Making a move for the betterOnce you’ve joined Defence Bank, our systems make it easy for you to switch your banking to us.
One of the biggest obstacles to switching banking is rearranging regular payments (credits) and deductions (debits) established on current bank accounts. You can now request a listing of all these deductions from your accounts over the last 13 months to help make it much more straightforward. Once you’ve got hold of this listing, Defence Bank provides two ways to assist you in contacting anyone that makes regular payments or deductions from your account.
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Branch serviceDrop in to your local branch and we’ll help you prepare the letters on your behalf. Just ensure you have the necessary debiting/crediting details and contact addresses for those making credits or debits to your account.
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Self serviceDropping into your local branch may not necessarily be convenient, so we’ve also created an online letter template for you to let those who make credits or debits to your account know your change of bank details.
Remember, if you need any help in switching your old accounts to Defence Bank, phone us on 1800 033 139, Monday to Friday, 8am – 8pm AEST.
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More information on regular paymentsWhat is a ‘regular’ payment?
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Regular payments can be either a recurring payment or an instalment payment. A regular payment represents an agreement between you (the cardholder) and a merchant in which you preauthorise the merchant to bill your card account at predetermined intervals (e.g. monthly or quarterly) or at intervals agreed by you.
The amount may differ or be the same for each transaction. You may ask your local gym to charge your monthly membership fee to your credit card each month, or you have purchased a new television from your local appliance store and are being billed by the merchant in subsequent multiple periods.
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What are the benefits of regular payments?
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| Ensures timely payments to the merchant
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| | Saves you time as the payment is processed automatically.
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| | Saves you money as you do not have to pay for cheques, money transfers or postage, and you won’t be liable for late fees.
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Customer responsibilities and obligationsRegular payment arrangements are an agreement between you (the cardholder) and the merchant. You should keep a record of all regular payment arrangements you have established with your merchant and store in a safe place. A template for recording your regular payment arrangements is available from the Australian Payments Clearing Association website – www.apca.com.au
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You are responsible for notifying the merchant when your account details change, including a change in card number and/or change of card expiry date.
You can download letter templates to advise your merchant who makes regular credits or debits of your change in account details. We recommend you keep a copy of any change in account details letter sent to your merchant and your earlier regular payment agreements. You will need this correspondence if your merchant does not comply with your request in a timely manner and you decide to dispute any incorrectly charged regular payments.
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Customer rights to disputeAny issues with your regular payments, including the failure of the merchant to act on a change in account details advice, should be taken up directly with your merchant first. If further assistance is required to resolve an issue between yourself and a merchant, phone Defence Bank on 1800 033 139 or visit your local branch for more information.
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Frequently asked questionsFor answers to frequently asked questions in regard to regular payments, click here.
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