Do you wish to learn how to stop a debit order on Standard Bank. It’s something that many of the bank’s customers will find themselves having to do every now and again. Debit orders are an effective way through which to manage payment of your monthly obligations.
If you have a service to which you need to make payments every month, you can set things up so the money is automatically deducted from your account. That takes away the burden of having to remember to make your payments.
You are reading this article because you now wish to cancel one of your Standard Bank debit orders. We will discuss the reasons for doing this later in this article.
How to Reverse a Standard Bank debit order
The following is how to stop a debit order on Standard Bank;
- Log into the Standard Bank app on your mobile device.
- Click on Manage on the bottom of your screen.
- Choose Debit orders.
- Next, click on Stop a debit order.
- Choose the account from which you wish to reverse a debit order.
- Debit orders of less that R500 will appear.
- Choose the debit order that you would like to stop.
- Click on Reverse or Stop.
- Select a reason for stopping the debit order.
- Click on the Confirm button to the top right of your screen.
- Accept the terms and conditions.
- Money will be reversed into your account.
How long do I have to wait?
That’s how to stop a debit order on Standard Bank. But how long will you have to wait for money to be deposited back into your account? According to Standard Bank, it takes up to two days for that to happen.
Permanently stop a debit order via online banking or by calling Standard Bank
The steps that were outlined above are meant to help you reverse a debit order on Standard Bank. Money will be sent back into your account. But what’s to stop money from being deducted on the following month?
If you wish to permanently put a stop to a debit order, you will have to call Standard Bank on 0860123000. You can also do this via online banking or by visiting your nearest Standard Bank branch.
Don’t cancel debit orders because you are short of cash
Debit orders are essentially contracts between you and the third party. Like every other contract, they need to be taken seriously. You should never cancel a debit order simply because you have run out of cash.
If you do this, you will be setting yourself up for a bad credit record. Only cancel a debit order if you have a valid reason. If you are unable to pay at a particular point in time, it’s better to reach out to the 3rd part to renegotiate your payment terms.
Why stop a debit order on Standard Bank?
There are a number of reasons why people decide to cancel debit orders on Standard Bank. Some of them have already been outlined in the above discussion.
You could be cancelling because you have stopped a service. Maybe the 3rd party and you have agreed to call it quits but for some reason, the provider has not taken steps to stop the debit order.
Or maybe a debit order was initiated without your authorization. A lot of people get tricked into signing contracts that they are not fully thought out.
Another reason for cancelling is if the debit order has led to the deduction of more money than was agreed upon. You could also be cancelling because the debit date is not the one that you and the third party agreed upon.