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How do I set up a Regular Payment?

The Regular Payments page allows users to set up automatic regular payments from their Netwealth cash account to a Nominated Bank account. From 19 November 2023, there is a new update that allows for users to choose their payment frequency and payment date. The instructions to do this are outlined below.

 

Where do I find the Regular Payment page?

The Regular Payment page exists under Transactions > Pay & Withdraw > Regular Payment.

When you first open the page, you will see all of the details that need to be populated to create a new regular payment, including selecting a bank account. To read more about adding a registered bank account, please read the article regarding Bank Settings

 

How do I add a new regular payment?

To add a new payment, simply fill in the details required as listed below:

  • Payment Amount: this is the dollar amount that is required for the withdrawal from the Netwealth cash account to the nominated bank account.
  • Payment Frequency: choose from the drop down of either weekly, fortnightly, monthly, quarterly, bi-annually or yearly.
  • Select Bank Account: choose from the registered bank accounts (read more on how to add a new bank account here). The fields, "Bank Account", "BSB" and "Account Number" will autocomplete after an account has been selected.
  • Transaction narration: If left blank this will be filled in as the bank account name, but it can be filled in for EFT reference in reporting.
  • Next Payment Date: Choose from the calendar the date you want the payment to begin. Please note that this is the date that Netwealth will action the request, but it may take 2-3 business days for your/your client's bank to move the money into your/your client's account. 
If you are an Adviser Representative (AR) completing this action, it will trigger an activity to appear in the client's Netwealth account, which will need to be approved before the Regular Payment set up is completed.

How does the payment frequency affect the minimum cash requirement?  

The minimum cash requirement may include an amount set aside to fund you/your clients’ regular payments.

The minimum cash requirement of you/your clients’ WRAP account is equal to 1% of their account balance or $500 (whichever is greater) up to a maximum of $5,000, plus where you/your client is receiving:

  • weekly payments, the amount equal to four weekly payments; or
  • fortnightly payments, the amount equal to two fortnightly payments; or
  • monthly payments, the amount equal to one monthly payment. 

No additional cash is reserved if you/your client has selected to receive quarterly, semi-annual or annual regular payments, although you should ensure there is sufficient cash available to make these payments each time they fall due.

What happens if there is insufficient cash?

If at the time the regular payment is scheduled, the cash account will be left below $100.00, then the regular payment will not be released. The account must retain $100.00 to ensure the minimum cash requirement is met. The client and the adviser will receive a notification in the online activities dashboard confirming the payment was not made due to insufficient cash requirements. 

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