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Wait - why did that debit order go off so early?

26 February 2020 8:26 PM

Wendy Knowler, consumer journalist, on Nedbank's early debit orders.

Nedbank's been actioning a lot of their customers' debit orders early.

Debit order systems allow banks to track when salaries get paid in.

This month, February, realising it's a short month and anticipating a lot of unpaids, Nedbank decided on a lot of early debits.

Thousands of people were hit by debit orders going off before their salaries were paid in, and left with no money or being unable to honour the debit amount.

They sent out sms-es about it. I think a lot of people did not see them. Apparently a lot of people got caught with no money in their account, because their salaries had not been paid in yet. Also if debit payments are not met, there are fees attached.

Wendy Knowler, consumer journalist

I started engaging with them this week. I got a lot of corporate responses at first that did not make a lot of sense. Finally the boss man himself, of MFC, admitted they messed up, eating humble pie. The costs will be reimbursed and attached costs will be dealt with immediately.

Wendy Knowler, consumer journalist
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Listen to the entire interview about the debit orders and the reimbursement of costs, below.

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26 February 2020 8:26 PM

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