DebiCheck is a new, special type of debit order procedure which allows you to accept the details of a debit order with your bank before it is processed to your account. These details must be received and accepted electronically (on your cell phone) and on a once-off basis, at the start of your contract.
This change to your debit order authorisations is to protect you, the customer, from fraudulent debit orders being deducted from your bank without your permission.
DebiCheck will also help to prevent disputes of valid debit orders from consumers who have authorised them, which causes undue stress for companies and banks. DebiCheck is therefore a solution that offers a win-win result for everyone.
At The Unlimited we believe that being the best at what we do means being a leader in our industry. We are committed to out customers and want to educate you and the public on this change by helping you through the DebiCheck process.
To give our customers control of their debit orders. we are working with the banks to introduce DebiCheck. From 2019 onwards, a debit order with The Unlimited will have to be confirmed electronically, at the start of your contract only, before it can be processed by your bank account.
For DebiCheck debit orders, you will receive a request from your bank to electronically confirm the debit order information relating to the new loan contract you have signed with your Financial Institution, in this case, The Unlimited. Your bank will then be able to verify this information before the debit order is processed to your account, every time the debit order is submitted to your bank. If the information corresponds, the debit order will be processed. If it doesn't correspond, the debit order will be rejected.
As part of our family, you will be able to confirm all new debit orders from The unlimited before they are processed to your bank account. Once you have confirmed this new debit order, you can be assured that it cannot be changed or amended at any time without your approval. This means that you can trust what your bank will verify who is trying to debit your account, thus ensuring that fraudulent debit orders are stopped.
WHEN WILL DEBICHECK TAKE PLACE?
Implementation of DebiCheck will be carried out over a period of more than 2 years, which means that participating companies will start using DebiCheck from 2019 onwards. Not all companies will start using DebiCheck at the same time; it will be phased in over a period of time to ensure that the system remains stable.
At The Unlimited we like to be a step ahead with any new legislative changes so we will be impementing DebiCheck from the outset. We believe this change is a amove in a positive direction which will benefit all parties. The Unlimited is commited to shifting your life, for the better.
To help you understand DebiCheck further, click here!
HOW DOES DEBICHECK WORK?