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Direct debit member agreement

MIPS has the discretion to accept or refuse requests from members to pay their MIPS membership fee by monthly direct debit instalments. This facility is a membership benefit and is provided at no additional cost.
Drawing arrangements.

How it works

  • Direct debit instalments are deducted from your nominated account on the 15th day of each month between July and April.
  • Where the 15th of the month falls on a non-business day, the amount is deducted on the next business day.
  • Your membership fee is divided into 10 equal instalments except where you enter into an arrangement after 15 July or if a membership amendment changes your membership fee. Your membership fee balance will be divided equally into remaining instalments until the final instalment is processed on the 15th of April in a membership period.

MIPS will not change the amount or frequency of the drawing arrangements without written advice provided to you prior to the first instalment being deducted except where an adjustment to your membership details results in an adjusted fee which will be incorporated into the remaining instalments. You will receive an updated direct debit instalment schedule to reflect these amendments.

What happens if an instalment is unsuccessful?

For new members

  • If you are a new member and your first instalment is unsuccessful we may be entitled to cancel your membership and insurance covers. You must provide alternate payment (eg BPAY, cheque or credit card) within 7 days of notification. Once alternate payment is made, updated account details, if necessary, must be provided 7 days prior to the next direct debit instalment.

Unsuccessful July instalment for existing members

  • If the first direct debit instalment of a membership period (ie 15 July) is unsuccessful, then alternative payment (eg BPAY, cheque or credit card) is required within 7 days of being notified. If this payment is not received, MIPS will attempt to re-draw the amount on 30 July. If this re-draw is unsuccessful you will be considered a ‘non-financial member’ effective 1 July. You will be provided written notice of 30 days before your membership is cancelled. As a `non-financial’ member you will not be eligible for any membership benefits (including insurance covers).
  • If MIPS receives the total membership fee payable before the cancellation date you will be reinstated as a financial member. If full payment is not received by the cancellation date your membership will be cancelled and no amount will be due.

Unsuccessful instalment August – April

  • If your first unsuccessful direct debit instalment in the membership period occurs in a month other than July, MIPS will contact you to arrange an alternative payment (BPAY, cheque or credit card) within 7 days of notification.
  • If two or more instalments in a membership period are unsuccessful (even if you made alternate payment within 7 days each time), regardless of whether they are consecutive instalments, your direct debit arrangement will be cancelled and you will be required to pay the outstanding balance in full within 14 days of notification. MIPS reserves the right to decline any future requests to pay by direct debit instalments. If you do not pay the outstanding amount within 14 days MIPS will provide written notice that your membership will be cancelled within 30 days of notification which may still result in an outstanding balance to pay.

Deferring your instalment

You must contact MIPS 7 days prior to the next scheduled instalment if you are experiencing financial difficulty and you need to defer your payment.

Cancelling your direct debit instalments

Direct debit instalments will continue until MIPS is notified in writing to cancel the direct debit instalment plan. When you cancel this arrangement or your MIPS membership you will be required to pay any outstanding amount within 14 days of notification.

Your rights

Your direct debit arrangement may only be terminated by paying the outstanding balance by mutual agreement between you and MIPS. Your intention to terminate this agreement must be communicated in writing to MIPS at least 7 days before the date
of a scheduled drawing.

This direct debit arrangement is specifically not acquiring indemnity or membership benefits by the month or any other period less than the membership period. If you cancel your MIPS membership you must pay any outstanding amount when the cancellation becomes effective. The amount or date of each drawing cannot be varied at your discretion.

Where you consider that a drawing has been incorrectly initiated or is outside the arrangements agreed, you should take this matter up directly with MIPS, or through your financial institution.

Your responsibilities

It is your responsibility to:

  • ensure that sufficient funds are available in the nominated account to meet a scheduled instalment drawing on its due date (no later than 5pm AEST one business day prior to the 15th of that month)
  • ensure that the authorisation given to draw on the nominated account is identical to the account signing instruction held by the financial institution where the account is based
  • advise us within 7 days if the account nominated by you to pay MIPS is transferred or closed
  • advise in writing if this direct debit arrangement is to be cancelled
  • arrange with us a suitable alternate payment method if this direct debit arrangement is cancelled by the nominated financial institution.

Cancelling your MIPS Membership

If your membership is cancelled by you or MIPS after the cooling-off period, MIPS will refund that part of the membership fee you paid that represents the unexpired period of your membership, less an administration fee of 20% subject to a $50 minimum charge. This means that if the amount paid for the unexpired period of your membership is $500 (not including GST and other government charges), the cancellation administration fee will be $100 (20% x $500). If you pay your membership fee by direct debit, you must pay any outstanding amount when the cancellation becomes effective.

Change of nominated account details

You will need to complete and forward a new direct debit request form if your nominated account details change. You will be required to advise MIPS of any changes 7 days prior to the next direct debit instalment.

If you do not provide MIPS with notice in time to make alternate arrangements, your payment will dishonour and that will lead to additional bank costs being incurred by MIPS and you. Please ensure that adequate funds are available in your nominated account at least one (1) day prior the nominated scheduled instalment date.