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Thread: NADEO tracking

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    NADEO tracking

    This is a rather interesting tool used by banks to monitor your account and force debit order if you are behind with a payment as soon as money is loaded into your account.

    Found out about this today after an arrangement was make via a telephone conversation backed up by an email with MFC (motor finance corporation) to pay an outstanding debit order on a specific day via "EFT". I transferred money into my savings account to run debit orders and was about to do the EFT to MFC. I had received payment and was busy transferring the money to various account for debit orders etc and was going to do the EFT as arranged with MFC, lucky for me I noticed my phone beep more than it was suppose to, so I checked to find that a debit order had run at 12 midday which was very unusual.

    How this works is if you get behind on a debit order they load this tracking system called NAEDO tracking to your account and as soon as you put enough money into the account the debit order runs and what they do I make it a different amount just in case you put a stop payment for the amount.

    What I found a little strange was when I enquired about it to the business banker at Standard bank she knew nothing of it and couldn't explain what had happened yet if you look at the link it explains what it is all about.

    http://www.businessonline.standard.c...ent/naedos.jsp

    So a word of warning if you deal with MFC and make arrangement to pay via EFT confirmed via email, don't expect them to stick to what they discuss or email, just know if you put money into the account which runs their debit order know that as soon as there is enough money in the account it will be taken using this NAEDO tracking.

    I have moved all my debit orders away for my cheque account and now run them via savings accounts to prevent any issue like this in the future and because if a debit order is returned it only cost a couple of rand not R115 nor does it affect your cheque account credit rating.

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    Platinum Member Marq's Avatar
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    I have run into MFC not too long ago trying to sort out my Sons account when he got into trouble with them.

    They were aggressive, nasty and threatening to him even when I was in the process of bringing the account up to date. Then they tried the same tactics with me. They were reminded very quickly that I was not their 22 year old spotty client that they could abuse.

    They also reminded me as to why I do not deal with Nedbank.
    This scenario of using nadeo to monitor your account does not surprise me. Bastards.
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    My concern is the access they have to my account as and when they feel like it.

    This is why I have moved debit order away from my cheque accounts, now the debit order money is put in on the day and just the right amount and changed the run dates. So they start from the 1 and the last one runs on the 7 th. The highest value runs on the 7 th.

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    Looking at the system, it's a bit of a mixed bag for the debtor though. Yes, if a debit is due, the system means they can run the debit before you disperse the funds elsewhere, but on the flip side -

    Payment instructions are not processed against accounts with insufficient funds, preventing possible unpaid fees being charged to your customers.
    That's a definite plus for the struggling debtor in my book.
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    Platinum Member Marq's Avatar
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    What about the insolvency act and the world of preferential creditors? A possibility with any debtor in this boat.

    Is this not the bank utilising the possession is 90% of the law practise?
    Only in this case they believe your assets are their possessions.
    Also if there is any dispute as to whether the debt is in fact due, I do believe the bank would not be returning the funds they had just stolen. Such is our faith in trusting the institutions which supposedly protect our liquid assets.
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    They are clever in the way that they don't debt the amount due rather a different amount just in case you have put a stop payment for what ever reason.

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Marq View Post
    What about the insolvency act and the world of preferential creditors? A possibility with any debtor in this boat.
    Wouldn't that only kick in once insolvency has been invoked on the debtor?
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    Platinum Member Marq's Avatar
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    Yes thats correct - But I believe at that stage the administrator would/should be looking at the bank to return ill gotten gains. I am not sure of the period, but believe they go back three months to review payments looking for amounts going out that should have been retained for the estate account.
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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Marq View Post
    Yes thats correct - But I believe at that stage the administrator would/should be looking at the bank to return ill gotten gains.
    And any other recipient of "ill gotten gains".

    Of course, there's a reason why it's commonly referred to as "claw back". Making a determination is one thing, enforcing is another (especially when it comes to banks).

    Quote Originally Posted by Marq View Post
    I am not sure of the period, but believe they go back three months to review payments looking for amounts going out that should have been retained for the estate account.
    Six months last I heard.

    Returning to the NADEO concept though - I wonder how much the "Early" part of the acronym is to some extent misleading. My impression is the debit order pull for the particular transaction would actually be delayed (until there are funds available), rather than running early (i.e. before the original due date).

    Or maybe I'm misinterpreting the actual service offering here.
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    Platinum Member Marq's Avatar
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    Was the cancellation of the 'debit pull' transaction type only applicable to sars?
    I thought it related to all creditors but apparently all they need is the nod of your head and you're in.

    http://www.newsmonitor.co.za/newsmon...=558&highlight

    They probably have a delay until funds available because they would have too many queries and reversals if it was too early.

    Or maybe I'm misinterpreting the actual service offering here.
    What service offering to whom? According to this blurb from Standard, its a service offered to their clients to control their own collections. So its not a system used by the bank itself?

    http://www.businessonline.standard.c...ent/naedos.jsp
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