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Thread ID: 97112	2009-02-04 22:55:00	Direct debit law	george12 (7)	PC World Chat

Post ID	Timestamp	Content	User
744914	2009-02-04 22:55:00	On 2/2/09 I e-mailed Fisher Funds to tell them that I no longer wanted them direct debiting $90/month from my account as I now have a full time job and the contributions from that for Kiwisaver are enough to get my $20/week matching from the govt. In addition, I said I planned to change scheme too anyway as I am starting to think they were not a wise choice. On the 3rd, I got an e-mail back saying they required a fax with my signature on it to do this. I sent this fax yesterday, the 4th and got a call that day saying it had been cancelled. However, I notice that they have charged me the $90 on the 3rd. At this time they knew (or at least, one of them knew) that they did not have permission to debit my account. I called today to ask if it could be reversed and the man I spoke to was very rude and no help at all. What does the law say about this? Is a company permitted to direct debit an account after it has been requested that they cease to, but before they receive the "signed letter " they require? This is not the end of the world, but I'm pretty pissed off... Normally the DD happens later than this and it was a very nasty surprise.	george12 (7)
744915	2009-02-04 23:07:00	If it came out on the 3rd wouldn't the bank already be set to do this on the 2nd, probably before anyone at Fisher Funds read your email? I think you were too late.	PaulD (232)
744916	2009-02-04 23:12:00	Payment Date shows the date the payment was initiated though. It came out of my account today.	george12 (7)
744917	2009-02-04 23:50:00	There is a lead time involved in changing or cancelling direct debits. I remember my days working in the billing department of a utility company many years ago - customers were advised that we needed a week's notice...	johcar (6283)
744918	2009-02-05 01:27:00	What does the law say about this? Is a company permitted to direct debit an account after it has been requested that they cease to, but before they receive the "signed letter " they require? The company does not direct debit you - the bank does. You complete forms to authorise this, and forms to cancel it too. When the bank receives these forms they amend it accordingly. So hassle your bank, not them. Probably the banks hadn't got it by then anyway so no you can't really complain.	pctek (84)
744919	2009-02-05 05:22:00	The company does not direct debit you - the bank does. You complete forms to authorise this, and forms to cancel it too. When the bank receives these forms they amend it accordingly. So hassle your bank, not them. Probably the banks hadn't got it by then anyway so no you can't really complain. Yep. If I had have called the bank instead of the company in the first place it would have simply bounced and I could have contacted the company at my leisure to sort it out. Too late for that now though. It's not like the money's lost so I'm not too worried, after getting over the initial annoyance...	george12 (7)
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