Transferring money electronically from one person to another is possible through the use of Electronic Funds Transfers (ETFs). You no longer have to travel to your bank, withdraw cash, and return to make a payment; instead, you can pay directly into the bank account of the individual you’re trying to pay. It’s easy to see how this could benefit both your business and the economy as a whole..
ETFs, like anything else, have their limitations, much like any other investment vehicle. An electronic funds transfer can be mistaken for a wire transfer, which can be discovered later. What’s the big deal? Because of this, this article is geared toward FNB clients who want to learn how to reverse an EFT payment on FNB.
An FNB EFT Reversal Procedure
The first requirement in the Reversal Procedure of an FBN EFT is the payment Reversal Request Form Completion. The debit order can be terminated by scrolling all the way to the bottom. Different types exist. Make a decision based on your own preferences.) Waiver and indemnity form must be signed if cashing out from a business account. You should include them in your request if possible.
Send the completed forms to email@example.com by email. A Service Request Reference number will be provided to you once you submit your request.
Remember that the bank will need the account holder’s permission to rapidly reverse the funds. If the account holder declines authorisation, reversals must be halted.
To ensure that the money you paid is still in your bank account, the bank will conduct a reconciliation. Your money will either be returned to you electronically or transferred to an other account of your choice if the account has any money in it.
FNB reverses money in how many days or weeks?
Typically, an ETF reversal takes between five and ten days. Banks vary in terms of how long it takes to transfer money.
You might be requested to provide proof of payment. When asked for a copy of your FNB payment receipt, where can I find one? For a reverse payment, you can create a proof of payment to provide to the bank.
At the FNB website, sign up for internet banking. Once you get to your dashboard, the Payments tab will appear at the top of your screen. It’s there.
Simply click on the “Payments History” icon on the left side of your computer screen to access your payment history. Now you must locate the disputed transaction and click on it in order to obtain payment evidence. Start downloading by clicking the download symbol in your PC’s lower right-hand corner when it opens. Finally, save the document.
Know your ETF reversals on FNB:
Reversal requests that are more than 40 days overdue will be turned down outright.. To reverse it, the funds must still be available. The account holder must give his or her consent before this action can be taken.
If an ETF transfer fails, it costs R298 to reverse it, regardless of whether or not it works.
When selecting Pay & Clear Now or a “Scheduled Payment” option, FNB does not permit ETF reversals.
South African Revenue Services (SARS), accounts used to service auto finance loans, credit cards and insurance, and municipal taxes cannot be repaid.