FNB customers will now be notified via SMS every time a new debit order is raised on their accounts, regardless of amount, and if they believe it to be unauthorised, have the ability to dispute and reverse by replying to the message or logging onto one of FNB’s digital platforms.
“We have had until this time a proactive SMS system in place to notify customers if the bank suspects a debit order may be unauthorised. However, our new system means that customers will now have complete transparency and control of their accounts as any new debit order will trigger an alert,” says Ryan Prozesky, CEO of Value Banking Solutions at FNB.
Currently, banks are able to reverse debit orders immediately and refund the customers if the debit order is disputed within a 40 day period. However, if a debit order is disputed post 40 days, the bank is required to request a mandate from the service provider. This adds another 40 days before a reversal is possible.
“Not everyone checks their accounts on a regular basis, so by immediately informing customers that a debit order has taken place on their account as well as the amount and the service provider name, customers can quickly act if they perceive the transaction to be unauthorised,” says Prozesky.
Along with the notification system, FNB has also introduced functionality on its Online, the FNB App and Cellphone Banking platforms that will allow customers to view which current debit orders are running off their account as well as the ability to stop, dispute and reverse any they believe are unauthorised.
“Customers will be able to at any stage go into their banking profile and have a full view of which current debit orders are running on their account,” says Prozesky.
FNB’s proactive fraudulent debit order warning system is still in place, which alerts customers to potential suspicious debit orders that are currently running.
“Unauthorised debit orders are a very unpleasant customer experience,” says Prozesky. “The combination of proactive notification as well as the ability to now monitor all current debit orders on our electronic platforms will help to protect our customers and give them further control over their accounts.”
Please note that this new alert system, is an FNB owned project.
FNB generated Debit Orders will not generate an SMS as we can internally confirm that the necessary mandates are in place.
Fees and Charges
Response through SMS alert: Stop and reverse transactions through reply to proactive SMS’ are free (standard network rates apply). Customer should note that there will system generated stop payment fee which is charged and then reversed.
Customers can stop a debit order on any FNB electronic platform (FNB Online Banking, FNB Banking App, FNB Cellphone Banking and our Call Centres).
Online/App/Cell Phone Banking: R5
Telephone Banking: R17.50
Reversals: All reversals are free (pre- and post 40 days)