D
Banking
Debit Order
An automatic, recurring payment instruction authorised by you that allows a company to collect money directly from your bank account on a set date each month. Most loan repayments in South Africa are collected via debit order. You can dispute unauthorised debit orders through your bank within 40 days.
Usage Examples
"Her loan repayment of R2,800 is collected by debit order on the 1st of every month."
"If a debit order bounces due to insufficient funds, your bank charges a returned debit order fee and the lender may add a penalty."
"You have the right to stop a debit order at your bank, but this does not cancel your underlying debt obligation."