DebiCheck - Why It’s needed for I...

This post was published on 19 September, 2024

Congratulations on making the wise choice of securing your most valuable assets with iWYZE! Now that you’ve signed up, you’re one step closer to having the protection you need. However, before your cover can start, it’s important to approve your debit order through DebiCheck.

What is DebiCheck?

DebiCheck is a secure, electronic approval system for debit orders, giving you full control over which debit orders are processed on your account. By verifying and approving your debit order with your bank, you ensure that only authorised debits—like your iWYZE insurance premium—are allowed.

This process helps you avoid fraudulent debit orders, protecting your account from unauthorised charges. Once you’ve given permission (a mandate) to debit your account for a specific amount on a set date, your iWYZE premium payments will proceed smoothly.

Why Was DebiCheck Introduced?

Many South Africans have fallen victim to unauthorised debit orders, which caused financial loss and frustration. To address this growing issue, the South African Reserve Bank instructed the Payments Association of South Africa (PASA) to develop a system to protect both account holders and companies from such fraud. This solution came in the form of DebiCheck.

DebiCheck ensures that every new debit order is electronically confirmed by you, with your bank or service provider, on a once-off basis at the start of any new contract. With DebiCheck in place since 2017, businesses across the country, including iWYZE, are required to follow this procedure to safeguard customers.

Why is Approving Your DebiCheck Mandate Important?

Approving your DebiCheck mandate means more than just avoiding unauthorised debits. It ensures that your insurance premiums are paid on time, which is critical for keeping your policy active. Failure to approve your DebiCheck mandate may result in a delay or disruption in payments, which could lead to your insurance cover lapsing.

By accepting the mandate, you enjoy:

• Fraud protection: Only the debit orders you’ve approved will be processed, giving you peace of mind.
• Convenience: Once approved, your DebiCheck debit order is set and no further approvals are needed for your monthly payments.
• Seamless insurance cover: Timely premium payments ensure that your iWYZE insurance policy remains uninterrupted, without any risk of a lapse.
  
  

How to Make Sure DebiCheck Works for You?

To guarantee that DebiCheck functions properly, it’s vital that your bank has your correct and updated contact information. This allows them to send you the necessary notifications for approving new debit orders. Without this approval, there might be delays in debiting your account, which may in turn cause delays in activating or renewing your insurance cover.

DebiCheck Is Not…

• A paid service: You don’t need to pay for DebiCheck. It’s a free and simple process used to confirm new debit orders.
• An app: There’s no separate app required. Your bank will manage the process through their existing platforms.
• A replacement for your debit order: Your regular debit order remains the same. DebiCheck is simply the approval process for new debit orders.

Stay Protected with DebiCheck—Approve Today!

Approving your DebiCheck mandate is a quick and easy way to guarantee that your insurance premiums are paid on time, ensuring continuous cover from iWYZE. Don’t delay—confirm your DebiCheck mandate today and enjoy the confidence of knowing your cover will never let you down.

For more information, visit the official DebiCheck website or consult your bank’s guidelines.

The information presented herein is for informational purposes only and does not constitute financial advice.