“Regular” SDDs can only be done within 5 business days apparently. Not that I would know, my bank certainly doesn’t offer a magic money back button to their private customers, and as I remember it my contract only allows transaction reversal in case of identity fraud, basically.
As far as I can tell, SDDs are a B2B-oriented tool that can only be initiated in particular circumstances such as a merchant being unable to fulfill an order altogether – i.e. when the legal case for a breach of contract is so unambiguous that it isn’t worth either party’s time to go to court. That’s very different from the American thinking of “my hotel room wasn’t as clean as I like it so I’m going to do a chargeback because that’s my Visa-given right”.
5 days is the period for a no-questions-asked reversal. It’s a consumer right, SDD isn’t just B2B. Banks do in fact offer a “magic money back” button for SDDs.
SDDs are what happens when you for example purchase an item (regular SDD) or a subscription (recurring SDD) online and provide your IBAN to the company providing it. The company then taking funds from your account with nothing but that IBAN is done through SDD. And yes, your bank will let you reverse that within 5 days, no questions asked (precisely because only an IBAN is required).
After 5 days, it’s still possible (eg through MOI) but that’s not guaranteed. I know this stuff because I deal with it professionally on a daily basis.
“Regular” SDDs can only be done within 5 business days apparently. Not that I would know, my bank certainly doesn’t offer a magic money back button to their private customers, and as I remember it my contract only allows transaction reversal in case of identity fraud, basically.
As far as I can tell, SDDs are a B2B-oriented tool that can only be initiated in particular circumstances such as a merchant being unable to fulfill an order altogether – i.e. when the legal case for a breach of contract is so unambiguous that it isn’t worth either party’s time to go to court. That’s very different from the American thinking of “my hotel room wasn’t as clean as I like it so I’m going to do a chargeback because that’s my Visa-given right”.
5 days is the period for a no-questions-asked reversal. It’s a consumer right, SDD isn’t just B2B. Banks do in fact offer a “magic money back” button for SDDs.
SDDs are what happens when you for example purchase an item (regular SDD) or a subscription (recurring SDD) online and provide your IBAN to the company providing it. The company then taking funds from your account with nothing but that IBAN is done through SDD. And yes, your bank will let you reverse that within 5 days, no questions asked (precisely because only an IBAN is required).
After 5 days, it’s still possible (eg through MOI) but that’s not guaranteed. I know this stuff because I deal with it professionally on a daily basis.