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debit orders safer with debicheck
DebiCheck is another way for you to take control of your money by allowing you to confirm any new debit orders going off from your bank account.
What is DebiCheck?
DebiCheck is a new type of debit order that requires you to confirm your debit order with your bank when entering into a contract with a service or credit provider. Using DebiCheck reduces the risk of an incorrect or a fraudulent debit order being collected because the debit order can only be done according to the approved agreement. This does not affect traditional EFT debit orders.
Don’t know what an EFT debit order is? Learn all about different types of debit options.
How does DebiCheck work?
- Your bank will send you a request to confirm the new DebiCheck payment information. Approval or authentication can be given in several ways, such as using your cellphone app, your card and PIN (this option is available in branch only), or Internet banking
- Once you confirm that the information is correct, your bank will load the information on a mandate register and send a confirmation message to your service or credit provider
- Your bank must then verify the debit order information to the information on the DebiCheck register every time before the debit order is processed to your account
- DebiCheck collections are only processed if the critical information matches. If it does not match, the DebiCheck collection is rejected
What are the benefits of DebiCheck?
By giving your prior approval for a DebiCheck you are in control of the debit orders that you allow to go off your account. You will have peace of mind knowing that a DebiCheck collection must be processed within the agreed conditions you have confirmed.
What is the difference between DebiCheck debit orders and other debit orders?
DebiChecks are debit orders that you confirm initially before the first collection and then confirm again if there are critical changes to them (e.g. amount, payment date). You can ask your bank for the details of all the registered DebiChecks that may be processed to your account. You will not be able to reverse DebiChecks that match the information on the register at your bank, but you can resolve any disputes with the service or credit provider.
Other debit orders do not have to be confirmed by you before collection. Your bank will process the debit orders assuming that the collecting party has a valid mandate in place. These debit orders can be reversed immediately if disputed within 40 days.
Can I choose which debit orders are confirmed using DebiCheck?
It is not consumers, but the companies who use the debit order system that choose whether they want to use DebiCheck or not. You can ask the service or credit provider if they use DebiCheck to give yourself the peace of mind against incorrect and fraudulent debit orders being collected against your account.
Will DebiCheck allow me to cancel a debit order?
If a debit order is no longer valid you may request that the bank suspend the debit order. The collection will not be processed to your account in future but you should still contact your service provider to confirm that you are cancelling the debit order. Please note that suspending the debit order does not cancel the contract that you have. This is something you must do directly with the service provider.