Why does my MobiMoney account need a debit order mandate, and how does it work?
By setting up a debit order mandate on your MobiMoney account we make sure that your withdrawals will be quick. This means you’ll have access to money when you need it. However, we will not debit your account until you make a withdrawal. No withdrawal, no debit.
When you make a withdrawal, the debit order’s date and amount will be according to the debit order mandate.
What is the difference between DebiCheck, a debit order, and a mandate?
All three refer to setting up a safe payment method that allows FinChoice to debit your bank account, ensuring you don’t miss a payment.
- Debit order mandate: This is an agreement between you (the customer) and FinChoice, allowing us to debit your account. It is commonly referred to as a "debit order."
- DebiCheck mandate: DebiCheck is a type of debit order where FinChoice informs your bank that we intend to set up the mandate. You must accept this debit order mandate electronically for it to be activated. [Click here for more information about DebiCheck.
- Registered Mandate Service (RMS): If you don’t confirm the DebiCheck mandate, we will use an RMS, which allows us to set up the debit order without your confirmation. Both RMS and DebiCheck mandates will appear in your bank profile. The difference is that with DebiCheck you have the option to accept the mandate, but with RMS you are simply notified of it. With both, you are equally responsible for making your FinChoice payments.