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What RD (Reverse Debit) reserves are held back?

 

  • MyGate holds two reserves back, namely:
  • A 10% RD Reserve: This covers the risk of an RD that may occur. Due to the nature of the service RDs can occur after the funds have been paid out to the client.
  • The RD reserves will be paid out 25 working days after the action date.


A 10% Bank reserve:

  • MyGate holds a bank reserve as a guarantee against the debit order facility issued to the client.
  • This is paid out 60 working days after cancellation.
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    Tom Woodward

    Delete duplicate prior to this.

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