How To Reverse EFT Payment On Capitec App

Have you ever been in that situation where you made an EFT payment on your Capitec Bank Account only to realize that you sent your funds to the wrong recipient, and you’re wondering how you can reverse an EFT payment already made by you? Well, this is a detailed explanation of how you can go about recovering the funds that you have sent in error from your account either to a Capitec Bank or non-Capitec Bank recipient.

The bank has made some channels available to their customers who may find themselves in this very precarious situation and would want to reverse their payment made in error as soon as possible. It’s worth noting that though technology has numerous advantages and benefits such as EFT Transfer which we are discussing here, it does come with some pitfalls as well that can be very hard to remedy.

What Is An EFT Payment And How Does It Work?

EFT is an acronym for Electronic Funds Transfer. It is a service put in place by financial institutions which enables their customers to electronically transfer funds from their own account to that of others within the same bank, to other banking institutions, or even across multiple banking institutions via computers or other mobile devices (such as mobile phones and tablets), without the need to physically visit their banks to effect the transaction. The service is also known by other names such as electronic transfer (e-transfer), direct deposit, or electronic checks (e-check).

For an EFT payment to happen, three distinct components are needed: the sender of funds and the recipient of same, as well as the electronic medium for the transfer. EFT payments are very popular these days because they are fast and reliable, safe because it doesn’t require the need to physically move cash around, and because it saves the sender a lot of time and effort which would have been wasted or expended to achieve this very simplified task. Sometimes, however, despite the simplicity and the efficiency of this payment service, human error creeps in and one may need to reverse an EFT payment that has already been made. The process for doing that would be explained in great detail below.

How To Make An EFT Payment With Capitec App

 

If you are a customer of Capitec Bank and you have some payments to make or funds to transfer, then using the bank’s mobile app is your best bet to get this task done as quickly and safely as possible. The following are the steps you have to follow to safely make your payments or transfers without any fuss at all:

  • Open the Capitec App on any of your mobile devices (this assumes that you have already downloaded and installed the app already)
  • Tap the Transact tab
  • Tap the Payment tab, and wait for the next screen to be displayed
  • Input the details of the beneficiary of your payment/transfer in the space provided and click on the Pay icon
  • Input the exact details of the payment/funds transfer you intend to make, and be sure that you do not make any mistakes while inputting this information
  • Tap on the Immediate Payment tab (double-checking your inputted details before you do so)
  • Enter your personal secret Remote PIN when prompted to, in order to complete your transaction

Note: The official website of Capitec Bank has the following information for customers using the EFT service on its app –

  • Each successful EFT transaction attract a fee of R7.50
  • The maximum daily limit you can transfer is capped at R100,000
  • Registered beneficiaries are currently not supported by the EFT service

Can I Reverse An EFT Payment On The Capitec App?

Sometimes, you may need to reverse an EFT payment after successfully completing the Electronic Funds Transfer on your account via the app; this may be due to a mistake on your part – such as transferring funds to a wrong beneficiary or whatever other reasons you may have for the reversal.

Though Capitec Bank advises all of its customers to completely and diligently verify all the details they are inputting before making an EFT payment; should you need to reverse a transfer already made, these are the steps to follow for the reversal of your EFT Debit Orders –

  • Open the Capitec mobile banking app on your mobile device
  • Select Transactions from the options list
  • Select Debit Order
  • Input your Secret Remote PIN when prompted to sign in
  • Look through your History menu and choose the particular Debit Order (that is, the EFT payment) you have made in the past and want to Reverse
  • Select the Reason for the dispute (from the options list)
  • Click on Accept The Agreement tab
  • Click on the Submit button
  • Wait for the Bank’s approval for the reversal of the particular EFT you have just made – which would be credited to your account

How Long Does It Take To Reverse An EFT Payment with Capitec Bank?

If you want to reverse an EFT payment or an EFT Debit Order that you previously made on your account, the bank will want to know the reason(s) why you are requesting the reversal and the situations that led to your request for this order to stop payment. Let us examine a few of the scenarios below and highlight what you need to do to have the bank reverse your payment.

Fraudulent EFT Debits On Your Account

In the event that you did not authorize an EFT Debit Order on your account, or you have put a stop to a debit order you mandated previously but it went through, this is what you have to do-

  • Call or Chat with Capitec bank’s agent on their helpline or WhatsApp line and verbally instruct them to stop the transaction in question and reverse your funds
  • Capitec agents will inform you that the service attracts a non-refundable fee of R160, irrespective of whether the reversal is successful or not
  • The Bank will review your reason(s) to verify them and will contact the recipient account holder about this situation
  • If there is no dispute between your claim and that of the recipient, the bank can step in and reverse your payment within 24 hours
  • If the Debit was made by a recipient that is not a Capitec account holder, then the bank will need to contact the recipient’s bank and institute the process for reversal, and this can take between 7 to 45 days to resolve – IF the reversal is successful

Erroneous EFT Payment By The Sender Into The Wrong Recipient’s Account

If the sender of the EFT payment erroneously (that is, due to their own fault) sends the funds into the wrong recipient’s account, he or she may follow the following steps –

  • Call or chat with Capitec Bank’s agent on their helpline or WhatsApp line and verbally instruct them to stop the transaction in question and reverse your funds
  • Capitec agents will inform you that the service attracts a non-refundable fee of R160, irrespective of whether the reversal is successful or not
  • If the recipient has withdrawn the funds from his or her account, then according to Capitec’s website and FAQ Answers, there is nothing they can do to reverse your payment
  • But if the recipient has not withdrawn the funds as at the time you notified the bank for the withdrawal, then Capitec will notify the recipient’s bank and institute proceedings for withdrawal on your behalf
  • The recipient’s bank will notify the account holder of the funds erroneously transferred into their account and put a lien on the funds for them to be reversed back to the original sender.
  • Once the recipient has no dispute with the sender’s claim, then the process to revert the funds will commence and be completed within 14 calendar days.

