In this article, you will learn how to set up and manage Direct Debits on your account
💡 This article describes a feature that is unavailable for users with following BICs: SOBKDEB2XXX & TRZOFR21XXX
If you have an account with BIC SOBKDEB2XXX, please consult this article
If you have an account with BIC TRZOFR21XXX, please consult this article
How to set up B2B Direct Debits
Once the B2B direct debit is received, you’ll get an email and mobile push asking to approve or reject the direct debit. You can do it before the planned payment date.
In your personal space, you can easily find this Direct Debit. It will appear in the Planned payments in the To pay status.
On the page of Direct Debit, you will need to approve it
💡Please note, to set up B2B Direct Debit, you don't need to send us a mandate. It is communicated to Finom by creditor, all you need to do is to approve it in your personal space as described above
You will need to approve the direct debit each time it presents (for recurring debits)
By rejecting the Direct Debit, you are not rejecting the future debits. If you want to reject Direct Debit once and for all, please contact our support team from in-app chat or by email at [email protected]
If you didn’t react on this request before the planned date of the debit, the direct debit will be automatically rejected. Further direct debits from that counterparty (with the same Mandate ID) need to be approved or rejected again.
Can I find out about outgoing direct debit in advance?
You will be informed about direct debit as soon as we receive the request to debit your account from your counterparty’s bank, but not earlier than 14 days before and not later than 24 hours prior to the direct debit effective date.
Core Direct Debits (recurring payments such as rent, utilities, software subscriptions, loan repayments, etc):
Your direct debit will appear in the Scheduled status in the Planned payments
You do not need to set it up.
You will get notifications by email and mobile push notification on the day of receiving a request to debit your account and reminder 1 day before the payment.
B2B Direct Debits:
You will need to approve the direct B2B debit. It will appear in the Planned payments in the To pay status. Once this payment is approved, the status of direct debit will be changed to Scheduled.
You’ll be notified by email and mobile notification about the need to approve the direct debit request on the day of receiving a request. In addition, we will remind you again later in the same day, in case you missed the first notifications
Can Direct Debit be canceled before the effective date?
Yes, direct debit can be canceled by your counterparty or counterparty’s bank, by yourself or Finom. It depends on the decline reason.
How can I decline the direct debit?
To decline payment via web or mobile app you should do it no later than 24 hours before the effective date:
You should find your payment in the Planned Payments section
Open the transaction page, click on 'Decline payment', and confirm it.
Payment status will be changed to Declined
Will I be informed about the cancellation of direct debit by counterparty?
Yes, we’ll send you the notification by email and mobile push about the cancellation of direct debit as soon as we get the request for it. Transaction status is changed to Declined with the indicated reason.
Why my direct debit was declined?
There can be several reasons for this:
Insufficient funds in your wallet on the payment execution date. Be aware, that in this case we’ll charge 5 euros as a fee.
You had unpaid fees for using your Finom account at the payment execution date.
Your outgoing payments were limited due to some regulatory checks
Your counterparty has incorrect payment details (IBAN)
If you have questions or require any support, don't hesitate to contact us using our in-app chat, or via email at [email protected].