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Switching to Defcredit
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Once you’ve joined Defcredit, we’ve made it easy to switch your banking to us. One of the biggest obstacles many people find in switching their banking is rearranging the numerous regular payments (credits) and deductions (debits) they have set-up on their current bank account.
But you can now request a listing of all of these from your accounts within the previous 13 months, making it a lot easier. Once you’ve got hold of this listing, Defcredit has two ways to help you contact anyone that makes regular payments or deductions from your account.
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Branch service
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Drop in to your local branch and we’ll help you prepare the letters on your behalf. Just ensure that you have the necessary debiting/crediting details and contact addresses and we can provide you with a letter requesting that they are changed to your new Defcredit account.
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Self service
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We’re aware that dropping into your local branch may not necessarily be convenient
for you so we’ve also prepared the ‘self service’ way, to let them know your change
of bank details. You can download letter templates to advise those who make credits
or debits to your account. And remember if you need any help in switching your old accounts to Defcredit, you can always call us on 1800 033 139, Monday to
Friday, 8am – 6pm.
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More information on regular payments
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What 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 as agreed by you.
The amount may differ or be the same for each transaction. For example, 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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There are many benefits for cardholders who set up regular payments including:
1. Ensures timely payments to the merchant
2. Saves you time as the payment is processed automatically
3. 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 obligations
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Regular 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. Until you notify the merchant, Defcredit is required to process transactions from the merchant.
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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 Dispute
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Any 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. Should further assistance be required to resolve an issue between yourself and a merchant, call Defcredit on 1800 033 139, or visit your local branch for more information.
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Frequently asked questions
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For answers to frequently asked questions in regard to regular payments click here
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