Real control over your debit orders still out of your hands until next year
DebiCheck delay means consumers have to contend with bogus debit orders for longer
South Africans will have to live longer with debit order abuse due to the Reserve Bank's postponement of the implementation date for DebiCheck - a new way of confirming debit orders with you once off before they are processed by your bank. The Reserve Bank last month published in the Government Gazette that the new implementation date for DebiCheck, also known as Authenticated Collections, will now be October 31 this year instead of the end of this month, and the new sunset date for the termination of all old debit orders - or non-DebiCheck orders - is now October 31 next year. This means that from November this year, no new debit orders will be processed early unless they are DebiCheck debit orders. An early debit order (EDO) is processed earlier in the day than a normal debit order and has a "credit checking" feature, which means that as soon as money is deposited in your account it triggers a debit. And from November next year all debit orders - including those already on your ac...
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