Fillable Direct Debit Request Service Agreement (Commonwealth Bank of Australia)

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Direct Debit Request Service Agreement (Commonwealth Bank of Australia)

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Direct Debit Request Service Agreement
• Please ensure you’ve read the following agreement before submitting a Direct Debit Request.
• Please retain this document for your records as it forms part of the terms and conditions of your Direct Debit Request (DDR).
Things you should know
• By submitting a Direct Debit Request, you authorise and request us to arrange for funds to be debited from your nominated account.
• We’ll arrange for funds to be debited from your nominated account for your loan repayments and any fees (e.g. if applicable,
an application fee, loan service fees, a rate lock fee or a trust investigation fee) as outlined in your loan contract (as varied from
time to time). You also authorise us to make any other debits permitted by this agreement or your DDR. If you instruct us to,
wecan also debit a higher amount.
• You can still make other payments to your loan account outside of your Direct Debits and if you do, we will continue to debit
your nominated account (as if you hadn’t made those additional repayments). Fees may apply to additional repayments
depending on your product type, e.g. on fixed rate loans where the repayments exceed annual limits.
• For Principal and Interest home loans, when we process your request, a new minimum required repayment will be calculated
at (andbecome effective from) the time of processing. This won’t apply where you’re only changing account details. Your new
minimum required repayment will be a monthly amount that will, if paid each month on the date it is due, repay your loan in
full by the end of the contracted loan term (based on your loan balance, interest rate and any applicable loan fees or insurance
premiums at the time of processing). The effective date may be delayed where we consider it necessary.
• If a repayment amount is provided at the time of this request, this is an indicative amount only. Your minimum required
repayment will be determined when your request is processed.
• Where the amount due under the loan agreement decreases, at our discretion we may decrease the amount drawn from your
account or, unless you instruct us to decrease it, continue to draw the higher amount.
• If the amount we debit at the end of the loan term results in an overpayment to us, we’ll refund the overpayment, usually within
7 business days.
• If a Direct Debit due date falls on a non-working day, we’ll process the debit on the next working day. If you’re unsure about
which day your account has been, or will be, debited, you should speak to your financial institution.
• We may send notices either electronically or by ordinary post to the address you have given us. If sent electronically,
communications are taken to be received when they enter the first information system outside CommBank; if sent by mail,
theyare taken to be received on the day they would be received in the ordinary course of post.
• We’ll give you at least fourteen (14) days’ notice if we vary the terms of this agreement.
• You agree that only an authorised borrower may make changes to your Direct Debit arrangement.
• All notifications relating to changes to your Direct Debit arrangement will be sent in accordance with the loan’s nominated
notification preference. This means that changes to Direct Debit arrangements are notified via a message on the loan
statement. As such, if you’re not a co-borrower on the loan (or you are a co-borrower, but not a nominated recipient for
communications), you won’t receive notice of changes.
• We may disclose your account and Direct Debit details at the request of your financial institution (e.g. in connection with
aclaimmade for an alleged incorrect or wrongful debit) or as required by law or permitted under our privacy policy.
• Be aware Direct Debiting through Bulk Electronic Clearing System is not available on all accounts. If in doubt, contact your
financial institution.
Meaning of terms we use in this document
Nominated Account: The account held at the financial institution you’ve nominated in your Direct Debit Request, andfrom
which we are authorised to arrange for funds to be debited.
Agreement: This Direct Debit Request Service Agreement between you and us.
Authorised borrower: The person or persons authorised to operate the loan account in accordance with its method ofoperation.
Debit payment: A particular transaction where a debit is made. A debit is an amount that is deducted from an account.
Direct Debit Request or DDR: The written, verbal or online request you give us to debit funds from your account.
Us, We or Debit User: Commonwealth Bank of Australia.
You: The nominated accountholder/s who have authorised the Direct Debit Request.
Your Financial Institution: The financial institution at which you hold the account you’ve authorised us to debit.
The Loan: The home loan or personal loan outlined in your Direct Debit Request.
Purpose
This document outlines the Direct Debit arrangement between us, Commonwealth Bank of Australia ABN 48 123 123 124
(CommBank), and you, for your Home Loan or Personal Loan. It also explains your rights and obligations when undertaking
aDirectDebit arrangement with us and what our obligations are to you.
Commonwealth Bank of Australia
ABN 48 123 123 124 AFSL and
Australian credit licence 234945
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000-258 250720
Your responsibility
• You should confirm your nominated account details are correct before submitting this Direct Debit request by checking them
against a recent account statement.
• If you have any doubt about completing a Direct Debit Request speak with your financial institution.
• You must advise us if your nominated account details change or the account is closed.
• You should regularly check your account statements to verify that the amounts debited from your account are correct.
• You’ll need to ensure that you have sufficient funds in your nominated account on each repayment due date. If you do not have
sufficient funds, then:
• the payment will be regarded as not having been made;
• a fee may be charged to your account (e.g. dishonour fee);
• if the nominated account is a CommBank account we may make multiple attempts to debit the full or partial payment
forany overdue amount following the repayment due date.
Acknowledgements
By requesting a Direct Debit arrangement, you consent and acknowledge that:
• You are authorised to give Direct Debit instructions on the nominated account;
• At least one authorised borrower on the loan account is also an accountholder on the nominated account;
• You, any other accountholder/s on the nominated account or any authorised borrower can cancel the Direct Debit Request
atany time.
• Any authorised borrower can make changes to the Direct Debit arrangement without your consent;
• If you’re not a co-borrower under the loan account (or are a co-borrower but not a nominated recipient for communications),
