Direct Debit Request Service Agreement

This is your Direct Debit Request Service Agreement with Instreet Investment Limited (ACN 128 813 016, AFSL 434776) (Instreet), the Responsible Entity for the Raiz Invest Australia Fund (Fund).

Raiz Invest Australia Limited (ABN 26 604 402 815) (Corporate Authorised Representative of Instreet) (Raiz) acts as the Promoter and Administrator of the Fund. This agreement explains our obligations to you, and your obligations to us, when you set up a Direct Debit Request (DDR) to make payments from your nominated bank account. It forms part of the terms and conditions of your Direct Debit Request.

Definitions
In this agreement:
1. agreement means this Direct Debit Request Service Agreement between us and you
2. business day means a day other than a Saturday, Sunday, or a national public holiday
3. debit arrangements means the online request made to us by you to debit funds from your bank account
4. debit day means a Business Day in Sydney, Australia, that your account is due to be debited by us
5. debit payment means a particular debit from your account
6. Direct Debit Request means the written, verbal or online request made to us by you to debit funds from your bank account
7. we, us or our means Instreet I and/or Raiz I, as applicable. These entities are the parties you have authorised by submitting a Direct Debit Request
8. your account means the Funding Account identified by you in the direct debit request from which you have authorised and requested us to debit funds
9. your financial institution means the financial institution at which you hold the account you have authorised us to debit
10. you or investor means a member of the Fund as defined in the Fund’s Product Disclosure Statement who has authorised the Direct Debit Request
Debit arrangements
1. By applying for a Raiz Investment Account, you agree to the terms of this agreement and authorise and request us to debit from your account any amount payable to us by you, including any payable Maintenance Fees and, where you have elected to do so, any payable Account Fees. You acknowledge that if you do not elect for Account Fees to be debited from your Funding Account, they will instead be debited from your Raiz Investment Account balance by selling assets and will not be captured under this agreement.
2. All debit payments will be processed on a Business Day. If the debit day is not a Business Day, we can debit your account on the next Business Day. If you are uncertain about when a debit payment has been or will be processed, you should contact your financial institution.
3. By submitting a Direct Debit Request, you authorise us to arrange for funds to be debited from your account. This authorisation, together with the Direct Debit Request and this agreement, outlines the terms and conditions governing the direct debit arrangement between you and us.
4. We will only arrange for funds to be debited from your account as expressly authorised in the Direct Debit Request.
5. You are responsible for reviewing your account statements to ensure that all amounts debited are correct.
Variation
1. Our Variations: We may vary any details of this agreement or your Direct Debit Request at any time by giving you at least 30 days’ written notice.
2. Your Variations:
  1. You can vary or cancel your direct debit arrangements at any time through the Raiz App or Website (for example, by changing your recurring investment amount or frequency, or by managing your Round-up settings). Changes made this way are subject to the timing conditions in clause 3(e).
  2. You can also vary or cancel your direct debit arrangements by contacting your financial institution.
  3. As an alternative, you can request to vary your direct debit arrangements by contacting us and providing at least 14 days’ notice before the next scheduled debit day. For your security, this will initiate an identity verification process. We will only act on the request once your identity is successfully verified.
3. Authentication for Variations: For your security, all variations to your direct debit arrangements made through the Raiz App or Website require you to pass our standard authentication procedures. These may include your login credentials, biometrics, or other security features. We are entitled to rely on these procedures to verify your identity and to treat any instruction received after successful authentication as valid instruction from you.
4. Changing your Funding Account: You acknowledge that changing the Funding Account linked to your Raiz Investment Account is subject to security procedures. This process is designed to protect your account and ensure we meet our Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations. As such, we may require you to provide additional information or documentation to verify your identity and the ownership of the new account before the change can be finalised. We reserve the right to decline or delay the change until these verification requirements are met to our satisfaction.
5. Timing of Variations: Any variation you make may not apply to a direct debit payment that has already been created, approved or initiated by us for processing. In such cases, your change will take effect from the next scheduled debit day. You should ensure any variations are made well in advance of the scheduled debit day to avoid an unwanted debit.
Cancellation
1. Cancellation via the Raiz App: The primary method for cancelling your direct debit authority is to close your Raiz Investment Account through the functionality provided in the Raiz App or Website. This action is subject to our standard security and authentication procedures and will terminate this Direct Debit Agreement.
2. Support-Assisted Account Closure: If you are unable to use the Raiz App or Website, you may request to close your account by contacting our Customer Support team. For your security, this is not an automatic process. We will respond to your initial request within 3 business days. Your account will remain active and this agreement in effect until the request is actioned.
3. Cancellation via your Financial Institution: You can also cancel the debit arrangements by contacting your financial institution, which must act promptly on your instructions.
4. Consequences of Cancellation: You must have a direct debit agreement in place to operate your Raiz Investment Account. If you cancel your authority directly with your financial institution, you will be unable to make any transactions, and we may require you to re-establish a valid direct debit authority.
Disputes
1. If you believe we have made an error in debiting your account, contact us as soon as possible. This dispute process applies specifically to issues with an individual debit payment (such as an incorrect amount or date). Alternatively, you can contact your financial institution for assistance.
2. We can ask you to confirm your query in writing. In line the Australian Securities & Investments Commission’s ePayments Code, we will investigate your query and notify you in writing of the action we have taken within 21 days.
3. If we find that the debit was made incorrectly, we will adjust your account accordingly (including in relation to interest and charges). We will notify you in writing of the amount by which your account has been adjusted. To the extent permitted by law, we will not be liable for any other losses suffered by you. If we find that the debit was made correctly, we will provide you with reasons and any evidence for this finding.
4. You can also ask your financial institution to query a debit on your behalf.
Your account
1. Account Suitability: Direct debiting is not available on all accounts. You are responsible for confirming with your financial institution that your nominated Funding Account supports direct debiting and for ensuring it complies with our requirements. Specifically, your Funding Account cannot be a credit card, an account with an overdraft facility, or an account funded by any other form of borrowed money. Using an incompatible account may result in failed debit payments and the application of associated fees under clause 7.
2. Correct Details: It is your responsibility to ensure that the account details provided to us in the Direct Debit Request are correct. You should check those account details against a recent statement from your financial institution.
3. Sufficient Funds: It is your responsibility to ensure that your account has sufficient clear funds available on a debit day to permit a debit payment to be made in accordance with the direct debit request.
Failed payments
1. If your financial institution does not permit us to process a debit payment on a debit day (whether because there are insufficient clear funds or for any other reason), the following terms apply.
2. We will notify you in writing and we may charge you a Dishonour Fee of $25.00, plus any external bank charges or other reasonable costs incurred by us as a result of the failed payment.
3. Your financial institution may also require you to pay fees, charges and interest.
Confidentiality
1. We will keep any information (including your account details) in your Direct Debit Request confidential. We will make reasonable efforts to keep any such information secure and to ensure that any of our employees or agents who have access to information about you do not make any unauthorised use, modification, reproduction or disclosure of that information.
2. We will only disclose information that we have about you:
  1. to the extent specifically required by law; or
  2. for the purposes of this agreement (including disclosing information in connection with any query or claim).
Notices
1. If you are required or wish to give us written notice in relation to the debit arrangements, use the App or email us at support@raizinvest.com.au. We will send notices to you by email to the address that you have provided to us. Any notice will be deemed to have been received on the second banking day after sending.