Direct Debit | Terms and Conditions

I agree that this direct debit authority is subject to:

  • The bank’s terms and conditions that relate to my account, and
  • The general and specific terms and conditions listed below.

 

General terms and conditions


Direct debits are not reversible once the money has been deducted from your bank account.

You may not set up a direct debit payment(s) from a two to sign account. You must have the full, sole authority to transact on the account you provide for a direct debit payment(s). 

When you set up a direct debit, AMP will send a confirmation email confirming the details of the direct debit authority within 5 business days.

Direct debits that are set up with a regular occurrence (for example, fortnightly or monthly) will continue to be deducted at the set frequency until you expressly instruct us or your bank to cancel the direct debit.

The AMP Privacy Policy applies to personal information collected in relation to your direct debit.

All amounts displayed are in New Zealand Dollars. 

AMP Wealth Management New Zealand Limited is the issuer and manager of the AMP KiwiSaver Scheme, the AMP Managed Funds, and the New Zealand Retirement Trust.  The Supervisor of the each of these schemes is The New Zealand Guardian Trust Company Limited. 

For more information, download a copy of the Product Disclosure Statement and Fund Update Booklet for the New Zealand Retirement Trust and the AMP KiwiSaver Scheme or the Product Disclosure Statement for the AMP Managed Funds, which have been lodged on the relevant scheme’s offer register entry at companiesoffice.govt.nz/disclose.

AMP Wealth Management New Zealand Limited is the Initiator of direct debit payments.


Specific conditions relating to notices and disputes


I may ask my bank to reverse a direct debit up to 120 calendar days after the debit if:

  • I don’t receive a written notice of the amount and date of each direct debit from the initiator, or
  • I receive a written notice but the amount or the date of debiting is different from the amount or the date specified on the notice.

I may ask my bank to reverse a direct debit up to 9 months after the date the initiator sent the first direct debit under the authority if I am not reasonably satisfied that the authority authorised my bank to debit my account with the amount of the direct debit.

The Initiator is required to give a written notice of the amount and date of each direct debit., including the first direct debit in a series, of no less than 10 calendar days. The notice is to include:

  • the dates of the debits, and
  • the amount of each direct debit.

If the initiator proposes to change an amount or date of a direct debit specified in the notice, the initiator is required to give you notice no less than 10 days before the change.

If you have specifically requested direct debits and have agreed the amount of the direct debit, the initiator is required to give you a written notice of the amount and date of the direct debit no later than the date of the debit.

If the bank dishonours a direct debit but the initiator sends the direct debit a second time within 5 business days of the original direct debit, the initiator is not required to notify you a second time of the amount and date of the direct debit.