Back
Filter by

Banking fees give you access to digital banking channels, like the Nedbank Money app, Cellphone Banking and Online Banking, and to services, including Nedbank ATMs, the Nedbank Contact Centre and branch agents. These fees also go towards keeping your money safe and your account running smoothly.

A debit order is a commitment between you and another party like a service provider, enabling them to withdraw an agreed amount of money from your account every month to pay for related services. For example, you can set up debit orders to pay your monthly loan instalments, insurance premiums and your cellphone account. 

 

Types of debit orders

  • DebiCheck debit orders minimises the risk of fraudulent or unauthorised debit orders going off your account. For a DebiCheck debit order to go through, you must first approve it electronically via the Money app, Online Banking or at a Nedbank ATM. Unless the amount or payment date changes you only have to do this once. 

    Important note: You cannot dispute a debit order once you have approved or authorised it through a DebiCheck mandate to the bank.

 

  • Normal debit orders do not need prior approval – we will process the debit orders on the assumption that you have given the service provider permission to deduct the money from your account.

You can dispute these debit orders only if:

the money deducted from your account does not match your agreement; 

It is an unauthorised debit (you did not agree or sign this);

you are debited more than the agreed amount; or 

you have cancelled the service.

 

Debit orders ensure that monthly payments are made on time every month; and eliminates the need for you to remember to make payments manually.

  • You sign an agreement with a service provider, eg Netflix or DStv.

  • You agree on the amount.

  • You give them your banking details. 

  • They deduct the agreed amount from your account on a specific day of the month.  

If you see a debit order you don’t recognise, taking money from your account, you can dispute it on the Money app, Online Banking or by calling us on 0800 555 111.

You can dispute a debit order 24 hours after the transaction and within 30 days after the debit order has gone off your account.

Disputed debit orders are completed only if the external party accepts the request, and the money will then be paid back into your account.

You can stop a future debit order payment for a given period by requesting a stop payment on your account at a fee. The stop payment instruction will not cancel your agreement with the service provider. 

 
You cannot reverse a DebiCheck debit order. If you did not authorise a DebiCheck debit order, you can dispute it.

If a normal debit order goes off your account and you did not authorise it, you can reverse the debit order via the Money app or Online Banking. Follow the steps here.

Debit orders are normally collected after midnight on the payment collection date. If your payment date falls on a public holiday or weekend, the debit order will be moved to the next working day or to an earlier date. 

If the debit order is moved to an earlier date, the service provider or we will inform you in advance to ensure that you have enough money in your account to cover the debit order.

Your Nedbank debit orders usually go through on the same day you receive your salary. When your salary date changes, please get in touch with the Nedbank Contact Centre on 0800 555 111 to update your debit order details.

The change will take three days to become effective, so please contact us well before the debit order date. 

If you request the change within three days of your old debit order going off, the change will take effect only the following month.

Debit orders don’t go off on public holidays and Sundays. Your service provider will move the debit order to the next working day or contact you if they’re going to take the money earlier.

Money transferred from a Nedbank transactional (current or savings) account to another Nedbank transactional account will show on the same day, including weekends (Saturday and Sunday) and public holidays. If you transfer money to other types of Nedbank accounts, the payment will go through on the following business day.

Payments from a Nedbank account to another bank’s account may take up to 2 business days to show in the other account.

Instant payments and payments to cellphone numbers are not delayed by weekends and public holidays and will go off on the same day.

Your debit order will be returned unpaid, and you will be charged an unpaid fee. Unpaid debit orders will also be recorded on your credit profile at the credit bureau.

 If you do not have enough money for your instalment amount, we will monitor your account for a maximum of 10 days for enough credit.  

Where you have a debt arrangement, we will process 2 debit orders – the outstanding amount as well as your monthly instalment.

  • Only the service provider with whom you have the agreement can cancel the debit order. 

  • We cannot cancel a debit order on your behalf because the agreement is not with Nedbank.

If you have cancelled the agreement, the debit order should be cancelled immediately. If the service provider still deducts money from your account, you will have to contact them directly to arrange a refund and to make sure your account is not debited again.

Note: A debit order cannot be changed or cancelled within 3 days of the date it is set to run. Any changes made during this time will reflect the following month.

