A debit order is a commitment between you and another party like a service provider, enabling them to withdraw an agreed amount of money from your account every month to pay for related services. For example, you can set up debit orders to pay your monthly loan instalments, insurance premiums and your cellphone account.
Types of debit orders
DebiCheck debit orders minimises the risk of fraudulent or unauthorised debit orders going off your account. For a DebiCheck debit order to go through, you must first approve it electronically via the Money app, Online Banking or at a Nedbank ATM. Unless the amount or payment date changes you only have to do this once.
Normal debit orders do not need prior approval – we will process the debit orders on the assumption that you have given the service provider permission to deduct the money from your account.