Direct Debit Request Service Agreement
- Account means the account held at your financial institution from which we are authorised to arrange for funds to
- Agreement means this direct debit request service agreement between you and us.
- Business day means a day other than a Saturday or a Sunday or a public holiday listed throughout Australia.
- Debit day means the day that payment by you to us is due.
- Debit payment means a particular transaction where a debit is made. This includes an investment and the Chillur monthly fee.
- Direct debit request means the direct debit request between us and you.
- Us or we means KP Asset Management Pty Ltd, which you have authorised by signing a direct debit request.
- You means the person named on the penalty notice and who has agreed to the direct debit request.
- Your financial institution is the financial institution where you hold the account that you have authorised us to arrange to debit.
1. Debiting your account
1.1 By agreeing to a direct debit request, you have authorised us to arrange for account funds to be debited to your account. You should refer to the direct debit request and this agreement for the terms of our arrangement.
1.2 We will only arrange for funds to be debited to your account as authorised in the direct debit request.
1.3 If the debit day falls on a day that is not a business day, we will direct your financial institution to debit your account on the next business day. If you are unsure about which day your account has or will be debited, you should ask your financial institution.
2. Changes by us
2.1 We will only vary any details of this agreement or a direct debit request after giving you at least fourteen (14) days written notice.
2.2 We will automatically cancel your direct debit request once:
- your penalty notice has been paid in full
- your penalty notice is subject to a penalty notice enforcement order.
3. Changes by you
3.1 You may change the arrangement under a direct debit request by contacting us at email@example.com.
4. Your obligations
4.1 It is your responsibility to ensure that there are sufficient clear funds available in your account to allow a debit payment to be made in accordance with the direct debit request.
4.2 If there are insufficient clear funds in your account to meet a debit payment:
- you may be charged a fee and/or interest by your financial institution
- you may incur fees or charges imposed or incurred by us
- you must arrange for the debit payment to be made by another method to ensure you do not fall behind in your agreement.
4.3 You should check your account statement to verify that the amounts debited from your account are correct.
4.4 If you default on your payments regularly, we may, at our discretion, prevent you from further transactions, including investments and account closing, until pending payments are made by another method, as specified in 4.2.3.
5.1 If you believe there has been an error in debiting your account, you should notify us directly on firstname.lastname@example.org and confirm that notice in writing as soon as possible so that we can resolve your query quickly.
5.2 If we conclude, as a result of our investigations, that your account has been incorrectly debited, we will respond to your query by arranging for your financial institution to adjust your account accordingly. We will also notify you in writing of the amount by which your account has been
5.3 If we conclude, as a result of our investigations, that your account has not been incorrectly debited, we will respond to your query by providing you with reasons and any evidence for this finding.
5.4 Any queries you may have about an error made in debiting your account should be directed to us in the first instance so that we can attempt to resolve the matter. If we cannot resolve the matter, you can still refer it to your financial institution which will obtain details of the disputed transaction and may lodge a claim on your behalf.
6.1 You should check:
- with your financial institution whether direct debiting is available for your account as direct debiting is not available on all accounts offered by financial institutions
- with your financial institution if additional fees and charges may be incurred by you as a result of this direct debit agreement
- the account details you have provided to us are correct by checking them against recent account statements.
7.1 We will keep all information in your direct debit request confidential. We will make reasonable efforts to keep any such information that we have about you secure and to ensure that any of our employees or agents who have access to information about you do not make any unauthorised use, modification, reproduction or disclosure of that information.
7.2 We will only disclose information that we have about you:
- to the extent specifically required by law
- for the purpose of this agreement (including disclosing information in connection with any query or claim).
Terms and conditions of Split Payments Direct Debit Request (DDR)
- You request and authorise Split Payments Pty Ltd (User ID 492448) to arrange, through its own financial institution, a debit to your nominated account any amount Split Payments Pty Ltd, has deemed payable by you.
- This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial institution you have nominated and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.
Split Payments Direct Debit Request Service Agreement
- INITIAL TERMS Split Payments will debit your nominated account for the amounts and at the frequency of payments as agreed between us on the Split Payments DDR Contract authorised and accepted by you.
- CHANGE OF TERMS Terms may be changed immediately with the approval of the Customer or within the parameters of the Digital Agreement issued by the Customer and approved by the Registered User. This is managed through the Split Payments Platform.
- DEFERRING OR STOPPING A PAYMENT Should you wish to defer a payment to another date you must contact the Customer before the date of that payment to request the deferment. Deferments are entirely at the discretion of the Customer. You may request to stop an individual payment through the Split Payments platform however you will still be liable to make this payment to the Customer
- ALTERING THE SCHEDULE Should you wish to alter the payment frequency or Day to Debit contact the Customer. Altering schedule is solely at the discretion of the Customer. The Customer may charge a fee for this service. The Customer shall notify you of these fees. Any changes made will not affect the total amount you would otherwise have paid over the minimum term of your Contract.
- CANCELLING THE PAYMENTS You can cancel this Direct Debit Request Authority at any time through the Split Payments platform. Cancellation of the authority to debit your account will not terminate your contract or remove your liability to make the payments you have agreed to with the Customer.
- DISPUTES If you dispute any debit payment, you must notify the Customer immediately. The Customer will respond to your dispute within 7 working days and will immediately refund the amount of the debit if they are not able to substantiate the reason for it. If you do not receive a satisfactory response from the Customer to your dispute, contact Split Payments who will respond to you with an answer to your claim within 5 business days if your claim is lodged within 12 months of the disputed drawing, or within 30 business days if your claim is lodged after 12 months from the disputed drawing.
- BUSINESS DAYS When the day to debit falls on a weekend or public holiday the debit will be initiated on the next working day.
- DISHONOURED PAYMENTS It is your responsibility to ensure that on the due date clear funds are available in your nominated account to meet the direct debit payment. Should your payment be dishonoured, you authorise Split Payments to debit your account when clear funds become available in your nominated bank account.
- ENQUIRIES Enquiries may be directed to email@example.com.
- YOUR OTHER RESPONSIBILITIES In addition to those already mentioned, you are responsible for ensuring that your nominated account is able to accept direct debits. If it is not, it is your responsibility to provide Split Payments with a new account number.