Note: This EFT reversal is only possible if the amount in question is below R800.

EFT Payment Erroneously Made To International Bank Accounts

If you have erroneously made your EFT payments to a recipient’s account which is domiciled in an international bank. These are the possible procedures you can follow to reverse your payment-

  • You should physically visit your bank branch and make your complaint in person, but if you cannot do so personally, you can still make use of the helpline and their WhatsApp platform
  • Go and meet a help desk personnel and state your reasons for the reversal to him or her
  • The full details of the EFT payment transaction would be required of you and a form will be issued for you to make your official complaint
  • The bank’s agent will also make it clear to you that your account with be charged an R160 fee, irrespective of whether the reversal is successful or not
  • Your complaint form for reversal would be processed by the bank and may require up to 14 working days for the reversal to take place – IF your request is successful (Remember, that there are no guarantees from the bank)
  • Your account would be credited with your transferred funds after a successful reversal process

Erroneous EFT Payment From One Capitec Account Holder to Another

In the event that you have erroneously made an EFT payment into the account of a recipient that is also a Capitec Bank account holder, these are the possible steps you should follow to reverse your payment –

  • If the time of the transaction has not exceeded a 24 hours period, contact the bank using the helpline, WhatsApp platform, or make a complaint in-bank
  • Provide details of the transaction, including the bank account of the recipient and the amount
  • The bank will verify your complaint and approve your request to reverse the EFT payment if your application is successful
  • Your funds will be refunded to your account before 24 hours

Erroneous EFT Payments Made Using The Immediate Payment Tab On The Bank’s App

If while making your EFT Payment using the Capitec Bank App, you use the Immediate Payment Option, the bank has made it very clear on their website and across all, their Social Media platforms that such a Payment that was made using this option cannot be reversed at all.

So to safeguard yourself against this unfortunate incident of losing your transferred funds, the bank has made it very clear that the sender should make sure to cross-check all the transfer details carefully before closing this option.

What Is Capitec EFT Payment Clearance Time?

The time it would take for your EFT Payment to reflect is dependent on a few factors and is not uniform across the board, according to official statements from Capitec Bank. The clearance time it would take for your EFT payment to reflect depends on the type of transfer and the medium through which the transfer was done.

EFT Payment From One Capitec Account To Another: If this was done on the Capitec Banking App and it is from one Capitec account to another Capitec account, the time it will take to reflect is almost immediately, as stated by the bank.

EFT Payment Made Via The Capitec Bank Immediate Payment Option: Selecting this option on your Capitec App will take a Clearance time that is almost immediate for the payment to be effected.

EFT Payment From Capitec Bank App To Another Bank: This route and option involves interbank settlement and reconciliation, and can take between 2 to 3 working days for the payment to be effected and reflected in the recipient’s account.

EFT Transfers Made Physically In The Banking Hall: If you choose to go to the banking hall and physically fill out forms for international payments, then be prepared to wait between 3 to 7 working days for your payment to reflect in the beneficiary’s account.

Other Ways Of Reversing EFT Payment With Capitec Bank Without Using The App

If you want to reverse an EFT payment that you have made on your Capitec Bank Account and using the bank’s App is not an option for you, the bank has made some other provisions for you to get this done almost effortless using the following medium:

Chat With The Bank on WhatsApp

The bank’s official WhatsApp phone number is +27 67 418 9565 and the integrated chatbot will engage you at the initial stage of chatting with them. You will be presented with several layers of options on what you intend the bank to help you with, and as you navigate the options to their customer care menu, you will be given the option to chat with an agent (an actual staff of the bank).

Reply with the appropriate option choice and an agent would be with you shortly to attend to any issue you may want the bank to help you with. It’s worth noting that this service is available only from 8 am to 5 pm, from Monday to Friday only.

Call The Bank’s Customer Care Line

Another stress-free medium to reverse an EFT made on your Capitec account is to call their listed helpline on 0860 10 20 43, for assistance by any of the bank’s agents. You will need to have all relevant details about the transaction in question ready, as the agent will demand this information from you in order to help you make your reversal possible.

In-Bank Visit

If you have the time and won’t mind going physically to any of the Capitec Bank branches nearest to you, this could be the most reassuring medium to reverse an EFT payment made on your account. When you get to the branch, locate the help desk and ask them for assistance to reverse your EFT payment made by providing all details of the transaction. You would be told what you have to do, the fees applicable, and may or may not be given assurances that your transaction can be successfully reversed.

Through Capitec Bank’s Email Address

Perhaps you are not physically present in South Africa or you are based in the diaspora and can’t make use of the other options listed above to reverse an EFT payment you have made, you can send an e-mail to Capitec Bank via [email protected] In order to make your request very clear and expedite action on your email, you will have to furnish the bank with full details such as your name and account number, the date the EFT payment was made and who the recipient was, did you use the Immediate Payment Option or not, and the amount involved.

In fact, pretty much everything about the transaction in question would be rquired. Check your inbox regularly to see the bank’s response to your e-mail.

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