Electronic Direct Debit Authorization (eDDA) is a value-added service of the Faster Payment System (FPS) launched by the Hong Kong Monetary Authority (HKMA). It allows you to authorize securities firms like Longbridge to debit funds directly from a designated bank account and deposit them into your securities account. Currently, it only supports HKD. Below is an introduction to its advantages, authorization process, deposit methods, arrival time, fees, and FAQs.

eDDA authorization process

• Initiating authorization within the Longbridge App:

Step 1. Go to the Longbridge App > Portfolio > Deposit > HKD and select a Hong Kong bank card.

Step 2. In the Hong Kong bank card list, select the specific bank card for deposit and click eDDA to apply for authorization. Note that the "eDDA" tag below the bank's name indicates the bank supports eDDA.

Step 3. Confirm the bank authorization information and click Confirm authorization. The system will automatically distinguish whether you have bound this bank card before

• If the bank card has been bound, confirmthe card number and name, then click Confirm authorization. If you find that the card number or name is incorrect, you can modify them in Portfolio > More > Bank Accounts.

• If the bank card has not been bound, you need to fill in the Name of Bank Account Holder, Bank Account No, and Account typefields, and then click Confirm authorization.

Note: The type of identity document and name sequence used for opening the account must be consistent with the information registered with the bank. Inconsistency will lead to authorization failure. If you are not sure, please call the remitting bank's customer service for confirmation.

Step 4. After successful submission, wait for bank authorization. You will receive a push notification and email upon successful authorization.

Note: The eDDA authorization processing time varies from bank to bank. Most banks provide authorization results in about 5 minutes, while some banks may take 2–14 working days. Please wait patiently.

 

• Initiating authorization via bank:

Step 1. Initiate eDDA authorization on the bank's online banking platform. After successful authorization, proceed to initiate the deposit in the Longbridge App. For specific authorization methods of different banks, please refer to the prompts under Longbridge App > Deposit bank > eDDA Authorization.

Step 2. Initiate the deposit in the Longbridge App. After successful authorization, click Deposit now on the eDDA deposit page of the Longbridge App. During Hong Kong stock trading hours, the funds are expected to arrive in about 5 minutes.

Note:

1. Banks that require authorization via their online banking platform: Citibank, Bank of East Asia, and China Merchants Bank. For specific operation documents, please refer to:

• eDDA Authorization via Bank APP/Web
• China Merchants Bank Hong Kong eDDA Authorization Guidelines

If authorization for some banks fails for many times in the Longbridge App, you may try authorizing via the bank's online banking platform. For specific operations, please refer to:

• HSBC HK eDDA Authorization
• Hang Seng Bank eDDA Authorization

2. Advantages of eDDA:

• Secure: Longbridge Securities and banks have deeply integrated systems. Both parties verify the customer’s identity during account authorization and fund transfers, complying with the regulations of the Securities and Futures Commission (SFC) and HKMA.
• Fast: 24/5 deposits, with funds arriving in your account in 5 minutes.
• Free: eDDA authorization and subsequent deposits are free of charge.
• Convenient: Deposit instructions can be initiated directly in the Longbridge App, eliminating the need to operate via online banking or upload transfer receipts.
• Wide-coverage: Many Hong Kong banks are supported, including HSBC and Hang Seng Bank.

3. Arrival time:

All arrival times will be postponed on Hong Kong market holidays.

4. Fee:Free of charge. However, if the account balance is insufficient, some banks (e.g., HSBC) may charge service fees. Ensure sufficient funds in the account before initiating a transfer.

FAQs

Q1: What should I do if eDDA authorization fails?

Ensure that the type of ID document, card number, and name sequence used for opening the bank account are consistent with the information filled in during eDDA authorization, and the bank account name is the same as the Longbridge securities account name. Confirm that a valid mobile number, email address, and up-to-date ID document have been registered with the bank. If authorization fails for many times in the Longbridge App, try authorizing via the bank's online banking platform. For HSBC bank cards, note the distinction between savings accounts (card numbers usually ending with 888/833) and current accounts (card numbers usually ending with 001). If you are not sure, check the cheque book number or contact the bank for confirmation.

Q2: What should I do if eDDA authorization remains pending?

The processing time for eDDA authorization varies by bank. For example, HSBC processes authorizations quickly, while OCBC usually takes about 2 working days to provide a result. Please consult the corresponding bank for details.

Q3: What should I do if I cannot delete the bank card in the Longbridge App after successful eDDA authorization?

After successful eDDA authorization for a bank card, you need to revoke the authorization before deleting the bank card.

Q4: How can I revoke the authorization after successful eDDA authorization?

Currently, revoking authorization is not supported in the app. You need to revoke the authorization via the corresponding bank’s online banking platform.

Notes

1. You need to register important information such as a valid mobile phone number, email address, and up-to-date identity documents with your banks.
2. The name on the transfer bank account must exactly match the name on your Longbridge securities account. Transfers from another person's account are not permitted, and any refund fees incurred will be borne by you.
3. It takes time for the bank to process the transfer. Bank notifications stating "transfer initiated"do not indicateimmediate receipt by Longbridge Securities. Settlement and approval are required after the funds arrive. Banks and Longbridge Securities do not process transfers during Hong Kong public holidays. Please allow sufficient time for processing.
4. Longbridge Securities currently does not accept direct cash deposits.

Disclosures

The above guide screenshots are provided by users and are for reference only. If there are any discrepancies between the screenshots and the actual interfaces, the actual bank interfaces shall prevail. Please confirm the content to be filled in with the bank. Longbridge shall not be held liable for any losses resulting from the use of this guide. For your convenience, this guide may contain links to third-party websites. Longbridge takes no responsibility for the content of any websites linked to or from this site. Furthermore, Longbridge makes no warranty (either express or implied) regarding the accuracy, legality, reliability, or validity of the content of any other websites.