can an EFT be reversed

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
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Interbank Payments have 3 sub-streams. Sameday, One Day and Two Day, where through both debits and credits can be processed. Only transactions that are sent through the One Day and Two Day services can be recalled before it is applied to the customer account.

Internet Banking payments are submitted via Sameday.
 
From PASA's website:

Electronic Fund Transfer Credits (EFT CREDITS)

Transactions mandated by customers are sent by the Paying Bank to the Receiving/Beneficiary Bank at the close of the day in a batch via the PCH System Operator (PSO) to be credited to the account of the customer. Such a transaction is final and irrevocable. The transaction cannot be reversed once processed by the receiving bank. Any mistake may only be corrected by way of a new transaction initiated with full approval of the recipient of the funds.
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http://www.pasa.org.za/about-payments/intro-to-payment-streams/credit-payments
 
I can't even recall my own thread
... Damn necro-ing of note

Eft is a guaranteed transaction. Can't be reversed without the recipients consent. This even if you clicked pay and confirmed then a second later phoning the bank and going ... Oh crap I made a mistake. It can't be reversed
 
adamr said:
I can't even recall my own thread
... Damn necro-ing of note

Eft is a guaranteed transaction. Can't be reversed without the recipients consent. This even if you clicked pay and confirmed then a second later phoning the bank and going ... Oh crap I made a mistake. It can't be reversed
Click to expand...

Yeah my mom paid the wrong beneficiary a handsome sum - phoned the bank (standard ****) almost immediately - they were like, meh tough. Anyhow wrong recipient returned the funds without hassles.
 
adamr said:
I can't even recall my own thread
... Damn necro-ing of note

Eft is a guaranteed transaction. Can't be reversed without the recipients consent. This even if you clicked pay and confirmed then a second later phoning the bank and going ... Oh crap I made a mistake. It can't be reversed
Click to expand...
Thread was Google top result after a search.

Thanks for the advice all!
 
adamr said:
I can't even recall my own thread
... Damn necro-ing of note

Eft is a guaranteed transaction. Can't be reversed without the recipients consent. This even if you clicked pay and confirmed then a second later phoning the bank and going ... Oh crap I made a mistake. It can't be reversed
Click to expand...

So did you get all your money in the end?
 
faniebraai said:
How was the cash deposited? And was it actually cleared funds?
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Deposited at a cash centre, and it cleared immediately (as cash usually does). Reversed the next day and back dated. Bank said it was deposited in error.

Error or not, there should have been some communication with the account holder. New customers are usually cash or eft only before goods are released (if they don't have an account), and this brings the 'cash cant be reversed' premise into question.
 
How long does it take dor the money to clear if the reversal is done without any dispute (everyone involved is in agreement) between 2 different banks I.e standard and fnb
 
Sphuzo said:
How long does it take dor the money to clear if the reversal is done without any dispute (everyone involved is in agreement) between 2 different banks I.e standard and fnb
Click to expand...
Not sure but I can tell you the publics and weekend combo will make it a bit longer than usual
 
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