What you need to know about debit order authorisation
The South African Reserve Bank and the Payments Association of South Africa, have introduced a new initiative called DebiCheck, as a way to help protect South Africans against fraudulent and incorrect debit order authorisations.
We have now also adopted DebiCheck as part of our processes – which we will be gradually introducing to our customers. This simply means that, should you decide to take out a loan with us, we may ask you to authorise your debit order with your bank.
Here’s how debit order authorisation protects you:
With DebiCheck, you’re able to confirm your debit order details directly with your bank – and your bank will then check the debit order every month to ensure it matches the information you confirmed. If it doesn’t match, your bank will then reject the debit order before it comes off your account.
How debit order authorisation works:
Step 1: Once you’ve accepted your loan quote, your bank will message you, via the cell phone number that they use to communicate with you, to confirm the debit order information (such as the specific repayment amount and debit order terms) – and that you’re giving us permission to debit your account.
Step 2: If everything’s in order, you can electronically confirm the debit order information via your cell phone. But other methods such as your bank app, internet banking, or ATM are also available.
Step 3: With the debit order confirmed, it will be submitted to your bank every month, and your bank will then check against the confirmed debit order information before processing it to your account.
If you’d like any further information about DebiCheck, please visit their website www.debicheck.co.za