Mistakes can be made by anyone, but we can correct them. Similarly, FNB Bank also gives its customers a chance to fix their mistakes. For example, if you have made a payment to someone through EFT and it was sent to the wrong person by mistake, you can reverse the payment using the FNB Banking App. Let’s learn more about this in detail!
What is an EFT payment?
Electronic Fund Transfer (EFT) payment is a digital payment method that allows the transfer of money between bank accounts. It is a popular and convenient way to send and receive money and is widely used in South Africa; and why not, as it is quite secure, which is why people use it more often.
Reasons for reversing an EFT payment
You should reverse an EFT payment on the FNB app for several reasons. Some of the most common reasons include:
- Sending money to the wrong account
- Making a payment for the wrong amount
- Paying the wrong beneficiary
- Paying a fraudulent beneficiary
Check our previously published article on How to Get FNB eWallet Money.
How to reverse an EFT payment on the FNB app
You’ll need to act quickly to reverse an EFT payment on the FNB app. Once a payment has been processed, it isn’t easy to reverse it, and you may need to contact FNB customer support for assistance.
To reverse an EFT payment on the FNB app, you can follow these steps:
- Open the FNB Banking App on your mobile device and log in using your username and password.
- In the FNB app, navigate to the ‘Payments’ section. This is where you can view and manage all of your payments.
- Find the EFT payment you want to reverse and click on it to view the details.
- In the payment details, select the ‘Reverse Payment‘ option. You’ll be asked to confirm that you want to reverse the payment.
- Confirm that you want to reverse the payment. You may need to enter your FNB app PIN or use biometric authentication to confirm the reversal.
- Once you’ve confirmed the payment reversal, you’ll need to wait for the payment to be reversed. This may take a few hours or even a few days, depending on the payment method and other factors.
It’s important to note that certain conditions may need to be met to reverse a payment, such as a specific timeframe or certain requirements from the recipient of the payment. It’s also a good idea to contact FNB 24hr customer service if you have any questions or concerns about reversing a payment.
Tips for avoiding EFT payment mistakes
While it’s possible to reverse an EFT payment on the FNB app, it’s always better to avoid making mistakes in the first place. Here are some tips for avoiding EFT payment mistakes:
- Double-check the payment details before you send the money
- Use the FNB app’s beneficiary management system to save and manage your beneficiaries
- Enable transaction notifications to receive alerts when a payment is made
Frequently Asked Questions
Yes, 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.
No, ETF reversals on FNB will not be possible if while making the transfer you choose the Pay & Clear Now option.
The process for reversing an ETF payment on FNB is not automatic, and can only be executed with authorization. The timeframe for the reversal process may vary depending on several factors.
No, you can only attempt a reversal if the transaction was made within 30 days.
You can authorize an ETF reverse payment on FNB by contacting the bank’s customer service center at 087 575 9405 or visiting a branch in person.
Editorial Note: The information in this post is deemed accurate at the time of publication. Please note that we are not affiliated with FNB, and the bank reserves the right to change its operations as it deems fit. Neither the author nor the publisher of this website is liable for any losses that may occur from this use or misuse of the information in this post.
Check our previously published article on How to Buy Prepaid Electricity With FNB App.
Author
Hello friends, my name is RK Singh and I am an engineer. However, by profession, I am a blogger; I have a keen interest in the finance niche. My main goal in starting this blog is to solve the difficulties people face in using online banking, bank branch codes, debit cards, and credit cards. I am not affiliated with any bank or company. I strive to provide people with accurate information so that they can achieve their goals correctly. If you still have any queries, please feel free to follow my social media accounts listed below and ask questions without hesitation. Thanks.
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