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Direct Credits

Overview

Direct Credit is a product that allows the debit of a single account to credit multiple accounts held either at Bank of Bermuda or with another local bank. Businesses that regularly process high volumes of credit transactions should use Direct Credit.

The customer must generate an electronic Direct Credit instruction, either through the production of a file from their back office system or by using the Automated Clearing House (ACH) tool on HSBCnet. Bank of Bermuda will then use that instruction to debit the specified HSBC account and credit the bank accounts detailed within the file.

Need more information?

Small Businesses

  • Call us on 299-5555

Larger Businesses

  • Call us on 299-5333

Key features and benefits

  • Convenience
  • Increased efficiency and accuracy
  • Same day processing
  • Reduced expenses – no cheques to write, to mail or to reconcile
  • No more reconciliation and chasing of outstanding invoices
  • Recipients have immediate availability of funds

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