Direct Debit Payment System is a simple, safe and the most convenient way for consumers to pay bills or make recurring payments such as insurance premium, utility bills, loan installment payment directly from their bank account.

It is more secure than making payment by using cheque or cash, because the fund is automatically deducted from consumer account and credited directly into the merchant’s account. As the payment is fully automatic and certain, consumers don’t have to worry about their bills either forgot to make payment or lost in the mail. Automatic payment also eliminates the risk of late-payment charges.

If you are interested to enroll in Direct Debit, here are the steps.

• Contact the organisation or company that you wish to make payment.
• Complete the MyClear Direct Debit Authorization Form (DDA Form) to authorize a merchant to debit your bank account for the agreed amount and frequency.
• The merchant will then notify your authorization instruction onto your bank to deduct the agreed amount from your account for verification of signature and approval.
• Upon approval, the agreed amount will be automatically deducted from your bank account for the recurring payments to your merchant’s account.
• Just ensure that, you have sufficient funds in your account when the payment is due.

Participating banks are Bank Islam, Bank Kerjasama Rakyat, Bank of America (M) Berhad, CIMB Bank, Citibank, Deutsche Bank, Hong Leong Bank, HSBC Bank, J.P. Morgan Chase Bank, Maybank, OCBC Bank, Public Bank, RHB Bank and Standard Chartered Bank.

Consumer may be charged for Direct Debit transaction, but the charges or fee will depend on the merchant.

There is no limit on the number of direct debit transactions or value of each transaction. You just need to ensure the fund available in the account is sufficient.

For any reason, if you need to cancel authorize direct debit instruction, simply complete the Direct Debit Authorisation Form (DDA Form) which is available from your merchant. On the form you will find ‘Type of Application’ field; please select ‘Termination’

Direct Debit is managed by MyClear (Malaysian Electronic Clearing Corporation Sdn Bhd), a wholly-owned subsidiary of Bank Negara, the Central Bank of Malaysia.

MyClear role is to provide technical expertise, interbank switching and routing infrastructure and manage the clearing and settlement for the banks.