) and pivot to get the counts of the most frequent ones (as long as the merchant name remains the same or similar)

    I remember someone posting about a company that you provide one payment method to and then they pay all your direct debits, can't remember the name though.

    EDIT: https://www.easybillpay.com.au/

    But this is not quite direct debit.

    Nearish future
    https://www.smh.com.au/business/banking-and-finance/direct-d...

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    How do you manage this process generally? Just looking for some tips or thoughts.

    Have a budget listing each merchant with regular payments and note how/which account they are paid from. Bonus points for tracking when you last reviewed their rates too.

  • +2 votes

    Use paypal as much as i can, and just link it to my card of choice.
    If i close an account, dont use it for a few months before closing and transition to new account.

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    can't you just search your transaction history for direct debits?

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      Yup, I can - that's the manual process that I am referring to in my post.

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        yeah, but can't you use online banking to search for a specific transaction type?

        •  

          Gotcha. I doubt if I can differentiate between direct debit vs hundreds of transactions that I may have made myself. I could be wrong, if it's possible.

  • +2 votes

    Don't use direct debit. Set up scheduled payments on your end. Solved.

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    Depends on the bank but some issues statement each month with the list of all direct debits on the card.

    • +1 vote

      cool. couldn't be easier

      Ask your new bank to help

      If you ask your new bank to help you switch they will contact your current bank to get a 13-month list of:

      Direct debits (like gym membership or regular utility payments)
      Direct credits (like your salary)

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