Understanding DebiCheck and your insurance
You’ve just signed up, kudos to you for making the wise insurance choice, Thank you for choosing to partner with iWYZE to insure your most prized possession.
What’s next is to pay your first premium so cover can start but first, you have to approve the debit order via your bank with DebiCheck.
What is DebiCheck?
DebiCheck is a way to confirm your debit orders electronically and safely.
It is a way that lets you approve your debit orders electronically to prevent fraudulent debit orders from being processed on your account. Before we can debit your account for the iWYZE monthly insurance premium, you have to verify and approve with your bank. This way you give us permission (a mandate) to debit your account for a specific amount on a specific date.
Why was DebiCheck introduced?
Although a lot of South Africans prefer debit orders as they are convenient for paying accounts, over the last few years, unauthorized debit order scams became rife and that compromised a lot of safety. The banking industry then had to find a way to protect account holders and their creditors.
The South African Reserve Bank then asked PASA to come up with a solution. That is how DebiCheck was introduced to the industry. A DebiCheck debit order is a new debit order electronically confirmed by you, with your bank or service provider, on a once-off basis, at the start of a new contract that you have signed with a company.
DebiCheck has been in existence since 2017 and continues to be rolled out in a phased approach. Many companies or service providers have adopted DebiCheck over time. Therefore, all your new debit orders have to be approved.
Your bank will have all the details of all your agreements and will no unauthorised debits will be able to be processed on your account without your prior approval. With DebiCheck, you are in control, you just have to ensure that the bank has your most recent contact details to enable them to be able to send you mandates to approve. To help make DebiCheck work for you, you must ensure that your bank has your correct contact details.
What DebiCheck is not?
- A subscription service – you don’t pay or have to subscribe to it, it is a once off process for any new debit order to your account.
- An application
- Replacement to your debit order
Remember to approve your iWYZE Debicheck and enjoy cover that will not let you down!