Automatic Income Redirection may not be working because:
- You may have insufficient funds in your Investment Wrap account.
- Your nominated bank account may be closed.
- You changed the bank account that has been linked to your Wrap account as your nominated bank account but didn’t notify your adviser or us of the changes.
You’ll be able to tell from your Cash Transactions report whether the Automatic Income Redirection has occurred. For each income transaction that is deposited into your Wrap cash account, you will see an equal amount debited overnight with “Redirection” at the beginning of the narration for the matching amount in the Debit column. The receiving account, that is the nominated bank account, will have the same amount with “IR” at the beginning of the narration for the matching amount.
If there are insufficient funds in your Wrap cash account, the Automatic Income Redirection will fail. Insufficient funds can arise when the available cash was used for another purpose, for example, a withdrawal was processed from your account on the same day the income was deposited, or the income was used to purchase additional investments.
If you have a financial adviser, you can contact them to find out more information about why your Automatic Income Redirection is not working. Alternatively, you can contact us on 1800 025 063 (+61 2 8245 4250), 8am to 7pm (Sydney time) Monday to Friday.