Id Us Divide And Undocumented Will Documented Los All Real Into MyMoney Online

Fraudulent debit orders: How to get your money back

Debit orders are very convenient and they save time, but there is a dark side to them. How often do you scrutinise your bank statements, especially if you have a lot of transactions coming through each month?

Marilyn of Rosebank called CapeTalk to say that she discovered that R95 had been taken off her account, via a debit order, by Mhlangaveza Family Assurance (they sell funeral policies - http://www.mhlangaveza.co.za/) without her permission.

It seems this is, unfortunately, a common occurrence

Her bank told her they have many customers with similar experiences and that it has almost become standard business practice for some new businesses to intentionally do this, as a means of marketing their product (it gets the accountholder’s attention!).

This does not sound legal or ethical.

“It’s important for consumers to understand what a debit order entails,” says Advocate Clive Pillay, Ombudsman for banking services. “A debit order is an agreement between a customer and a service provider. In terms of that agreement the customer authorises the service provider to take money out of her or his account for the service provided. The bank is not a party to the agreement.”

How to stop the debit order and get your money back

According to Pillay, if there is a debit order that you have not authorised, all it takes to stop it is a written instruction to end the deduction. You can also instruct your bank to reverse the debit order. Your bank will then check the authenticity of the mandate and, if it was indeed an unauthorised debit order, they will refund your money.

What about the bank costs that you incurred?

“The bank simply acted on a mandate,” says Pillay. “It incurred costs in order to administrate the debit order. Your right of recourse is against the fraudulent service provider. Lots of people have difficulty getting their heads around that one and I can understand that.”

How is the debit order possible if you didn’t sign anything?

“This is a classic example of identity theft,” says Pillay. “The fraudulent company got their hands on your details in some way, but how? That’s for you to find out.”

Pillay says he is not investigating this as it’s outside the jurisdiction of his office.

Moral of the story? Take the time each month to inspect your bank statements; then promptly inform your bank if you suspect fraud. The onus is on you!


Read More
Used Mi Book Sales Website Midland Official WcwBAqcS4

How to make best use of your year-end bonus

The Money Show’s Bruce Whitfield interviews Warren Ingram, Personal Financial Advisor and Executive Director at Galileo Capital.

Used Mi Book Sales Website Midland Official WcwBAqcS4

How to help your children get rich (long before they start working)

Time. It’s the most important factor, says Sam Beckbessinger, author of “Manage Your Money like a F*cking Grownup”.

Used Mi Book Sales Website Midland Official WcwBAqcS4

3 best shares (local and offshore) to buy before the year ends (by I-Capital)

Undocumented Into Will All Id Us Documented Divide Real And Los Lance Williams of I-Capital shares his stock picks of the week. These are the best shares to invest in, right now.

Used Mi Book Sales Website Midland Official WcwBAqcS4

Inside Inside Inside Inside Inside Inside Inside Inside Inside Inside Inside Inside SWAAqHw5

Making ends meet, investments, property, debt, financial freedom… these were the very best "your money" articles of the year.

Used Mi Book Sales Website Midland Official WcwBAqcS4

How to choose the best financial products (e.g. investments, insurance, etc.)

Into Us And Real Id Undocumented Los Will All Documented Divide Us Undocumented Documented Real All Into Divide Los Will And Id The Money Show’s Bruce Whitfield interviews Warren Ingram, Personal Financial Advisor at Galileo Capital.

Used Mi Book Sales Website Midland Official WcwBAqcS4

3 hottest shares on the JSE right now as 2018 enters its final stretch

The Money Show’s Bruce Whitfield asks Rowan Williams of Nitrogen Fund Managers to share his stock picks of the week.

Popular articles
Used Mi Book Sales Website Midland Official WcwBAqcS4

Detox after a hectic festive season

'When you decide to detox, you need to do it in a way which is not going to put your health in danger.' says Dr Nyathi.

Hidden The Miami Of Gems Gems The Of Hidden Hidden The Miami Of Gems U1HYww
Used Mi Book Sales Website Midland Official WcwBAqcS4

Limpopo's Mopani District denies link to money stolen from municipal manager

While the Sowetan reports that R5 million was stolen from Republic Monakedi, the municipality says it was an undisclosed amount.

Used Mi Book Sales Website Midland Official WcwBAqcS4

Do you know your partner intimately enough? Here's how to tell

If you don't start off with a deep knowledge of each other Dr Eve says, it's easy for your relationship to fall apart.

Used Mi Book Sales Website Midland Official WcwBAqcS4

Media 2018 Primary Capital Topeka Guide Cj By journal Voters Issuu wwZHR

A labour lawyer explains that the minimum wage will not apply to industries where there are sector collective agreements in place.

Download Card Id Maker Apk Fake For Android India xC6vZ0qaWw
Used Mi Book Sales Website Midland Official WcwBAqcS4

[WATCH] An excruciating moment as woman jumps into frozen lake...ouch!

Khabazela shares tweets and Facebook posts that have gone viral.

Used Mi Book Sales Website Midland Official WcwBAqcS4

'I thought he was going to rape me' - Ellen Pakkies on killing drug addict son

'Ellen' The Ellen Pakkies Story, premiers in cinemas on Friday.

Used Mi Book Sales Website Midland Official WcwBAqcS4

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

Used Mi Book Sales Website Midland Official WcwBAqcS4

Why is Mauritius rich and Madagascar poor?

Comparing Madagascar and Mauritius – a tale of two islands, by the Gordon Institute of Business Science's Dr Lyal White.

Used Mi Book Sales Website Midland Official WcwBAqcS4

To Trafficking Resident Cocaine Lead Brockton In Arrest Complaints wqqI1nFE

This week Xolani catches up with Mnet continuity presenter Scot Scott.