Debit Order Terms and Conditions
You, the customer, acknowledge that:
- l/We hereby request, instruct and authorise you to draw against my /our bank account with the above mentioned bank or any other branch of that bank to which l/We may transfer my/our account.
- I/We understand that the withdrawals hereby authorised will be effected by direct debit transfers and you shall be entitled to treat all such withdrawals as though they have been signed by me/us personally.
- l/We agree that you shall not be obliged to ascertain whether or not notice of any such transfer has been given to me/us.
- I/We agree to notify the above named beneficiary of any change of bank account or cancellation of payment method and further agree that should there be insufficient funds in my/our account to meet any transfers hereby authorized, you shall be entitled, at your discretion, not to effect any such transfer in which event you may make the usual service charge to be paid by me/us.
- This authority shall be effective until further notice. l/We agree that any notice of cancellation or variation of this Authority which l/We may give you shall be given at least 30 (thirty} working days prior to the date on which such cancellations/variation is take effect and at the same time such notice shall be given to ALAK.
- I/We understand and agree that I/we shall not be entitled to any refund of amount which you may have already withdrawn while this authority was in force if such amounts were legally owing to you.
- I/We understand that if any direct debit transfer is paid in breach of the terms of this authority, you shall make a refund upon demand.
- I understand that ALAK will deduct the premium amount but has the right to deduct up to the maximum amount/final year amount which considers the selected premium frequency, selected annual premium increase, possible double premium deduction (where previous monthly debit order had failed} and payment of all missed premiums on reinstatement. Notwithstanding, the policyholder will be responsible in ensuring that the premiums are paid and the policy is up to date.
- Receipt of this authority by you shall be regarded as receipt thereof by my/our bank (whichever it is or will be}.
- I/We confirm having read and understood the above terms and conditions of direct debit transfer and agree to be bound by the same. This includes digitally appended signature and/or image of this instruction.
Download the debit order terms and conditions as a PDF.