I / We hereby request, instruct and authorise you to draw against my / our account with Stanbic bank or any other bank or branch to which I / We may transfer my / our account the amount necessary for payment of the monthly instalment / premium due in respect of the above-mentioned direct debit authority.
All such withdrawals from my / our account by you shall be treated as though they have been signed by me / us personally.
The amounts are fixed. I / We understand that you may change the amount and dates only after giving me / us prior notice.
I / We understand that the withdrawals hereby authorised will be processed by Direct Debit Transfers through the auto collect platform owned by Stanbic bank and the bank will send me/us a One Time Password(s) during the mandate set up and periodic notifications which will include but not limited to pre-collection notifications, successful or failed collections, penalties associated with failed collections, verification of the debtor’s identity and any errors.
I / We also understand that the bank will make up to (28) direct debit attempts from my/our account on the agreed date . If after the said attempts, the bank is unable to debit my/our account due to insufficient funds, I will pay the bank a penalty as per the existing tariff guide and the applicable excise duty being a penalty for the failed collections.
I / We understand that details of each withdrawal will be printed on my bank statement and/or accompanying voucher.
I / We agree to pay any bank charges relating to this Authority.
This Authority may be cancelled by me / us by giving you thirty (30) days’ notice in writing, sent by prepaid registered post, or delivered to the offices of the above-mentioned Company / Association, but I / we understand that I / we shall not be entitled to any refund of amounts which you have already withdrawn while this Authority was in force if such amounts were legally owing to you.
Receipt of this Authority by you shall be regarded as receipt thereof by my / our bank (whichever it is or will be).
I / We understand that if any Direct Debit Transfer is paid which breaks the terms of this Authority, you will make a refund upon application.