Hi Dominic
Unfortunately, it is not possible. If you want to have Automatic renewal, you will need to use one of the payment plugin supports this feature:
1. PayPal
2. PayPal Pro
3. Stripe
4. Authorize.net
In your case, customers pay you manually via bank, so each time you receive payment, you will need to got o Membership Pro -> Subscriptions, select the subscription record of the customer, press Renew Subscription button in the toolbar to process that subscription renewal
Tuan