FANews
FANews
RELATED CATEGORIES
Category Fraud/Crime
SUB CATEGORIES General | 

Talk to the supplier

09 December 2004 Angelo Coppola

Remember that a debit order is a contract between a client and a supplier, giving them the right to withdraw funds from the client’s account in return for goods or services.

Unfortunately, there are companies and individuals out there who abuse the system by making unauthorised debits.

Absa only processes these transactions and therefore the client would be the first to know if incorrect deductions are made from a client’s account. The onus is thus on the client to inform us of these abuses so that Absa can withdraw these particular debit order facilities.

Prevention is always better than cure.

* Only sign a debit order if you are sure the company is trustworthy
* Always check your monthly statements to ensure the correct amount gets debited on the correct day
* Contact your supplier immediately if there is a discrepancy. If you still feel that you have been wrongly debited, make sure you register a dispute with your bank
* Your bank will ask your supplier to produce the debit contract to prove that they have authority to debit your account
* If no proper authority can be shown, the transaction must be cancelled and the funds returned to your account. If authority can be shown the transaction stands

Quick Polls

QUESTION

The shocking crime and motor vehicle accident statistics shared during a recent SHA presentation suggests that group personal accident and personal accident cover are a no-brainer. Do you agree?

ANSWER

Yes
No
Not sure
fanews magazine
FAnews April 2024 Get the latest issue of FAnews

This month's headlines

FAIS Ombud lashes broker for multiple compliance blunders
TCF… a regulatory misfit initiative?
The impact of NHI on medical malpractice insurance
Fixed versus variable: can you have your cake and eat it too?
The future world of work
Subscribe now