DebiCheck Migration

The South African Reserve Bank introduced DebiCheck five years ago, which required customers to accept a mandate digitally before debit orders could be processed. Customers who did not accept the mandate were fell under the Registered Mandate Service (RMS), allowing debit orders to be collected without full authentication.

The Reserve Bank has now announced that RMS is being replaced by Registered Mandate (RM) for customers who do not migrate to DebiCheck, which is non-negotiable.

What Is FinChoice Doing About This?

To ensure a smooth transition, we are encouraging our customers to accept their DebiCheck mandates. This will allow us to debit accounts in the morning, minimizing their risk of payment failure.

FAQs

What is DebiCheck?

DebiCheck is a type of debit order system that requires a customer to accept their debit order with their bank in a digital form so that it can be processed. This ensures…

  • that you know when money is debited.
  • no unauthorized debits occur.
  • your money is protected.

If you don’t accept the mandate, payments might not process on time and could impact your credit score.

Why Should I Accept It?

  • You’re in control – you approve when the debit order is processed.
  • No delays – payments happen on time.
  • Protects your credit score – ensures timely payments.

Why Do I Need to Do This Now?

  • Banks introduced DebiCheck for customer protection.
  • It ensures no unauthorized debits occur.
  • It is now a required industry standard.

Is DebiCheck Safe?

  • Yes, it was designed by banks, the South African Reserve Bank (SARB) in particular, to safeguard customer funds.
  • Only authorised debits are processed.

My Debit Orders Worked Fine Before – Why Change?

  • DebiCheck adds an extra layer of security.
  • Like adding a lock to a closed door—it ensures unauthorised debits don’t happen.

Frequently Asked Questions (FAQs)

What Happens If I Don’t Approve the Mandate?

  • Missed payments may lead to late fees.
  • Your service may be interrupted.
  • It could negatively impact your credit record.

How Do I Approve My Mandate?

How is DebiCheck Different from a Normal Debit Order?

  • Normal debit orders: These occur based on prior agreements without confirmation during the process.
  • DebiCheck: You approve each mandate with your bank, ensuring security and control.

Why Is My DebiCheck Amount Higher Than My Current Installment?

  • The amount reflects the highest possible debit limit for your account.
  • You only pay what you owe—this just simplifies future transactions.

Why Approve a Mandate If I Haven’t Withdrawn Any Money Yet?

  • It ensures smoother transactions when you do borrow.
  • Payments will be processed without additional approvals.
  • No funds will be debited unless you borrow.

For more information, visit debicheck.co.za or log in to finchoice.mobi to complete your mandate today!