How to reverse EFT payment (Complete Guide 2024)?

EFT is an electronic fund transfer payment option. With just a click a person can transfer money from one account to another. There are numerous types of transactions that are covered in EFT such as direct transfer, ATM transaction, instant transaction, and vendor transaction. With Instant EFT a person can transfer the amount in just a few seconds. This has made the complete process of transfer easier. 

Is it possible to reverse an EFT payment?

In case a person has done a wrong payment then it is possible to reverse an EFT payment. This is a simple and uncomplicated procedure. However, there are limits on the number of days when a person can stop the transaction. There are a few bank app that is mentioned below and also a complete procedure that can be followed to reverse the EFT payment. 

How to reverse EFT payment?

An individual can reverse an EFT payment by calling the customer assistance number of the bank or can also visit the bank personally from whom the transaction has been made. If this is a fraudulent payment or a payment that is made to the wrong person then it is important that a request for the same is made within 24 hours. Generally, a bank makes a refund of the payment in 7 to 40 days depending on the bank. Every bank has there own app, a person can visit there and cancel the EFT payment. A few banks have been given below.

On capitec app

This is a quick and easy option to reverse the payment on the Capitec app. So, let us see the steps:

• For this, first, open the Capitec Banking app. 
• Now, choose the transactions from the list of options. 
• Further, choose the debit order. 
• Moving ahead, add the secret remote PIN that is needed to sign in. 
• Next, add the secret remote PIN that is needed to sign in. 
• In addition to this, choose the History Menu. 
• The particular order that needs to be reversed is selected now. 
• Moving further, choose why the person wants to reverse the payment. 
• Tap on the accept the agreement tap
• Lastly,  click on submit.
• A person now has to wait for the bank’s approval to request the EFT payment. Within some days, the amount will be added to the mentioned bank account. 

On FNB app

If a person has made the wrong payment and wants to reverse it then with these simple steps it can be reversed. These are:

• Firstly, download the complete form that includes the application form, terms, and conditions. 
• Then ensure that the applicant has signed the indemnity waiver in Part B of the form.
• Moving ahead mail the application form to [email protected], 
• In approximately 15 minutes a reference number will be received in case a person does not get the same. Please make a call to customer assistance at 087-730-2000.

Moreover, a person will get the reversed amount in around seven to forty-five days. 

On Absa App

An individual can quickly reverse the payment on the Absa app with these simple steps. So, let’s dive into:

• First, log in to the Absa Banking app.
• Further, tap on the button present on the right of the screen.
• Now, select debit orders.
• Moving ahead, there is an option to choose the account that the person has used to make the transaction. 
• Next, view the transaction details. 
• In addition to this, it is important to scrutinize all the information given on the page. 
• Finally, choose a valid reason to reverse the payment. 

On Nedbank App

If a person has made a wrong transaction and wants to reverse it with the Nedbank app, then finish the following step:

• To begin with, log in to the Nedbank app with your ID or fingerprint.
• Next, click on the account from which the transaction has been done.
• Now, choose the debit orders.
• Further, select the order that a person has to stop.
• Lastly, stop the transaction.

In a few hours a person will receive a mail and in some time the transaction for the same will be canceled.

On Standard Bank App

In case a person wants to instantly cancel a payment follow these uncomplicated steps:

•  Then dial *120*2345#. 
• Further, add the Cellphone Banking PIN which is 5 digit number. 
• Then, choose Payments and transfer. 
• Next, tap on Instant Money.
• Now,  tap on Cancel a voucher. 

FAQs

How long does it take to reverse an EFT payment?

Once a person has made a request for the reverse of an EFT payment then generally it takes 24 hours to make the reverse payment. 

Can a bank reverse an EFT payment?

A bank can reverse an EFT payment. For every bank, the procedure is different so follow the above-mentioned steps to reverse a wrong payment.