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.
Direct debits are not reversible once the money has been deducted from your bank account. When you top up your AMP KiwiSaver Scheme Account with a direct debit, you are making a voluntary contribution, and you will only be able to withdraw the money again when you reach the qualifying age (generally 65 years old), when you are purchasing your first home, or if you experience serious illness, significant financial hardship or you move overseas.
Voluntary contributions you make to your AMP KiwiSaver Scheme Account are additional to the employee contributions that are automatically deducted from your salary or wages (unless you are on a contributions holiday). AMP’s policy regarding voluntary contributions to the AMP KiwiSaver Scheme may change from time to time.
If the bank account you want the direct debit payment(s) to come from is a two to sign account, then you will need to complete and submit a paper form instead so that each signatory can consent to the direct debit.
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.
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 ‘Scheme’). The Supervisor of the Scheme is The New Zealand Guardian Trust Company Limited. For more information, download a copy of the AMP KiwiSaver Scheme Product Disclosure Statement and Fund Update Booklet, which have been lodged on the Scheme’s offers register entry at companiesoffice.govt.nz/disclose.
AMP Wealth Management New Zealand Limited is the Initiator of direct debit payments.
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.