If you mistakenly sent an EFT payment to the wrong recipient via your FNB account, there are actions you can take in case they are reluctant to refund your money. You can reverse an FNB EFT payment initiated from FNB to any South African bank by following these steps:
- Fully fill out this FNB payment reversal request form available for download.
- Ensure that you sign the indemnity waiver located in section B of the form.
- Email the completed form to fnbdigitalrecalls@fnb.co.za. They will provide you with a reference number.
If a reference number isn’t emailed to you within 15 minutes, promptly contact FNB support on 087-730-2000. However, keep in mind, this procedure doesn’t guarantee a successful reversal. Ideally, your first move should be to request the recipient to return your money.
Only if they refuse should you proceed with the form-based reversal process. Make sure you read on to understand some important terms and conditions about the process.
How Much Time is Required to Reverse an FNB EFT Payment?
As per FNB’s policies, the reversal of an FNB payment may take up to 10 working days. Furthermore, you can only submit a payment reversal request form 30 days post the original transaction. It’s usually faster to contact the recipient and ask them to return the funds.
Are There Fees Associated with Reversing an FNB EFT Payment?
FNB charges a non-refundable fee of R313 for an attempt to reverse a payment. This fee applies whether the reversal is successful or not.
Why Might an FNB EFT Payment Reversal Attempt Fail?
There are three primary reasons why a reversal might be unsuccessful:
- The recipient’s bank account lacks sufficient funds.
- The account that received the funds is invalid.
- There is no authorization to debit the account.
Do remember that FNB does not guarantee the reversal process, so there may be other factors at play.
Instances Where Reversing an FNB EFT Payment is Not Possible There are certain scenarios where you cannot reverse an FNB EFT payment:
- Payments made to public recipients, like Edgars.
- Transactions made to a municipal account.
- Payments sent to an investment account.
- Transfers to a vehicle finance account.
- Payments to a collection account.
- Payments to a credit card account.
- Payments made through an ATM.
- Payments made using the “Pay and clear now” service.
- Use of the “schedule payment” function.
If you encounter any of these situations, your best recourse is to directly contact the recipient of the funds.
Is It Possible to Reverse an FNB EFT Payment via Online Banking or the FNB App? Unfortunately, you cannot reverse an FNB EFT payment through the FNB online banking platform or the FNB app. The only option is to fill out and email the FNB payment reversal request form to fnbdigitalrecalls@fnb.co.za.
Given the many limitations and potential downsides of submitting a reversal form, it is advisable to avoid it if possible. You will need to wait for 30 days post-payment before submitting the form, incur a non-refundable fee of R313, and even then, success isn’t guaranteed. Hence, it’s better to approach the recipient directly and ask them to return your funds.
