Make provision for debit orders to avoid extra costs

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Staff Reporter

Windhoek-In an effort to consistently educate customers, FNB Namibia would like to share some advice with customers about honouring debit orders. “It seems as if some customers are unaware of the financial implications of not having enough money in their accounts for monthly debit orders,” says Elzita Beukes, FNB communications manager.

“If a customer does not have enough money in his or her account when the debit order is due, the debit order will not be paid and banks have to charge a penalty fee. Customers should also be aware that bounced debit orders are recorded against your credit profile information. If it occurs often, it can affect your chances of getting credit in the future. It is important that we exercise prudence during these difficult financial times.”

Elzita highlights the benefits of using a debit order, such as the convenience it offers without the customer having to manually make each monthly payment.

“Paying by debit order is a simple and reliable way of making sure you keep up to date with your financial commitments. You’ll never miss a payment and will be able to manage your budget better. A debit order is a way for a third party, that you have given permission, to collect money from your bank account. It’s typically used to collect monthly subscriptions, insurance premiums or loan repayments.”

In conclusion Elzita advises customers to pay all their accounts and necessities before spending on wants. “Arrange for your debit orders to go off on or soon after payday to ensure you have enough money available to pay them.”

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