The banks will introduce further measures to protect consumers against fraud.
From January 2 next year limits will be placed on cheques, debit orders, automatic teller machine (ATM) transactions and electronic payments to reduce your exposure to risk and fraud, the banks and the Payments Association of South Africa (Pasa) have announced.
Pasa is an association of clearing banks established as a self-regulatory body on matters that concern interbank clearing and settlements.
The effect of the new measures will be: An electronic funds transfer (EFT) debit order may not be issued for more than R500 000; payments through EFT may not exceed R5 million; a cheque should not be written for more than R5 million; and ATM transactions through Saswitch will be limited to R10 000.