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7. Direct debit request

The direct debit service is an optional service which allows you to set up regular investments into your portfolio from accounts operated by certain other approved financial institutions which permit the processing of direct debits. Your use of the direct debit service is subject to the following terms and conditions:
  1. The account held by your nominated financial institution must be in the same name or names as your portfolio.
  2. Where the due date for a debit does not fall on a Business Day, your nominated financial institution may vary the timing of the direct debit. If you are uncertain as to when a debit will be processed, you should ask your financial institution.
  3. You must allow two Business Days from the date of receipt by us for funds invested via the direct debit service to be cleared.
  4. Third parties authorised to transact on your portfolio may not set up a direct debit on your behalf.
  5. You must notify us promptly if you know or suspect any unauthorised transactions have occurred in relation to your direct debits. You should also notify your financial institution as soon as possible.
  6. You must ensure that there are sufficient cleared funds in your nominated account(s) to honour the direct debit request.
  7. Your nominated financial institution(s) may, in its absolute discretion, decide the order of priority of payment by it of any monies pursuant to this request or any equivalent authority or mandate.
  8. Your nominated financial institution(s) may in its absolute discretion, at any time by notice in writing to you or us, terminate this request as to future debits.
  9. We may, by 14 Business Days prior notice in writing to you, vary the timing of future debits.
  10. You can modify, defer or stop your use of the direct debit service at any time by giving us notice in writing. Your request will normally be processed within 14 Business Days of receiving your properly completed request.
  11. When your portfolio (including your CMA) is closed, all regular deposits under the direct debit service will cease.
  12. Your use of the direct debit service may be automatically cancelled if three consecutive direct debit payments are dishonoured due to insufficient funds in your nominated account. If this occurs, we will notify you that your use
    of the service has been cancelled. We will also charge to your account the cost of any dishonour costs.
  13. You acknowledge that we may be required to reveal details of your direct debit request to our sponsor bank to assist with the checking of any incorrect or wrongful debits to your nominated account. In all other circumstances, we will keep all information relating to your direct debit arrangements private and confidential unless otherwise required by the BECS rules.
  14. You authorise the external financial institution(s) nominated on the direct debit form to confirm the BSB, account number and account name to us if required.
  15. Direct debiting through the Bulk Electronic Clearing System (BECS) is not available on all accounts. You should check your account details against a recent statement. If you are uncertain about these matters, you should contact your nominated financial institution.