What is a Debit Order?
December 7, 2016
If you have a funeral plan, it can be devastating to lose all its benefits. That can happen if you skip a premium or two. Using debit order collections to retrieve funds each month can be a much better arrangement. So it means you never have to remember to pay your funeral plan each month. By switching to a debit order solution, you enjoy the benefits of easier, cost effective payments.
So with a debit order, the third party collects money from your bank account each month. Usually, the third party is the one who will set up the debit order for you.
The Process of Setting up a Debit Order
- you’ll need to provide the 3rd party with your bank details
- you’ll also sign an agreement with the 3rd party
- the 3rd party needs to get permission from your bank to collect that specific amount each only
- you can’t just cancel a debit order
- you need to know that the banks will also charge you a fee for every debit order that goes through and these costs can differ fro bank to bank. Currently, Capitec costs R3.20 for a debit order transaction.
Build Up a Steady Paying history
When you set up a debit order with Capitec Bank, you’ll love the convenience. If you don’t have Internet access, this debit order can save you going into the 3rd party’s offices each month to make the payment. It certainly lowers the likelihood that you’re going to miss a payment. Ensuring the correct amount is deducted each month. You can, therefore, say it also builds up a steady payment history.
It is up to you to ensure that each month there is enough money in your bank account. If there isn’t sufficient money, the bank will charge you a penalty fee, and make a double deduction the next month with added interest.
Capitec Bank knows that cash is a recipe for theft in South Africa, and drawing it to pay a 3rd part can cost you time and money too. With their cellphone banking app, you can do a range of transactions from your mobile device. You’ll be able to pay people and accounts regularly each month.
With a funeral plan debit order, you can be sure that you’ll never have to worry that one missed payment can render your funeral plan useless to you. Set up a debit order with Capitec Bank. Capitec Bank also provides you with a 16-second video to show you how to easily dispute debit orders if you suspect then there is an unauthorised amount going off your account each month.
Capitec Bank is a South African commercial bank which aims at making financial transactions as easy for you. You’ll have confidence about your funeral home getting their sum each month so as to give you a proper send-off when your time comes.
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All info was correct at time of publishing