can an EFT be reversed

adamr

adamr

Executive Member
Joined
Nov 20, 2005
Messages
6,655
Reaction score
314
Location
Fourways, Johannesburg
Scenario: If a person in front of me at the bank does an EFT into my account where the amount reflects as available ... can he reverse the EFT at some point ... is it even possible? ... the teller confirmed the transaction, printout showed payment made into my a/c ... and it is standard bank to standard bank
 
Saule said:
If you can confirm with your bank that the money did come in via EFT then you should be safe as the normal procedure to reverse an amount that has "incorrectly" been transferred into your account is as follows:
  • Person A transfers money into Person B's account via EFT.
  • Person A discovers the amount went into wrong account ie wrong account number used etc.
  • Person A contacts his bank [Bank A] to reverse.
  • Bank A contacts Person B's bank [Bank B].
  • Bank B contacts Person B to confirm that money was incorrectly transferred into his/her account.
  • Only if Person B agrees then the amount is reversed.

So an EFT should not be reversible without you being a part of the loop.

A cheque on the other hand is reversible at any time at the option of the cheque issuer.
Click to expand...

.
 
:( . . . So if a bank cheque is made out to me, the guy that made the bank cheque can instruct his bank to stop the cheque. Its a cheque from the banks account . . . You sure? Cause that is just wrong ...
 
adamr said:
can a stop order be put on a bank cheque?
Click to expand...

You mean stop payment. A stop order is like a debit order but the difference it is an instruction by the person paying to his / her bank to pay another person a certain amount per time period.

I think any cheque can be stopped unless it is a cash cheque.
 
Last edited:
no a bank cheque cannot be stopped

if he got it from an atm machine or the bank you cannot put a stop on it as far as i know

i normal check has a 7 day clearing period but if you have a business account will clear immediately but it can still be stopped

a cash cheque can be stopped provided you have not cashed yet

also a cash check can bounce, meaning you go to cash it the bank wont
 
There is a scam going round at the moment where they deposit money in to your account, it reflects on your balance but is uncleared. You then hand over the goods and when you look again the money is not there.

Another one a random person phones you and tells you that they transfered some money in to your account by accident, the money refelects in your balance, and then they ask you to transfer it back in to their account. The money from the origional transfer bounces and your transfer goes through.
 
bank cheques can't be stopped i don't think, unless the drawer takes it back and says they want to cancel it ?

you trying to buy a car or sell a car Adamr
 
Nerfherder said:
There is a scam going round at the moment where they deposit money in to your account, it reflects on your balance but is uncleared. You then hand over the goods and when you look again the money is not there.

Another one a random person phones you and tells you that they transfered some money in to your account by accident, the money refelects in your balance, and then they ask you to transfer it back in to their account. The money from the origional transfer bounces and your transfer goes through.
Click to expand...

Those scams have been happening for a while now. Also some fax an altered deposit slip - it shows cash instead of the cheque they deposited and that later bounces.
 
4cer said:
bank cheques can't be stopped i don't think, unless the drawer takes it back and says they want to cancel it ?

you trying to buy a car or sell a car Adamr
Click to expand...

yes meant to stop payment on a cheque ... my bad ...

sold a car ... got paid part via EFT and part bank cheque (not bank guaranteed) ... EFT was done in front of me at the branch and the teller print out and my bank balance reflect this amount as "available funds" ... PS: i know about the bank deposit slip scam ...

the bank cheque, i requested him to fax me a copy of the cheque with which i phoned the branch that made the cheque out and they confirmed the cheque details ... so that ruled out a stolen bank cheque ... cheque also looked genuine, with the water markings and foil type standard bank logo when it was handed to me ...., the two signatures on it ... i dunno why but im a lil worried that something might happen ... gut feeling ... but everything seems ok ... been checking my bank balance every now and again
 
Last edited:
Skeptik said:
If it's a personal cheque, then he can stop it if he acts quickly. However, by making it out to you he has entered into an agreement to pay you and the cheque can be used as evidence as such in further litigation.
Click to expand...

its a bank cheque ... not personal ... so its standard bank paying me
 
Reviving a 9 Year old thread.

Dont care for the like of a personal cheque or any of that, EFT only.

Can an EFT be recalled if its made from example a Nedbank account to an FNB account, without the recipients consent?

For this scenario, lets assume the person making the EFT did it in front of me and I received the POP via sms just after he hit "Pay" on his App or online banking (there is no dispute that he made the EFT, I just want to know its possible to reverse)

Can anyone give some insight?
 
Tman* said:
Reviving a 9 Year old thread.

Dont care for the like of a personal cheque or any of that, EFT only.

Can an EFT be recalled if its made from example a Nedbank account to an FNB account, without the recipients consent?

For this scenario, lets assume the person making the EFT did it in front of me and I received the POP via sms just after he hit "Pay" on his App or online banking (there is no dispute that he made the EFT, I just want to know its possible to reverse)

Can anyone give some insight?
Click to expand...

No you can't, not without consent.

The banks have a "manual" process where you can phone your bank, and request it. It basically involves them sending a mail to a designated person on the other end, who then phones the recipient and request the refund. If the person says No, they basically send back the details to the originator and say "phone him yourself, if you want to try"
 
faniebraai said:
No you can't, not without consent.

The banks have a "manual" process where you can phone your bank, and request it. It basically involves them sending a mail to a designated person on the other end, who then phones the recipient and request the refund. If the person says No, they basically send back the details to the originator and say "phone him yourself, if you want to try"
Click to expand...


I just opened a Capitec account and the consultant said otherwise. She basically said any EFT can be recalled without the recipients consent, as long as its done before the money clears in the recipients bank account. I cant see that thats right tho
 
Tman* said:
I just opened a Capitec account and the consultant said otherwise. She basically said any EFT can be recalled without the recipients consent, as long as its done before the money clears in the recipients bank account. I cant see that thats right tho
Click to expand...

Try it out and let us know.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X