What is a scheme card?
The term "scheme card" includes any Visa or MasterCard credit card or debit card.
What is a ‘Regular Payment Arrangement’?
Regular Payment Arrangements can be either a recurring payment, a direct debit or an instalment payment.
A Recurring Payment is a regular payment from a credit or debit card. You can set up a recurring payment by providing your card details (card number, expiry date and security code) to a merchant or service provider to charge your card regularly for a service. To cancel a recurring payment, you will need to contact the merchant or service provider.
A Direct Debit is a regular payment from a transaction or savings account. You can set up a direct debit by providing your BSB and account number to a merchant or service provider to authorise them to charge your account regularly for a service. To cancel a direct debit, you will need to your local branch or BOQ Customer Contact Centre.
An Instalment Payment represents an agreement between you (the credit cardholder) and a merchant in which you preauthorise the merchant to bill your credit card account with a fixed amount at predetermined intervals for a predetermined time.
Recurring Payment: You may ask your mobile phone service provider to charge your monthly phone bill to your credit card each month.
Direct Debit: You may ask your local gym to charge your monthly gym membership fee to your credit card each month.
Instalment Payment: You may have purchased a new television from your local appliance store and are being billed by the merchant for a fixed amount in multiple periods until a defined date.
What are the benefits of Regular Payment Arrangements?
There are many benefits for accountholders and cardholders who set up regular payments including:
- Timely payments to the merchant
- Saves you time as the payment is processed automatically
- Saves you money as you do not have to pay for cheques, money transfers or postage, nor will you be liable for late fees.
How do I cancel a Direct Debit?
To cancel a direct debit, you can either:
- Call our Customer Contact Centre (24 hours a day, 7 days per week) on 1300 55 72 72 to speak with one of our friendly team members, who will be able to assist you over the phone.
- Pop into your local BOQ Branch, click here to find your nearest branch.
If the direct debit is due to be processed from your account within the next 48 hours, we can still process your request. However, we cannot guarantee the success of the cancellation due to the possibility of the payment file already being processed.
Important things to remember when cancelling a Direct Debit
Cancelling your direct debit does not cancel your contract with the merchant or service provider. If you still have a valid contract with a merchant and you’ve cancelled a direct debit, you’ll need to make alternate payment arrangements with them. If you no longer require their services, you will need to discuss the cancelation of your agreement with the merchant or service provider directly.
Therefore, it is also a good idea to touch base with the third party provider that you have authorised to debit your account to ensure that they do not establish a new debit stream in the future and that they are also aware that you are cancelling your current direct debit engagement with them.
How do I cancel a Recurring Payment or Instalment Payment?
At Bank of Queensland you have a couple of options of how to cancel your Regular Payment arrangement on your Credit Card – these are:
1. Telephone our BOQ Contact Centre (24 hours a day, 7 days per week) on 1300 557 272, select option 1 for Credit Cards to speak with one of our friendly team members, who will be able to further guide you over the phone.
If the regular payment arrangement is due to be processed from your account within the next 7 days, these instructions will be process National Australia Bank ("NAB") for processing. However, we cannot guarantee the success of the cancellation due to the possibility of the payment file already being processed.
As an extra assurance, it is also a good idea to touch base with the third party provider that you have authorised to debit your account to ensure that they do not establish a new debit stream in the future.
What if my credit card number and/or expiry date changes?
If you have provided a merchant with your credit card number for a Regular Payment Arrangement and your credit card number and/or expiry date changes then you must contact the merchant to advise them of the new credit card details. Failure to advise the merchant of these changes could result in the cancellation of goods and/or services (e.g. cancellation of your car insurance policy).