In our guide today, we will show you how Absa AEDO works in South Africa.
Authenticated Early Debit Orders are a debit order system that enables an account holder to mandate he contracted future-dated early debit orders.
Authentication of the AEDO is done by using a debit card and a PIN.
First, we will show you the key things to note about this debit order.
You can electronically authorize future-dated deductions from your bank account for payment.
Such payments include insurance premiums, loan repayments, and assets purchases.
You can also authorize a payment at a point of sale by swiping your debit card and entering your PIN.
Authentication of the debits order is made through an electronic signature.
Both the service provider and the consumer are certain of the payment once it is made.
Authentication of this debit order can only take place at a physical terminal.
Telephone or internet mandates are not accepted for Absa AEDO.
This is how Absa AEDO works in South Africa.
Now that you know how the debit order works, we will show you how to dispute the order.
What You Need To Know
AEDO is processed as closely as possible with salary and wage credits to bank accounts to minimize return debits.
Debits in AEDO with a capped item limit of R15 000 per transaction are processed randomly, non-preferential.
This provides every user and the bank an equal and fair opportunity to recover payments due from the account.
AEDO also improves the effectiveness of debit order payments and reduces incidences of returned debit orders and associated fees and costs.
You can utilize the tracking service, which means that the instruction can be processed from the mandated date over a selected tracking period.
The instructions are kept in the background and only triggered when a credit is applied to your account.
These are the essential points to note about Absa AEDO in South Africa.
We will now show you exactly how this debit order works.
Can You Dispute Absa AEDO In South Africa
An AEDO debit order cannot be renounced once it has been paid.
The debit order may only be disputed based on alleged fraud.
You can reverse the disputed debit order through Absa online banking.
This is all the information you need about Absa AEDO in South Africa.