What is a ‘Regular’ Payment?
Regular payments can be either a recurring payment or an instalment payment. A Regular Payment represents an agreement between you (the cardholder) and a merchant in which you preauthorise the merchant to bill your card account at predetermined intervals (e.g. monthly or quarterly) or at intervals as agreed by you. The amount may differ or be the same for each transaction.
For example: You may ask your local gymnasium to charge your monthly gym membership fee to your credit card each month.
Or,
You may have purchased a new television from your local appliance store and are being billed by the merchant in subsequent multiple periods.
What are the benefits of Regular Payments?
There are many benefits for cardholders who set up regular payments including:
1. Ensures timely payments to the merchant
2. Saves you time as the payment is processed automatically
3. Saves you money as you do not have to pay for cheques, money transfers or postage, nor will you be liable for late fees.
Customer Responsibilities & Obligations
Regular payment arrangements are an agreement between you (the cardholder) and the merchant. You should keep a record of all regular payment arrangements you have established with your merchant and store in a safe place. A template for recording your regular payment arrangements is available under More Information at the bottom of this page.
You are responsible for notifying the merchant when your account details change, including a change in card number and/or change of card expiry date. Until you notify the merchant, your bank is required to process transactions from the merchant. If the details are not changed with the merchant the transaction may be declined.
Use the link under More Information at the bottom of this page to generate a Change in account details letter to your merchant. We recommend you keep a copy of any Change in account details letter sent to your merchant and your earlier regular payment agreements. This correspondence will be required when your merchant does not comply to your request in a timely manner and you decide to dispute any incorrectly charged regular payments.
Customer Rights to Dispute
Any issues with your regular payments, including the failure of the merchant to act on a change in account details advice, should be taken up directly with your merchant first. Should further assistance be required to resolve an issue between yourself and a merchant, contact your financial institution for more information.
LCU's Suggestion
We suggest that any Direct Debits you may have are linked directly to your LCU account, not through your Visa Debit card. This will avoid having to update your Direct Debit details each time a new card is issued.
More Information
- Read our Regular Payments FAQs
- Use our Switching Form to generate letters to change your regular payment details
- View our sample spreadsheet to record your regular payments (Excel spreadsheet)
Questions
If you have any questions, please contact us 