you won’t receive notifications regarding changes to Direct Debit arrangements as they will be sent by a statement message on
the loan statement.
Your rights
• To change, suspend, cancel or discuss your Direct Debit arrangement, please contact us on 13 2221 from 8am to 8pm,
anyday or visit any CommBank branch.
• Alternatively, you can also arrange to suspend and/or cancel this Direct Debit through your own financial institution, who is
required to act promptly on your instructions.
• If you believe there has been an error in debiting your nominated account you should contact your financial institution or us
immediately. If we conclude your account has been incorrectly debited we’ll arrange for your financial institution to adjust your
account (including interest and charges) and notify you of the amount your account has been adjusted. If we conclude that your
account has not been incorrectly debited, we’ll advise you of the outcome and provide you any related evidence.
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000-258 250720
Direct Debit Request (DDR)
Purpose of this form
Complete this form to set up, change or cancel Direct Debit repayment arrangements for Home Loans or Personal Loans.
Customer Authority & Acknowledgement
Set up Direct Debit
Cancel Direct Debit
Loan account number
Please set up a Direct Debit from the nominated account. By completing this section and signing this form, you confirm you’re
authorised to give direct debit instructions on the nominated account.
Please select only one option
Set up my Direct Debit for
$
Weekly Fortnightly Monthly
Pay the minimum required repayment Weekly Fortnightly Monthly
Please cancel my Direct Debit and stop payment of all future Direct Debits to CommBank for my loan account. I confirm
alternative arrangements have been made to meet my minimum required repayments and acknowledge that if multiple Direct
Debits are set up for this loan account, all Direct Debits will be cancelled.
Note: If you select the
‘pay the minimum required repayment’
option, we’ll debit the minimum required
repayment for your loan, as set out in your loan contract (as varied from time to time). Where the amount due
under the loan agreement decreases, at our discretion we may decrease the amount drawn from your account
or, unless you instruct us to decrease it, continue to draw the higher amount.
By completing this form you authorise and request us, Commonwealth Bank of Australia (APCA User ID number: 650 or
301813) (CommBank) to arrange for funds to be debited from your nominated account at the financial institution identified and
as described below, through the Bulk Electronic Clearing System or by any other means. This authorisation will remain active
inaccordance with the terms and conditions described in the Direct Debit Request Service Agreement and thisDDR form.
Customer’s residential address (PO Box not accepted)
State Postcode
Name of customer(s) giving the DDR
Financial Institution (at which your account to be debited is held)
Account name (Full name is required)
Rate Lock to be added (home loan customers only)
Account numberBSB
ABN/ARBN (if applicable)
Please only tick (✔) your selected request(s)
Commonwealth Bank of Australia
ABN 48 123 123 124 AFSL and
Australian credit licence 234945
Note: Direct Debit changes may take up to 3 business days to be processed. Your current repayment
arrangements will apply during this processing time.
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000-258 250720
Change Direct Debit
Please only tick
(✔)
the options you would like to change.
This means there will be no other changes to your Direct Debit arrangement.
Please change my Direct Debits as follows:
Frequency
Weekly Fortnightly Monthly
Amount (Select only one option)
Pay the minimum required repayment
Change my Direct Debit to
$
Change my Direct Debit date
Suspend
Hold my next
Direct Debits (enter number of repayments)
I confirm I have sufficient available redraw or have made alternative arrangements to meet the minimum required repayment
during this period.
I acknowledge that my Direct Debits will recommence on
Declaration and acknowledgements
I/We:
1. Authorise and request CommBank to set up, change or suspend a Direct Debit, as set out above.
2. Agree to the terms of this DDR and the Direct Debit Service Agreement (including the acknowledgements set out in the agreement).
3. Acknowledge that, for Principal and Interest home loans, a new minimum required repayment will be calculated at (and become
effective from) the time of processing this request. This won’t apply where you’re only changing account details. Your new
minimum required repayment will be a monthly amount that will, if paid each month on the date it is due, repay the loan in full
by the end of the contracted loan term (using the interest rate, loan balance and repayment dates as at the processing date).
The effective date may be delayed where we consider it necessary.
4. Acknowledge that any repayment amount provided at the time of this request is an indicative amount only and may change when
the request is processed (for example if interest rates have increased or I/we have accessed redraw since the time of request).
5. Authorise CommBank to verify the details of the abovementioned account with my/our financial institution and that financial
institution to release information allowing us to do that.
Signing Instructions:
• If the nominated account is in joint name/s, signatures of all accountholders may be required.
• To set up a Direct Debit, persons who are authorised to give instructions on the nominated account must sign below.
• To change a Direct Debit, authorised borrowers on the loan account must sign below.
• To cancel a Direct Debit, either the authorised persons on the nominated account or authorised borrowers on the loan account
must sign below.
Signature
✗✗
Signature
✗
Signature
✗
Signature
Name of Authorised Borrower
Date
Name of Authorised Borrower
Date
Name of Nominated Accountholder Name of Nominated Accountholder
Date Date
Note: When you make changes to your Direct Debit arrangement, for example, change your repayment frequency
or amount, it can mean that you won’t have made enough payments to cover your next minimum required
repayment. If this occurs, we’ll notify you of this amount and you’ll need to make a one-off payment to cover this
amount in order to meet your minimum required repayment, avoid any fees and your account falling into arrears.
Your home loan’s minimum required repayment will be reviewed and adjusted as part of this request (see
details below), unless you’re only changing account details. If this occurs, we’ll advise you of the new minimum
required repayment (however the change is effective from the processing date).
Page 4 of 4
000-258 250720
DD/MM/YYYY
DD/MM/YYYY
DD/MM/YYYY
DD/MM/YYYY
DD/MM/YYYY
DD/MM/YYYY
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Direct Debit Request Service Agreement (Commonwealth Bank of Australia)

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Completed 8 February 2021

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