Credit union card switching - Community First Credit Union
|Whether you're closing a Visa card account, opening a new Visa card account or replacing your existing Visa Card, it is important that you understand how to go about switching your regular payment arrangements. This page is designed to assist you in the steps you need to take to manage your regular payment authorities.|
|Making sense of regular payments|
|What is a regular payment arrangement?|
|A “Regular Payment Arrangement” is where you provide a merchant with your Visa Card details and authorise the merchant to regularly charge you using the Visa Card.|
|Closing a Visa Card account|
|If you are closing a Visa card, it is your responsibility to ensure you cancel any regular payment authorities that are linked to your card account. To do this, you will need to notify those institutions that have authority to deduct payments from your card, that your account is now closed and your details require updating. |
You should contact the merchant at least 15 days prior to the next scheduled payment to do this. The financial institution is unable to cancel these authorities on your behalf, as they are agreements between yourself and the merchant.
If possible you should retain a copy of your change/cancellation request. Should the merchant fail to act in accordance with these instructions you may have rights to a dispute.
|Notifying merchants of your new card details|
|To update any “Regular Payment Arrangement” you should contact the merchant at least 15 days prior to the next scheduled payment and advise them of your new card details. |
To notify merchants of your new card details, you can use the letter template below. Simply complete, print and sign the letter before posting it to the relevant merchants.
|View and complete letter >|
|Managing your regular payments|
|You are encouraged to maintain a record of any "Regular Payment Arrangement" you elect to enter in to with a merchant. If possible, you should retain a copy of any change/cancellation request.|
Should the merchant fail to act in accordance with these instructions you may have rights to a dispute. You should also keep a list of all your regular payment arrangements so that you can keep track of them and know who you need to contact in the event you need to change any details. To assist you in keeping a record of your regular payments, we encourage you complete and print a list of all your arrangements using the template:
|My list of regular payments > |
|For more information on Card Scheme Account Switching|
|Terms and conditions, fees and charges apply - details available on application. All loans subject to lending guidelines.|
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