What is a debit order?
A debit order is a situation where a third-party service provider or creditor debits money from your bank account through an agreement that you signed. It is used to pay for regular monthly expenses such as insurance premiums, subscriptions, and loan repayments.
Can I reverse a debit order online on Capitec bank in South Africa?
Yes, Capitec bank offers the reverse debit order service, which allows you to dispute and reverse a debit order that you believe was not authorized or is fraudulent.
How can I reverse a debit order online in Capitec bank?
To reverse a debit order online in Capitec bank, you need to use the smartphone app. Launch the app on your phone and sign in. Tap on ‘Transact’ on the menu and select ‘Manage Debit Orders.’
What are the requirements for reversing a debit order in Capitec bank?
Capitec bank requires that you provide proof that you did not authorize the debit order or that the debit order is not valid. You should have your ID book or passport available.
Is there a fee for reversing a debit order in Capitec bank?
There is no fee for reversing a debit order in Capitec bank.
How long does it take to reverse a debit order in Capitec bank?
Capitec bank processes debit order reversal requests within 24 hours. However, it may take longer if further investigations are needed.
What happens if I reverse a valid debit order?
If you reverse a valid debit order, you may incur penalty fees and interest charges from the service provider or creditor. Additionally, your credit score may be affected if the service provider or creditor reports the missed payment.
No, you cannot reverse a debit order you previously authorized. You can only reverse it if you have reason to believe that the debit order is fraudulent or unauthorized.
Yes, you can dispute a debit order on Capitec bank if you believe that the amount debited is incorrect or if you did not receive the goods or services you paid for.
If you notice unauthorized debit orders on your account, you should contact Capitec bank immediately on their 24-hour helpline at 0860 10 20 43 or notify them via their smartphone app.