Unfortunately, we cannot cancel non-Nedbank debit orders you set up with external service providers (eg for gym fees or life insurance premiums). Please contact those companies directly to cancel these debit orders.

If you find yourself in financial trouble, you can call the Nedbank Collections Department on 0801114949 or visit this page for a guide on our debt assistance services.

Notes: A debt arrangement can be set up for between 1 to 6 months and will be separate from your existing monthly debit. This means that we will process 2 debit orders – the arranged amount as well as your monthly instalment.

An additional EFT payment into your loan account does not cancel out the debit order – it will still be debited from your account according to your agreement with the bank.

Nedbank debit order refunds are done within certain criteria and approved on a case-by-case basis, eg when a debit order has been debited from your account early or if you are in financial distress and have entered a debt arrangement.

It’s important to look at your statement every month to check for any suspicious or unauthorised debits. It’s also a good way to see what fees you’re paying and where you can save and where you. 

You can use MoneyTracker on the Money app to see how much of your money you spend on necessities and luxuries. That way you can make better decisions on what you spend and save. 

You can go to your History on the Money app or Online Banking to see all your previous transactions or use MoneyTracker to see a breakdown. 

This is when money is deposited into your account, but takes time to show. A pending transaction is also a recent card transaction that the merchant has not yet processed fully.  

You can reverse an unauthorised debit order and block it for 3 months. If you’re using the Money app or Online Banking to make a payment, you will get an Approve-It message on your cellphone, asking you to accept or reject an electronic payment. This is to prevent any unauthorised electronic payments.

We may reject a transaction if you don’t have enough money in your account to make a payment or transfer. We may also reject a transaction as a security measure to prevent fraud. 

If you have a Professional Banking or Nedbank Private Wealth Account, you have access to a relationship banker – a dedicated consultant that you can call or email directly to help you with your banking.

If you forget your PIN, call +27 (0)860 555 111 to get a temporary one. 

A PIN doesn’t expire, but you should change it regularly to keep your PIN private. You can change your PIN on any digital banking platform (Money app, Online Banking or Cellphone Banking) and at a Nedbank ATM or branch. 

SMS authentication is when a message with a reference number or OTP (one-time password) is sent to your cellphone to verify that you’re the account holder making the transaction. OTPs will never have the letter O, but they might have the number 0 in them. OTPs expire after a set time. 

You should get the SMS within a few seconds, but sometimes SMSs are delayed due to network traffic. If this happens, you can carry on with your banking while you wait. 

You need to go to a branch to authenticate (verify) yourself and confirm your cellphone number. 

After you’ve done that, all once-off payments, increases in payment limits, or loading of new beneficiaries will have to be authenticated through the SMS functionality. If an OTP (one-time password) or reference number is entered incorrectly or not at all, the transaction won’t go through. Payments made to beneficiaries that are already loaded onto your profile do not need SMS authentication.

Yes, SMS authentication is needed for only certain transactions.  If SMS functionality is unavailable, our Telephone Banking agents can still help under exceptional circumstances. 

Yes, you can ask an agent to add a recipient to your profile. You’ll have to provide the agent with an OTP (one-time password) through SMS authentication to authorise the recipient and make a payment. 

You can add a recipient to your profile once you’ve authenticated yourself through an SMS’d OTP (one-time password). 

You can add the following beneficiaries to your profile:

  • Nedbank accounts
  • Recipients with other South African bank accounts
  • Bank-approved recipients*
  • Credit card accounts

*A bank-approved recipient is a company or institution with which we have a special payment agreement (for example a university). When paying a bank-approved recipient, you don’t need their banking details. 

You can increase or decrease your payment limits by using the Money app or Online Banking, visiting your nearest branch, or calling the Nedbank Contact Centre on +27 (0)860 555 111. The maximum limit for a payment or transfer is R150 000 a day. 

For security reasons, we limit how much money can leave your account in a day. Both you and Nedbank set this limit. You can change this limit by using the Money app or Online Banking, visiting your nearest branch, or calling +27 (0)860 555 111. The maximum payment or transfer limit is R150 000 a day. 

Money transferred from a Nedbank transactional (current or savings) account to another Nedbank transactional account will show on the same day, including weekends (Saturday and Sunday) and public holidays. If you transfer money to other types of Nedbank accounts, the payment will go through on the following business day.