Vodacom double debit

[marine1]

Money left your bank account and went into VC's account. It sits there for say 48 hours and gets 48 hours interest that is credited to VC's account. Then they transfer the part they owe you back while keeping the interest.

Thats the tinfoil hat theory - as I said before I doubt this is an evil plot. Not because I don't think VC would do something evil, but rather because I don't think it'll be a profitable evil plan.

By earning interest that is unethical and should be illegal - should be law.
Its absolutely disgusting, can you imagine the interest earned?

 

[Antybubbs]

ah ok, thanks guys, makes some sense.

would love to know what they earned though

 

[marine1]

ah ok, thanks guys, makes some sense.

would love to know what they earned though

Must be millions if not more

 

[AirWolf]

Must be millions if not more

Impossible.

Using improbable figures of:
R1billion
10% interest pa
5 days

Gives you R1.3 million in interest.

 

[phiber]

Of course they will have checks in place regardless of who designed the system. My point is that you can't cover everything - its impossible. There is always some fringe scenario or fluke that the "basic checks" didn't anticipate...and those fringe cases result in system malfunctions after "12+ years" of working perfectly as you pointed out.

Gotta feel for the poor tech guy in the back room fixing this or building the job that runs the reversals. I've been in that kind of scenario too many times.

Think people on this forum are being really hard on Vodacom, technology failures happen, process errors happen, they will refund the money. For the guys that have been put into overdraft or had other bills impacted, why not try contact Vodacom and see if they can work something out for you, or speak to the bank and explain the situation with Vodacom?

Technology hardly ever works like clockwork.

 

[Lefty]

This Double Billing by Vodacom has affected other debit orders in my account. An insensitive and serious inconvinience to clients at this time of the year.

 

[ShaunyCT]

As far as i know most business accounts don't earn interest.

....
Secondly, although I understand that errors occur and that one should be reasonable, what infuriates me to no end is the fact that when the company messes up, You get a sorry and are arrogantly told that you WILL wait until they can get it sorted while having no recourse.

However, when something goes wrong on your side with a payment for whatever reason, you get treated like a criminal, get threatened, have to pay penalties, get services suspended and are subjected to the torture of trying to sort anything out with a call centre. Then a sorry suddenly doesn't carry the same weight.

... !

I am not sure which company you dealt with that was so hard with you, you should name and shame them.

But in most cases that I have heard, when people have failed to make a payment and then afterwards make arrangement to pay it off, DON'T get treated like a dawg. Most companies are civil because, like somebody mentioned before, they DONT want any bad pr...

I assume the only time when you get treated like a dawg is when after the arrangements made, you still don't honour your part of the deal.

 

[ShaunyCT]

Some have mentioned that they have seperated accounts for just debit orders and when a double debit occurs then it might let some other debits fail and occurs bank charges and also affect their credit records and maybe an insurance cover. Well most of the negatives can be avoided by simply change to a normal savings account which has NO PENALTY FEES for dishonoured debit orders and doesnt affect your credit scoring for a once off debit order(s) failing.

So guys speak to the various banks and find out if they have those. I know Capitec and Absa has.

 

[j4ck455]

Some have mentioned that they have seperated accounts for just debit orders and when a double debit occurs then it might let some other debits fail and occurs bank charges and also affect their credit records and maybe an insurance cover. Well most of the negatives can be avoided by simply change to a [highlight]normal savings account which has NO PENALTY FEES for dishonoured debit orders and doesnt affect your credit scoring[/highlight] for a once off debit order(s) failing.

So guys speak to the various banks and find out if they have those. I know Capitec and Absa has.

I don't know about Capitec but I'm fairly sure that ABSA used to charge for bounced debit orders through a savings account, FNB definitely still does.

Another downside to using a savings account instead of a cheque account, at least with FNB, is that transactions in a savings account are not used for credit scoring (unless that has recently been changed).

On the flipside, when a debit order bounces, even from a savings account from whatever bank, the recipient company that initiated the debit order will lodge the failed debit order with a credit ratings company and your credit rating will actually be affected.

 

[biometrics]

... change to a normal savings account which has NO PENALTY FEES for dishonoured debit orders ...

ABSA savings charge for bounced debit orders though it was greatly reduced after a bank charges commission a few years ago.

 

[FlashSA]

Some have mentioned that they have seperated accounts for just debit orders and when a double debit occurs then it might let some other debits fail and occurs bank charges and also affect their credit records and maybe an insurance cover. Well most of the negatives can be avoided by simply change to a normal savings account which has NO PENALTY FEES for dishonoured debit orders and doesnt affect your credit scoring for a once off debit order(s) failing.

So guys speak to the various banks and find out if they have those. I know Capitec and Absa has.

Capitec charged me when my Ford Credit vehicle repayment bounced due to a double debit by my insurance company. Was not big bucks, sub R10, but they charged me that and the debit order fee nonetheless.

 

[j4ck455]

If they do pay the people back on Monday, they're still going to be better than the companies that say "at the latest" and only pay back the money after a month. Monochoice comes to mind.....

Luckily my bank account details changed after I cancelled my Monochoice subscription (in 2011 IIRC), I was therefore immune to the recent debit order fraud that Monochoice committed (via proxy or not, Monochoice is responsible for fraudulently debiting money from bank accounts that it had no mandate to debit).

 

[supersunbird]

Some have mentioned that they have seperated accounts for just debit orders and when a double debit occurs then it might let some other debits fail and occurs bank charges and also affect their credit records and maybe an insurance cover. Well most of the negatives can be avoided by simply change to a normal savings account which has NO PENALTY FEES for dishonoured debit orders and doesnt affect your credit scoring for a once off debit order(s) failing.

So guys speak to the various banks and find out if they have those. I know Capitec and Absa has.

John Snow... Capitec does charge you for dishonoured debit orders.. just R3.50

And your credit scoring doesn't come from the bank, it come from the relevant credit/service providers.

 

[ChocolateBadger]

At the end of the day, there is going to be a lot a grief given that this is Jan and a lot of people start to feel the pinch in the coming weeks until pay day. The amount you pay on your contract may be large or small but for some people that amount is make or break. We all know the majority of South Africans are not smart with their money. VC is going to feel this one.

 

[ShaunyCT]

Ok... then it seems my information about Capitec was outdated... My bad. Sorry.

Here is a link to a page of Absa 2016 pricing brochure is. Download it and then see on page 7 for the Transact savings account there is no dishonoured fees.

http://www.absa.co.za/Absacoza/Individual/Banking/Transactional-Accounts/Basic-Accounts/Transact-Account

 

[riscbroker]

Looks like they meant this:

Vodacom will ensure that refunds and all associated banking charges are paid by close of business on Monday at the earliest

No refund yet.

 

[AirWolf]

They didn't say which Monday .

 

[ShaunyCT]

They didn't say which Monday .

Lmao

 

[creeper]

Got mine.