At Private Property we like to keep our operating costs as low as possible so that we are able to charge our clients as little as possible. A bounced debit order takes a considerable amount of time to resolve and indirectly adds to the increase in operating cost.
Reasons for bouncing debit orders could be any of the following:
Change in banking details – Private Property Finance not notified;
Estate agent blocked their bank account from allowing Debit Orders;
Debit Orders manually stopped by Estate Agents (We receive a ‘no authority to perform debit order’ error message);
Bank Account has been closed;
Insufficient funds in the bank account.
Instead of penalizing all our clients by increasing our listing fees, we would like to focus on the culprits. Starting from next month (1 August 2010), we are going to charge an admin fee of R50 (excluding VAT) for bouncing debit orders as per our signed agreement.