Direct debit for members
Pay the easy way. Direct debit is a convenient, no fuss option so you don’t run the risk of missing a payment. You’ll also save on cheque fees, stamps and the time it takes to write out a cheque and mail your payment.
How does direct debit work?
With your authority, your insurance premiums are deducted fortnightly, monthly, or annually from your bank, building society, credit union or credit card account (MasterCard or Visa). You can even arrange your payments to coincide with your pay day or pension day. Only the amount required to cover your premium will be automatically deducted from your nominated account on the day you select.
Is there a cost to me?
We suggest you contact your bank, building society or credit union regarding any possible charges, as some financial institutions may apply transaction fees. We do not apply any loading nor do we charge any extra premium for this service. We do not apply any fees if your instalment dishonours, however, your bank or financial institution may charge a fee if your account is overdrawn. Please check with your financial institution regarding dishonour fees.
How do I arrange for direct debit?
Firstly, you need to have either a cheque, savings or credit card account with a bank, building society or credit union. Call us with your BSB/financial institution number and account number. We’ll do the rest. Your payments will be automatically debited according to your chosen frequency.*
A few guidelines to remember
Please ensure that there are sufficient funds in your account to cover the specified deductions and that your deductions are correctly debited from the account. In the event that one of your instalment payments dishonours we will attempt to make up the missed payment at the same time as your next scheduled deduction. If three consecutive deductions (for the same payment period) are not met, we will cancel the direct debit authority with your financial institution.^ If rates alter or a change is made to your policy, HBF will action the request accordingly.†
To find out more about direct debit
If you would like more information about direct debit or would like to set up this convenient payment option, please call us or visit your nearest branch.
* Please note that your initial deduction may include an adjustment to ensure your policy is up to date, or to coincide with your nominated date.
^Any fees or charges incurred as a result of insufficient funds will be the responsibility of the account holder.
†The direct debit authority authorises your bank to deduct the amounts required to cover your policy payments, which may alter from time to time.