Should you have mistakenly initiated an EFT payment, and the transaction has already been deducted from your account and processed into the recipient’s account, kindly proceed to follow the outlined Payment Reversal process below to rectify the transaction.
Guidelines
- Fill out the Payment Reversal Request Form entirely. Ensure all fields are completed and sign the form, with the signature of the account holder or mandated representative.
- Email the completed form to ‘[email protected].’
- Upon submission, expect an automated response containing a reference number for your reversal request.
- For any inquiries or if you do not receive a reference number within 15 minutes of submission, kindly contact the support number found on the back of your bank card for assistance.
Terms and Requirements for EFT Payment Reversals
The bank does not guarantee the success of a reversal, and all attempts are made on a best-effort basis.
- Authorization from the recipient is necessary before attempting a reversal.
- The recipient’s account balance must equal or exceed the amount paid/received.
- Reversals can only be attempted within 30 calendar days from the payment date.
- Partial reversal or fund recovery is not feasible.
- A non-refundable reversal fee of R313.00 (inclusive of VAT) is applicable per transaction.
- The reversal fee is charged irrespective of the outcome.
- In cases where the bank cannot process a reversal, it may provide details to assist you in recovering funds directly from the recipient. A fee of R313.00 (inclusive of VAT) per transaction applies, and the request should be submitted via [email protected].
- Reversals will be attempted within 10 working days of the bank receiving the form.
- Feedback on the reversal attempt will be provided after 10 working days.
- Payment reversals are not possible for payments exceeding R5,000,000.00, payments made using the Schedule Payments function, and payments using the Pay & Clear Now function. In such instances, the bank may offer details to aid you in direct communication with the recipient, subject to a fee of R313.00 (inclusive of VAT) per transaction, with the request submitted to [email protected].
LEARN ALSO: A Guide to Reversing an FNB eWallet Transaction
Should you have initiated payment to any of the listed accounts below, it is advised to directly contact the respective department for further assistance:
- Public recipient accounts such as Edgars, SARS, Telkom, etc.
- Investment accounts, including 32-day notice accounts.
- Vehicle Finance accounts.
- Credit Card accounts.
- Any loan account, be it Home Loan or Personal Loan.
- eBucks Payments made to another eBucks account.
Ensure to review and comply with the terms and conditions for electronic payments, accessible on www.fnb.co.za, by selecting “Product Terms and Conditions” under the “About FNB + Legal” tab.
If you suspect a fraudulent transaction, promptly report it to the bank’s fraud department by contacting them at 087 575 9444. When reporting to the Fraud Department, be prepared to submit the following information/documentation:
- Account number of the complainant.
- Details of the suspected fraudulent account.
- SAPS case details.
- An Affidavit.
- Supporting documents (Proof of Payment).
By following these steps based on FNB’s official instructions, you can navigate the process of reversing an EFT payment with confidence, ensuring a prompt and accurate resolution to any inadvertent transactions.