Automatic Income Redirection allows your adviser to elect to automatically redirect income earned from your investments in your Investment Wrap account to be credited to your nominated bank account.
Automatic Income Redirection will occur daily, sweeping any income deposited as cash to your nominated bank account overnight. It gives you access to your income quicker, and without having to wait for a manual funds transfer.
Investments that can have their income automatically redirected:
Investments that cannot have income automatically redirected:
If you have a financial adviser, the easiest way to update or cancel your income redirection is to contact them and have them do this for you online.
If you don’t have a financial adviser, you will need to provide us with your signed written instructions to update or cancel your income redirection. You can email this instruction to wrapsolutions@macquarie.com.au or you can call us on 1800 025 063, 9am to 5pm (Sydney time) Monday to Friday.
If you change your bank account that’s linked to your Wrap account as a nominated bank account and you don’t tell your adviser or update the details with us, the Automatic Income Redirection will continue to redirect income to that account until we’re instructed to remove or update your nominated bank account details.
To ensure you continue to receive your Wrap account income into your nominated bank account, make sure any changes to your linked nominated accounts are communicated to your adviser and us. You’ll need to provide a completed Macquarie Account Nomination form to us so that we can update your nominated account for you.
It’s important to note that your adviser will also need to update the Automatic Income Redirection destination account to ensure your income is redirected to the new account.
Automatic Income Redirection may not be working because:
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, 9am to 5pm (Sydney time) Monday to Friday.
