All you need to know about Versa's Automatic Cash In / Auto Debit

1. What is Automatic Cash In / Auto Debit?

The Automatic Cash In / Auto Debit feature empowers you to automatically Cash In funds on the 5th day of each month. Once your Cash In is received, it will be processed within 2-3 business days at no additional cost.

Please note that if the 5th day of the month falls on a weekend or public holiday, the Cash In will be processed on the next available business day (only applicable for non-Maybank bank account users only).

2. What happens to my Auto Debit plans when I remove my bank account?

Removing your bank account will remove all Auto Debit plans linked to that bank account.

3. How many Auto Debit Bank Accounts can I set up?

There is no limit to how many bank accounts you can set up

4. What is Auto Debit's RM 1 verification for?

The RM 1 verification serves as a test to validate your bank account. Once your bank transfers RM 1, it will be reimbursed back into your account on the following business day.

5. How many Auto Debit plans can I set up?

There is no limit to how many Auto Debit plans you can have. However, you are only able to link one plan to one portfolio per bank account.

6. Does the Auto Debit Bank Account refer to the same bank account used for Cash Out

Please note that your Auto Debit bank account is registered independently of your Cash Out bank account. Removing your Auto Debit bank account will not affect your Cash Out accounts

7. What is the Maximum Amount?

The Maximum Amount is the (RM) limit that can be deducted from your bank account each month.

8. Why was my Auto Debit Bank Account Rejected?

In the event that you provide incorrect bank account details, your Auto Debit Bank Account registration may not be successful. To avoid this, kindly confirm that the bank account is linked to your name and NRIC to prevent any issues.

9. Why did my Auto Debit Plan get Rejected?

Your Auto Debit Plan may fail due to 2 reasons;

• Your bank account is rejected
  If you included the wrong bank account details, AHAM Asset Management Bhd (previously known as Affin Hwang Asset Management) will reject your bank account. A rejected bank account will fail your Auto Debit Plan. Please ensure that the bank account is tied to your name & NRIC.
• Your bank account has insufficient funds
  After 3 consecutive failures, your Auto Debit plan and bank account will automatically be removed.

10. When will my Auto Debit Plan be deducted from my bank account?

Your auto debit amount will be deducted from your bank account on the 5th of every month. For non-Maybank users, the deduction will be on the next working day if the 5th is a holiday or weekend. Funds will be deposited into your Versa fund within 2-3 business days. Maybank users will always be deducted on the 5th. Please refer to Table 1 for specific dates for non-Maybank users.

Do note that Auto Debit Plans into Versa Cash-i will take an additional day to be reflected in your fund balance due to the Fund's cut-off time of 10AM.

11. When can I add a new Auto Debit Bank Account (ADBA) or a new Auto Debit Plan (ADP) under my existing Auto Debit Bank Account (ADBA)? How long will it take to be approved for both ADBA & ADP?

You can add a new auto debit bank account or a new auto debit plan at any date-time of the month. Approval of ADBA will usually take 3-4 working days, whereas approval of a new ADP usually takes less than an hour.

However, do note that there is a cut-off period of T-6, 3pm (T being the deduction date). For any creation of a new ADBA or addition of an ADP after the cut-off period, the subsequent deduction will occur in the subsequent month. Do refer to Table 2 below for the cut-off date-time as well as examples:

12. Can I edit my Auto Debit Plan amount?

Yes, you may edit your ADP amount after your ADP is approved. However, edit/deletion of your ADP will be restricted every T-6, 3pm to T+1, 11:59pm (T being the deduction date of the month), as this is the processing period required by AHAM Asset Management Bhd to process your Auto Debit. Therefore, changes to your ADP will be restricted. Refer to Table 2 for the processing period examples.

13. How do I edit/delete my Auto Debit Plan(s)?

Step1: Select on "Auto Debit" under "Manage" to view your set up Auto Debit Plans.

Step 2: Select the plan you wish to edit/delete.

Step 3: Edit/delete the selected plan.

*Plan(s) are only editable after 3 business days of creation, or once it has been processed.

14. Can I edit my Auto Debit Bank account max amount / delete my Auto Debit Bank account?

Yes, you may do so after your Auto Debit Bank account is approved. Approval of an auto debit bank account usually takes 3-4 working days. 

Do note that to edit max amount / delete bank account, RM 1 will be deducted from your bank account for verification purposes. Rest assured that the RM 1 will be refunded to you on the following business day. 

The process of edit max amount / delete bank account will be completed within T+3 business days.

However, edit/deletion of your Auto Debit Bank Account will be restricted every T-6, 3pm to T+1, 11:59pm (T being the deduction date of the month), as this is the processing period required by AHAM Asset Management Bhd to process your Auto Debit. Therefore, changes to your ADP will be restricted. Refer to Table 2 for the processing period examples.