Recurring Transactions (Continuous Payment Authorities) on Debit and Credit Cards
A Recurring Transaction is a method of payment which is typically used for subscriptions for gym memberships, magazines, mobile phone services and other regular subscriptions. The payments can be for differing amounts and can be for varying frequencies. To create a recurring transaction you give your debit or credit card details to a Merchant/ Retailer in order to authorise a series of payments from your account.
The Merchant/ Retailer should make the terms under which payments will be requested by way of Recurring Transaction clear to you. A Recurring Transaction is not a Direct Debit and you will not have the protections of the Direct Debit Guarantee Scheme in respect of any Recurring Transactions which are made from your account.
To cancel a recurring transaction you should inform us no later than 3.30pm on the business day before the Merchant/ Retailer requests an authorisation to take the next payment.
If any further payments are taken from your account please contact us as soon as possible. You will be entitled to an immediate refund.
You should also contact the Merchant/ Retailer and advise him that you have cancelled the recurring transaction. This will not cancel your underlying agreement with the Merchant/ Retailer – but it will cancel the payment authority.
If you can show us that you did not authorise a recurring transaction authority or that you gave notice to the Merchant/ Retailer that it was cancelled then we will refund any payments that were taken from your account after that date.