FNB introduces alerts for all new debit orders

Lekker :)

hell, I have 13 debit orders. Nothing dodgy though.
 
Maybe time to switch.

Standard have been introducing all sorts of new fees, just about doubling my banking costs.
 
How innovative by all-too-low banking standards. Should be standard at every bank and should have been since the advent of IB.
 
Will this be available on FNB-supported products like Discovery Credit Card etc?
 
Sinbad said:
First time it goes off, I imagine?

Unless they alert when it gets loaded...
Click to expand...

Several parts of that define the first time: amount, payee, date and reference. So, if the payee changes (insurer changes underwriter) or the reference changes (change of product such as upgrade / downgrade) or the amount changes (annual increase) or even the date changes (from 1st to 25th, for example, because I got a new pay date) then a part of the first time has changed. Do all of these get to change or is one the magic item?
 
GreGorGy said:
Several parts of that define the first time: amount, payee, date and reference. So, if the payee changes (insurer changes underwriter) or the reference changes (change of product such as upgrade / downgrade) or the amount changes (annual increase) or even the date changes (from 1st to 25th, for example, because I got a new pay date) then a part of the first time has changed. Do all of these get to change or is one the magic item?
Click to expand...

lemme see what I can find out
 
From what I can tell:

inContact has been tweaked. All debit order transactions will have an inContact notification sent, even if below R100. (Many fraudulent ones were for R99, etc)

The bank has a new system that proactively identified when a debit order might potentially be unauthorised. A notification is sent, customer can reply to SMS and will receive a call and be guided through the process of disputing/allowing the DO
Similar thing for the first time any DO goes off for the first time. Just reply to teh SMS and you'll be contacted.
 
Sinbad said:
First time it goes off, I imagine?

Unless they alert when it gets loaded...
Click to expand...

debit orders don't get "loaded" at the payer bank... they'll have to check when a eft debit comes in, if something similar have gone off in months before... but this will change when AC hits, because then the debit order mandate is loaded and authorised at the payer's bank by the payer.
 
Thanks fanie, Sinbad - very informative. So, for the customer (aka the poor sap who actually owns the money) this is a step in the right direction. Fanie - what is AC? The thing planned for October?

For guys like me that have a lot of revenue being raised monthly by debit order, I need to get my finance guys up to scratch on this - they need to appreciate just how important it is that their work is accurate and unquestionable. Thus far our error rate has been less than 0.01% but I would be a little more comfortable with 0%.
 
GreGorGy said:
Thanks fanie, Sinbad - very informative. So, for the customer (aka the poor sap who actually owns the money) this is a step in the right direction. Fanie - what is AC? The thing planned for October?

For guys like me that have a lot of revenue being raised monthly by debit order, I need to get my finance guys up to scratch on this - they need to appreciate just how important it is that their work is accurate and unquestionable. Thus far our error rate has been less than 0.01% but I would be a little more comfortable with 0%.
Click to expand...

Authenticated Collections. Some reading material on the topic here http://www.pasa.org.za/home/2016/03/15/news
 
GreGorGy said:
Thanks fanie, Sinbad - very informative. So, for the customer (aka the poor sap who actually owns the money) this is a step in the right direction. Fanie - what is AC? The thing planned for October?

For guys like me that have a lot of revenue being raised monthly by debit order, I need to get my finance guys up to scratch on this - they need to appreciate just how important it is that their work is accurate and unquestionable. Thus far our error rate has been less than 0.01% but I would be a little more comfortable with 0%.
Click to expand...

AC = Authenticated Collections, but let me just say, don't hold your breath for October :whistle:
 
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