Electronic Funds Transfers (ETF) are a means of sending money from one person to another, directly from bank account to bank account. ETFs make export better, faster, and more convenient because instead of first going to your bank, withdrawing cash, and then journeying back to make a payment, you can now pay the money directly to the person’s bank account. Imagine how much of a boost this can be for your business, and for the economy at large.
But almost everything has a few disadvantages; it is no surprise that ETFs also have a small downside. Sometimes, one can make an electronic funds transfer to a wrong account, and only discover the error after the transfer has been completed. What then? That is why this post has been written for FNB users to know How To Reverse EFT Payment On FNB once they have made an Electronic Funds Transfer in error.
What is a bank reversal payment?
As implicit by the name a reversal means to move backward. In this case, the money would be moving back into your account. This is a solution brought up if a customer has made a payment into the wrong bank account. Therefore, as an FNB account holder, if for any reason you initiate a wrong transfer, these are the following steps to take.
How To Reverse EFT Payment On FNB
You will have to download and complete a Payment Reversal Request Form. You can get a form at https://www.fnb.co.za/security-centre/fraud-and-disputes.html (please scroll to the end and click stop debit order. There are different types. Click the one that is appropriate for you.) If your request for a withdrawal is from a Business Account, you will have to provide a signed Waiver and Indemnity Form based on the Company Mandate. You will then attach the copies to your request.
After completing the forms you just need to email them to the bank’s Client Support Management – Recalls and Reversals Department with the email: email@example.com . Then you should get an automated response including a Service Request Reference number which you should keep and which you should quote in future correspondences.
Bear in mind that the bank needs the permission of the account holder in order to expedite the reversal of the money. If the account holder does not grant his permission then the reversal will have to be stopped.
If however, the bank does get permission to go ahead with the reversal then they will check to confirm that the account is still funded with the money you paid. If there is money in the account, it would be electronically returned into your account, or to any other account so chosen by you.
How long does it take to reverse money at FNB?
It usually takes between 5 to 10 working days to effect an ETF reversal. Much of the time involved is dependent on which bank the money has been paid into.
Sometimes you are required to provide proof of payment. How to get proof of payment from FNB In case you have been instructed to provide one? With the following steps, you can generate a proof of payment, which you can send to the bank to effect your reversal.
Go to the FNB website and then sign in to the bank’s online banking system using your registration details. When you have landed on your dashboard, you will see the Payments tab at the top of your computer screen. Please click on it.
The “Payments History” button should now be visible on the left side of your computer screen; click on it, and it will display your payment history. Now you have to look for the particular transaction that you are disputing, and click on it to see proof of payment. When it opens up, click on the download button which you will find at the bottom of your PC screen. You must then save the file to your computer.
What you need to know about ETF reversals on FNB
A reversal request will be rejected if it has taken more than 40 days. Even then the money can only be reversed if it is still in the account you have paid it to. This process can only be executed with the permission of the account holder.
ETF transfer reversals attract a fee of R298 per transaction which you have to pay, and then the fee applies whether or not the reversal is successful.
ETF reversals on FNB will not be possible if while making the transfer you choose the Pay & Clear Now option, or if the transaction is a “Scheduled Payment,” which is sent automatically.
Furthermore, any money paid to companies like South African Revenue Services, or to companies like Edgars, Telkom, and SARS, or paid into accounts that are used to service Vehicle Finance Loans, Credit Cards, Insurance, or Municipal fees cannot be reversed.
That is how you can reverse ETF payments you have made an error. However, please be warned that the process is not automatic and that you will have to pay the charges cited above, whether or not the transaction is successfully done.