Capitec

[Spliffcat]

Hi guys can I do an EFT reversal cos the goods have not been picked up yet? And how do I do this?

 

[ld13]

What goods are you talking about?

Give capitec a call right now, 0860 10 20 43 if you want to attempt to cancel an EFT...

 

[Grubscrew]

You are not allowed to reverse EFTs. IIRC

 

[killadoob]

Nope, if that was allowed believe me companies would not accept proof of payment even from the banks. They would wait until the money is secure and could not be removed.

Can you imagine the amount of fraud if we could reverse efts. You don't request it from the bank that is for sure. You request it from the people you are dealing with.

 

[ld13]

Nope, if that was allowed

Banks do allow you to request an EFT cancellation/reversal but it ain't exactly easy or instantaneous. FNB eg. has the following to say about the process:

Payment Reversal - If you have submitted a payment incorrectly please follow the process below to have the transaction reversed.

A Payment Reversal can be processed if the amount/s have already been debited from your account and processed into the recipients account.

Payment Reversal Process and Documentation:
Please download the required documentation by clicking on the document name hyperlink below.
Reversals Waiver and Indemnity
Reversal Form
Once completed and signed, please email the documentation as well as a copy of your Online Banking Enterprise™ Resolution to our Recall Department at onlinerecalls@fnb.co.za
Our Recall department will acknowledge receipt of documentation by send you a confirmation e-mail and a Reference Number for your request.

Important Information about Reversals:
Reversals are not guaranteed but done on a best effort basis to reverse the funds back to your account
Reversals can only be attempted within a period of 30 days from action date
There is a cost associated with all reversal requests that is charged irrespective of the result of the reversal

FNB Reversals:
FNB needs to obtain authority from the account holder before the reversal can be processed.
If authority has been obtained and funds are available in the recipients account, the funds will be returned electronically into your Nominated account. A confirmation e-mail is sent to you confirming the success of the reversal request.
If authority has not been obtained we will not be allowed to process the reversal but will send you an e-mail notifying you of the result.
This process should be completed within 3 working days after receiving the initial instruction.

Non FNB Reversals:
FNB can not contact another Bank's account holders directly to obtain authority for reversal, a request is sent to the other bank requesting they obtain authorisation from their account holder to reverse the funds.
If the request was successful, the funds will be processed back to your Nominated account. A confirmation e-mail is sent to you confirming the success of the reversal request.
If authority has not been obtained from the other Bank we will not be allowed to process the reversal but will send you an e-mail notifying you of the result as well as contact names and numbers for the other bank.
The process should be completed within 5 working days after receiving the initial instruction. Some banks also may take longer to process reversal requests.

Src

 

[killadoob]

FNB needs to obtain authority from the account holder before the reversal can be processed.

So fnb are offering to reverse payments within 30 days, charge you for it and the person/company may reject the request. Surely you phone said person/company and ask them to help you out.

No bank can reverse an eft without the recipient agreeing to it.