This is your foreign currency Direct Debit Service Agreement with Inland Revenue for Canadian currency (CAD).
It explains what your obligations are when undertaking a direct debit arrangement with us. It also details what our obligations are to you as your direct debit initiator. Keep this agreement for future reference, it forms part of the terms and conditions of your direct debit request and should be read in conjunction with your direct debit request authorisation.
- account means the account owned by you and held at your financial institution from which we are authorised to arrange for funds to be debited in accordance with the Rules of the Canadian Payments Association (the “CPA Rules”).
- agreement means this Direct Debit Request Service Agreement between you and us.
- banking day means a day other than a Saturday or a Sunday or a public holiday listed throughout the country you are making a payment from.
- debit day means the day that payment by you to us for a particular transaction is due
- direct debit payment means a particular transaction where a debit is made.
- direct debit request means the Direct Debit Request between us and you.
- us or we means Inland Revenue (the Direct Debit initiator)
- you means the customer who has signed or authorised by other means the Direct Debit Request.
- your financial institution means the financial institution nominated by you on the DDR at which the account is maintained.
- PAD pre-authorised debits
- Validation by Processing Member: A Payor’s PAD Agreement may state that the Processing Member is not responsible for validating the terms of the Payor’s PAD Agreement in respect of a PAD issued under the agreement.
You have certain recourse rights if any debit does not comply with this agreement. For example, you have the right to receive reimbursement for any debit that is not authorised or is not consistent with this PAD Agreement. To obtain more information on your recourse rights, contact your financial institution or visit the Payments Canada website.
1. Debiting your account
- By signing a direct debit request or by providing us with a valid instruction, you have authorised us to arrange for funds to be debited from your account and converted into New Zealand dollars at the agreed exchange rate displayed in the direct debit request. Refer to the direct debit request and this agreement for the terms of the arrangement between us and you.
- We will only arrange for funds to be debited from your account as authorised in the direct debit request.
- If the debit day falls on a day that is not a banking day, we may direct your financial institution to debit your account on the following banking day. If you are unsure about which day your account has or will be debited you should ask your financial institution.
- We may not be able to fully process your direct debit payment for the following reasons relating to foreign exchange market;
- market conditions;
- the size of your direct debit payment, or a lack of liquidity between your payment currency and the New Zealand dollar;
- cessation of the benchmark rate or relevant currencies;
- applicable legal or regulatory restrictions
- the potential market impact of your direct debit payment in the relevant market; and/or
- Citibank, N.A's credit and/or market risk determinations.
2. Amendments by us
- We may vary any details of this agreement or a direct debit request at any time by giving you at least fourteen (14) days written notice.
- If a direct debit payment will exceed the amount of money you owe us, we will:
- only debit your account with the amount of funds necessary to meet your outstanding liability; and
- stop taking funds under the recurring direct debit
- Your direct debit authority will remain in place until you terminate this agreement in accordance with clause 3.
3. Amendments by you
- You may change, stop or defer a debit payment, or terminate this agreement by providing us with at least three (3) working days notification by writing to:
PO Box 39050
Wellington Mail Centre
Lower Hutt 5045
by telephoning us on +64 4 978 0779 during our hours set out under Dispute below;
arranging it through your own financial institution, which is required to act promptly on your instructions.
4. Your obligations
- It is your responsibility to ensure that there are sufficient clear funds available in your account to allow a debit payment to be made in accordance with the direct debit request.
- If there are insufficient clear funds in your account to meet a debit payment:
- you may be charged a fee and/or interest by your financial institution;
- you may also incur fees or charges imposed or incurred by us; and
- you must arrange for the debit payment to be made by another method or arrange for sufficient clear funds to be in your account by an agreed time so that we can process the debit payment.
- If you believe that there has been an error in debiting your account, you should notify us directly on +64 978 0779 Monday to Friday, 8am to 8pm (NZT) Saturday, 9am to 1pm (NZT) and confirm that notice in writing with us as soon as possible so that we can resolve your query more quickly. Alternatively you can contact your financial institution directly to discuss the error.
- If we conclude as a result of our investigations that your account has been incorrectly debited we will respond to your query by arranging for your financial institution to adjust your account (including interest and charges) accordingly. We will also notify you in writing of the amount by which your account has been adjusted.
- If we conclude as a result of our investigations that your account has not been incorrectly debited we will respond to your query by providing you with reasons and any evidence for this finding in writing.
- You should check:
- with your financial institution whether direct debiting is available from your account as direct debiting is not available on all accounts offered by financial institutions;
- your account details which you have provided to us are correct by checking them against a recent account statement; and
- with your financial institution before completing the direct debit request if you have any queries relating to your account.
- We will keep any information (including your account details) in your direct debit request confidential. We will make reasonable efforts to keep any such information that we have about you secure and to ensure that any of our employees or agents who have access to information about you do not make any unauthorised use, modification, reproduction or disclosure of that information.
- We will only disclose information that we have about you:
- to the extent specifically required by law; or
- for the purposes of this agreement (including disclosing information in connection with any query or claim).
- Please visit the Citibank website for a copy of Citibank, N.A Treasury Trade and Solutions privacy statement.
- If you wish to notify us in writing about anything relating to this agreement: you should:
- contact us through myIR - I want to > Other actions > Send a message; or
- write to:
PO Box 39050
Wellington Mail Centre
Lower Hutt 5045
- We will notify you by sending a notice:
- via your myIR account; or
- in the ordinary post to the address you have given us in the direct debit request
- Any notice will be deemed to have been received on the third banking day after being sent.