DebiCheck is a system through which you confirm debit orders with your bank electronically once. These debit orders are related to a contract that you signed with a company. Through DebiCheck, your bank knows what has been agreed to and will not allow your DebiCheck debit order to be processed outside these terms.
What does this mean?
In the past your bank was unaware of any debit orders that you potentially agreed to, therefore, the bank could have deducted a debit order request that you did not approve. Going forward, DebiCheck puts you back in control of your debit orders because of the following reasons:
- Once you enter into an agreement with a credit provider allowing them to deduct money from your account, the credit provider contacts your bank and gives them all the terms of the debit order, such as the amount and date.
- Your bank will then contact you to confirm the terms of the debit order and approve the payment. This is a once-off approval process and you will not have to approve your debit orders every month.
- Once you have confirmed the terms of the debit order, the credit provider will not be able to process any payment requests that do not meet the terms that you agreed to.
Besides giving you peace of mind that you have approved your debit order, DebiCheck also gives you the following benefits:
- If you don't have sufficient money in your account when the DebiCheck debit order is due, you have three days to transfer the necessary money to your account before the debit order is returned as unpaid. This not only helps you to maintain your good payment profile but also reduces unnecessary unpaid or returned fees when a debit order is returned as unpaid.
- DebiCheck debit orders are prioritised over other debit orders, so by confirming your MFC debit order you can rest assured that one of your biggest investments will be paid.
Important information you need to remember
- Your bank and the credit provider will contact you on your cellphone to confirm your debit order electronically using phone calls, SMSs and USSD (the data service that consists of a number that begins with an * and ends with a #). Below is an example of one of the processes to activate a DebiCheck mandate: cannot include images. Make sure that both your bank and the credit provider have your correct cellphone number. If your cellphone number has changed, update the details at your bank and credit providers.
- As you only have to confirm your DebiCheck debit order once, and we need to cater for interest rate increases, monthly service fees and instances where you might require a value-added product, such as a warranty or service plan, we will ask you to approve an amount of 10% more than your MFC instalment amount.
Original instalment = R2 500 a month.
DebiCheck debit order authorisation request R2 500 x 1,1 = R2 750 a month (10% higher).
This does not mean that the higher amount of R2 750 will be deducted from your account. We will deduct R2 500. We will only deduct a higher amount for any of the events above and we will notify you first.
If you need more information about or help with the DebiCheck process, phone us on 0861 100 031. Or visit debicheck.co.za