Do you wish to learn how to stop a debit order on Absa? Debit orders are meant to make life easy for people through the automatic handling of monthly payments. Most people in South Africa have several subscriptions going at any point in time. Some buy goods for which they are required to make payments every month.
Instead of going through the trouble of having to remember each and every payment, you can set up a debit order, which automates the process of meeting your monthly obligations. Today, you are here because, for one of the reasons given in the later part of this post, you wish to cancel an Absa debit order. How do you do that?
How to cancel an Absa debit order through online banking and using the app
The following is how to stop a debit order using the Absa online banking;
- Log into your account on the Absa website.
- Go to Transact.
- Choose My Debit Orders
- Select the account on which you wish to reverse a debit order.
- Go to the debit order in question.
- Click on Stop and Reverse.
- Choose Reverse payment.
- Give a reason for stopping the debit order.
- Accept the disclaimer.
- You will get a verification request. Accept it.
- Your debit order will now be reversed.
What you need to know
That’s how to stop a debit order on Absa. You can complete the process through online banking. If you are not registered, you can also reverse a debit order using the bank’s app.
In any case, there are some key points to take into consideration when it comes to stopping Absa debit orders. To begin with, you can only reverse debit orders of R500 and below via online banking and via the app.
If the amount in dispute is higher you will have to visit your nearest Absa bank branch, or you can send an email to email@example.com. Another thing to note is that debit orders that are over 40 days old cannot be reversed on the app or through online banking. You will have to visit your nearest branch to get such an order reversed.
Why stop an Absa debit order
In this article, we showed you how to stop a debit order on Absa. One thing to note here is that the best approach to stopping debit orders is to do so with the third party. They are the ones who are best placed to cancel a debit order.
There are several reasons why people set out to stop debit orders. For one thing, you may be doing it because money has been withdrawn from your account without your consent. Or maybe you agreed to the debit order, but a lot more is being taken out than was agreed to.
The issue could also be to do with the time at which money is deducted. Perhaps the withdrawal is not happening at the agreed upon time. Should that be the case, then you will have good reason to stop a debit order.
Find out how to close an Absa credit card
Don’t do it because you are broke
In this post, we highlighted how to stop a debit order on Absa in South Africa. One thing that we need to state is that you should never cancel a debit order simply because you are broke.
Unfortunately, it’s something that a lot of people do. The consequences can be dire in that case. Debit orders are contracts that need to be honored. Usually, the best way of stopping one is through the provider.
In any case, if you fail to honor a contract that you signed, you will be liable to damages. You may also end up damaging your credit score. So, that’s something to remember. If you can no longer pay for one reason or the other, the best approach would be to renegotiate terms with the third party.