Regular Payment Arrangements

What is a 'Regular' Payment?

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 gymnasium to charge your monthly gym membership fee to your credit card each month, or you may have purchased a new television from your local appliance store and are being billed by the merchant in subsequent multiple periods.

What are the benefits of Regular Payments?

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, nor will you be liable for late fees.

Customer Responsibilities and Obligations

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.

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, your financial institution is required to process transactions from the merchant. Use this link to access a 'Regular payments - change of card details’ letter to your merchant - www.qtcu.com.au/downloads. We recommend you keep a copy of any ‘Regular paymetns - change of card details’ letters sent to your merchant and your earlier regular payment agreements. This correspondence will be required when your merchant does not comply with your request in a timely manner and you decide to dispute any incorrectly charged regular payments.

Customer Rights to Dispute

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, contact your financial institution for more information.