Recurring Bill Payment is a function that allows you to schedule a repeatable payment with a fixed amount in a periodic manner, i.e. on a monthly basis.
You can click on the ‘Click Here' hyperlink upon Successful/Accepted Bill Payment performed in the M2U secured site.
You can register for recurring bill payment only upon Successful/Accepted Bill Payment performed in the M2U secured site.
Currently, it's defaulted to a monthly basis.
Yes, Credit Card payments are allowed as long as Bill Payment is performed using a Credit Card.
No, you cannot choose a different account during registration for recurring bill payment. The same account (Savings Account / Current Account / Credit Card) used for bill payment will be registered for the recurring bill payment.
No, there is no service charge for recurring bill payment. However, the existing service charge for the Payee still applies.
Currently, the recurring bill payment is open to Individual customers only.
No, recurring bill payment is open for Bill Payment only.
No, only selected Bill Payment Payees are allowed for the recurring bill payment facility (the listing can be updated, at the Bank's discretion without prior notice).
There will be a ‘Click Here' hyperlink and a message on your M2U screen stating, "if you want this payment to be automatically deducted on a monthly basis for subsequent months from now" at the bottom if the Bill Payment fulfills the following:
The minimum amount to register for the recurring bill payment is RM0.01*.
* The minimum amount setup by Payee may differ.
The maximum amount to register for the recurring bill payment is RM999,999.99*.
* The maximum amount setup by Payee may differ.
The First Recurring Payment Date has to be after the Bill Payment Effective Date.
The Last Recurring Payment Date has to be after the First Recurring Payment Date and the Last Recurring Payment Year must not be more than 10 years from the First Recurring Payment Year.
Yes, you can. The system will then calculate the end of month date, i.e. 31st December 2010, followed by 31st January 2011, 28th February 2011, 31st March 2011, 30th April 2011 & 31st May 2011.
Yes, you can. However, the system will debit the amount on a monthly basis as long as the Next Recurring Payment Date is not after the Last Recurring Payment Date.
The registration for recurring bill payment is only made available for Successful/Accepted Bill Payment because our system will populate the necessary information for the recurring bill payment.
The recurring bill payment is not in real-time as it is posted by day end batch run. Because of this, it will not be reflected in your M2U History. However, the recurring bill payment transaction will be reflected in Today's Transaction (for the same date) and Transaction History under your Account Details module as well as View Past Recurring Bill Payment under the Recurring Payment Maintenance module.
Yes, there are possibilities that the recurring bill payment will be unsuccessful for instance if there were insufficient funds in your account or if your account was not authorized, etc.
You may keep track of your recurring payments by monitoring your Transaction History under your Account Details, as well as View Past Recurring Payment under the Recurring Payment Maintenance module.
Your recurring bill payment for the affected month will not be processed but the recurring payment will still continue for the following month. You may need to manually make payment to the particular payee for the lapsed month.
No, you cannot make amendments to the registered recurring bill payment details.
Yes, you may cancel your registered recurring bill payment.
You can click on the ‘Manage Future Recurring Payment' hyperlink under the Recurring Payment Maintenance module, select the recurring bill payment record by checking the checkbox and click [Cancel Payment].
Only Active recurring bill payment records will have a checkbox available for selection. For records either Cancelled or Expired, they will not have a checkbox for selection.
The Cancelled recurring bill payment record can be identified by the Last Recurring Payment Date being the same of or later than the Current Date*. As for the Expired recurring bill payment record, the Last Recurring Payment Date should be the same or have passed the Current Date*.
Example: With 01/12/2010 as Current Date for those recurring bill payment records without checkbox at Manage Future Recurring Payment
|Next Recurring Payment Date||Last Recurring Payment Date||Status|
|01/12/2010||01/12/2010||Cancelled / Expired*|
* If it's before posting recurring time (i.e. 4pm), the Status will be Cancelled. Otherwise, the Status will be Terminated.