• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

Absa explains debit order glitch

Mar 19 2013 13:23

Company Data


Last traded 601
Change -3
% Change -1
Cumulative volume 167886
Market cap 0

Last Updated: 27-11-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 163
Change -1
% Change 0
Cumulative volume 883636
Market cap 0

Last Updated: 27-11-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Absa glitch behind Capitec chaos

Absa shareholders back Barclays deal

Bad debts hit Absa earnings

Fitch downgrades SA's big banks

Capitec clears chaos

Absa CEO to forgo bonus

Cape Town - A debit order glitch this weekend that left Absa Group [JSE:ASA] clients inconvenienced and in some instances overdrawn on their bank accounts was due to an unauthorised debit order instruction from First National Bank, Absa said on Tuesday.

The bank was responding to requests via Fin24 to explain what exactly happened to put Absa clients in this predicament.

Fin24 user Steve wrote: “It seems many Absa clients had unauthorised debit order transactions against their accounts during the early hours of Saturday morning, March 16 2013. Please ask Absa to make a public statement explaining exactly what occurred.”

Another client posted on MyBroadband.co.za for Absa account holders to check their accounts:

“This morning I see an unauthorised debit order on my Absa account. I call Absa and they advise they have received many calls this morning of FNB issuing erroneous debit orders against Absa account holders,” the post read.

Absa head of retail markets Arrie Rautenbach said on Tuesday that FNB had submitted a series of debit order instructions to Absa on Friday, March 15 as part of their routine nightly interbank payment instructions.

"These files were duly executed on by Absa as required by South African payment rules.”

It however became clear that some of the FNB instructions were not authorised by Absa customers, leading to customer inconvenience and (an error that) may be resulting in customers' accounts being overdrawn, Rautenbach said.

The unauthorised debit orders are a contravention of the rules of the Payment Association of South Africa, he said, reminding customers of their rights to dispute a debit order should they feel it is unauthorised.

According to Absa, the unauthorised FNB debit orders in question can in most cases be identified by the payment reference “FNBRTCREV”, and relate to system errors that FNB appear to have been experiencing over the last months.
To minimise the impact on Absa customers, Absa is working with FNB to address these unauthorised debits orders and will attempt to have the unauthorised entries reversed systematically, Rautenbach said.

Earlier this year transactions that were debited late on Capitec Capitec Bank Holdings [JSE:CPI] clients’ accounts were made at Absa-supported card machines, Capitec said.

Hundreds of clients who thought their accounts could have been compromised flocked to Capitec Bank branches after receiving SMS messages of transactions effected on January 6.

 - Fin24

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

absa  |  capitec  |  banks


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote