Direct debit service agreement
This information is to help you understand the responsibilities (both yours and ours) and other terms and conditions that apply to your direct debit request.
These terms apply to both debits from an Australian bank account and payments from a credit card (where both are referred to below as a 'direct debit' or just a 'debit').
By accepting this Direct Debit Request Service Agreement, you request that your nib premiums be debited at your specified payment frequency from your nominated account via the Bulk Electronic Clearing System (BECS) at your bank, building society or credit union.
The BECS is the standard system used for most online and direct debit transactions, particularly those made between businesses and their customers or employees. For your reference, nib's user identification number for this system is 000488.
nib will give you at least 14 days notice in writing if there are changes to the details of your debit. Any information about your account will remain confidential, except where required to complete direct debits with your financial institution. When the due date is not a business day, nib will debit your account on the first working day after the due date.
It is your responsibility to:
Ensure your nominated account can accept direct debits
Ensure there are enough funds available in your account to make the payment on the due date. If there are insufficient funds to make the payment, you may incur fees and charges at the discretion of your financial institution.
Tell us if your account details change, or if the account is transferred or closed
Arrange a different payment method if nib cancels the debit arrangements
Tell us your new credit card expiry date.
You can change the debit arrangements in line with these terms and conditions. Also, you may stop, cancel or dispute a drawing with your financial institution. You must tell us at least seven working days before the next due date for any of the following:
Stopping a payment
Deferring a payment
Suspending any future payments
Altering the direct debit nominated account details
Cancelling the debit arrangement.
If you have any enquiries about your direct debit, or if you believe a debit has been made incorrectly, please contact us, opens in a new tab immediately via chat, opens in a new tab or call us on 13 16 42, opens in a new tab.
nib reserves the right to determine how you give instructions to stop or alter your direct debit details (e.g. written, verbal or electronic).
nib reserves the right to cancel direct debit arrangements if your financial institution dishonours debits, and to arrange a different payment method with you.
The details of your direct debit arrangement are contained in your Direct Debit Request. nib will rely on those details to process your payments until you tell us otherwise.
Not all accounts held with a financial institution are available to be drawn on under the Bulk Electronic Clearing System, ask your financial institution if you are unsure whether your account can accept direct debits.
Before you complete your Direct Debit Request, it is best to check account details against a recent statement from your financial institution to ensure the details on your Direct Debit Request is completed correctly. Ask your financial institution if you are unsure about your account details.
Please enquire of your financial institution, if you are uncertain when your financial institution processes an amount we draw under your Direct Debit Request on a day which is not a business day.
If there are insufficient funds in your account to make a payment on the due date, we will notify you and attempt a second deduction from your account within 7 days. If this second deduction attempt also fails, your direct debit arrangement will be cancelled. You will need to contact Us to pay the overdue amount and reinstate your direct debit arrangement.