Last Updated on January 30, 2024 by Elidge Staff
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How to Reverse a Debit Order on FNB: A Comprehensive Guide
This article provides you with a step-by-step guide on how to reverse a debit order on FNB, ensuring the security of your hard-earned money. In today’s digital age, managing your finances has become more convenient than ever. However, with the ease of online transactions comes the risk of unauthorized debit orders. If you’re an FNB customer and have encountered an unexpected debit order, worry not!
Understanding Debit Orders
What is a Debit Order?
A debit order is a payment instruction given by an account holder to a third party, such as a company or service provider, allowing them to collect money from the bank account at predetermined intervals. These instructions are commonly used for various purposes, including monthly premium collections, subscription fees, and more.
When Can You Dispute a Debit Order?
You have the right to dispute a debit order under the following circumstances:
- Unauthorized Debit Order: If you did not authorize the debit order, potentially due to fraud.
- Contravention of Authority: If the amount or date of the debit order is incorrect, violating your instructions.
- Previous Instruction to Cancel: If you’ve previously instructed the third party to cancel the debit order.
- Previously Stopped Debit Order: If the debit order was stopped before.
How to Reverse a Debit Order on FNB Digital Banking Platforms
FNB offers multiple digital banking platforms, making it convenient for customers to reverse or stop unauthorized debit orders. Follow these steps:
How to reverse debit order on FNB App:
- Select your debit order account and navigate to ‘My Debit Orders.’
- Choose the reason for disputing the debit order.
- Select ‘Reverse’ or ‘Stop’ and confirm by accepting the terms and conditions.
How to dispute a debit order FNB Cellphone Banking:
- Dial *120*321# and select ‘2. Banking.’
- Choose ‘6. My Debit Orders.’
- Select the debit order you want to stop or reverse.
- Confirm your decision and accept the terms and conditions.
How to dispute a debit order FNB Online Banking:
- Log in to your Online Banking profile and go to ‘My Bank Accounts.’
- Select your debit order account and then ‘My Debit Orders.’
- Choose the reason for disputing the debit order.
- Select ‘Reverse’ or ‘Stop’ and confirm by accepting the terms and conditions.
Stop Payments and Debit Orders
- A stop payment is an instruction given to FNB to prevent a future debit order from being processed against your account.
Difference Between Stop Payment and Stop Order
- A stop order is a recurring payment instruction to pay someone, while a stop payment prevents a debit order from being processed.
When and How to Place a Stop Payment
- Stop payments must be placed at least 5 business days before the debit order action date.
- It can be done through digital platforms, and FNB may charge fees for this service.
Validity and Cancellation of Stop Payments
- Stop payments are valid for 12 months.
- Customers must contact the creditor/service provider to ensure the debit order is canceled.
- Fees may be charged for stopping a debit order, successful or not.
Disputing Debit Orders (How to dispute a debit order FNB)
- Disputes can be initiated for amounts of R200 or less on the FNB app, Online Banking, and Cellphone Banking.
- Disputes on amounts older than 40 days or exceeding R200 can be done at an FNB branch or via Telephone Banking. (How to dispute a debit order FNB)
Risks and Considerations
- Disputing a valid debit order may breach contracts and impact credit ratings.
- FNB is not responsible for losses due to stopped payments or incorrect information provided.
Additional Information
- Unauthorised debit orders are not exclusive to FNB; all banks’ customers may be affected.
- Banking details may be obtained unknowingly or due to errors made by the third party.
Final Word On How to Reverse a Debit Order on FNB
In conclusion, understanding how to reverse a debit order on FNB is crucial for safeguarding your finances. By following the steps outlined in this guide, you can take control of your accounts and protect your money from unauthorized transactions. It’s essential to be aware of the potential risks and adhere to the guidelines provided by FNB to ensure a secure and hassle-free banking experience. If you encounter any issues or have further questions, contacting FNB directly via the provided channels is recommended for personalized assistance. Stay informed, stay secure, and enjoy the convenience of digital banking with FNB.
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