There are various ways to reverse eWallet on FNB when an error occurs. You can either call the bank’s customer service line or dial *120*321# on your phone to access mobile banking and follow the prompt.
The world has significantly shifted away from traditional means of transacting, now most financial transaction purchases are done digitally. Fewer people are going around with cash and more transactions are happening online. In South Africa, First National Bank – one of the five biggest banks in the country, has created a digital platform where its customers can transact freely and without hassle. Asides from making transfers and other transactions, it is also possible to reverse eWallet on the FNB App whenever an error occurs.
What Is The FNB eWallet?
The FNB eWallet is a digital wallet that allows the owner to perform quick and easy money transfers. Giving the owners of each eWallet the means to send money to anyone. To be able to benefit from the eWallet transactions, it is obvious that one needs to be a customer with a valid account with FNB. The way the service works is it enables an FNB customer to create an electronic wallet and then fund the same wallet with any amount from a regular value FNB account.
The eWallet can be used by anyone as long as they have a valid South African cellphone number, FNB ATM cards, FNB Cellphone Banking, the FNB App, or FNB Online Banking. The way you begin is by sending money from your FNB account to your eWallet. The transaction happens immediately and it is followed by an SMS that confirms the money is in your eWallet. This money can be further disbursed or used in other needed transactions.
Can eWallet Be Reversed?
Making mistakes is very commonplace, especially when it has to do with money transfers. You can either transfer higher than you intend to or send it to another account number entirely. This will cause worry and concern. However, the first thing you need to know about the reversal on e-Wallet is that it is possible, but this comes with a catch as it can attract a fee and reversals are not always successful. It is important to note that reversals can only happen when they have been sent to the wrong recipient.
Is It Possible To Reverse e-Wallet On FNB App?
As the owner of an FNB e-Wallet, it is very likely that you have the mobile app on your phone and when you are in a situation where you need your money reversed, you might be tempted to check the app to do this. You need to know that reversal is not possible on the e-Wallet app. Not to worry, there are other ways to carry out a reversal.
Ways That eWallet Can Be Reversed
The most common way to initiate an e-Wallet reversal is by calling the FNB contact number for reversals. The only problem with this is that response time may be a bit slow and resolution would most definitely take longer.
The one guarantee is that while your money will not be reversed immediately the recipient who received it erroneously will be unable to withdraw the money, giving you a sort of leverage in getting your funds back.
Use the following steps when you want to reverse eWallet on FNB:
- The first thing to do is Dial *120*321# on your phone to access mobile banking
- You have to enter your banking pin attached to your telephone number
- Then you select “Send Money” which is the 4th option
- After this select “eWallet reversal” it is the 3rd option under that selection
- You will also have to state the reason for reversal before confirming the reversal you want to perform
- From this point, you select the transaction that you want to reverse
- This will be followed by a prompt that reads “e-Wallet transaction successfully reversed” and the transaction you wish to reverse will no longer be on the list of transactions that you can reverse
How Long Does An eWallet Take To Reverse If Not Withdrawn?
After you have done all that is stated above, It will also help to know the ways the FNB e-wallet reversal process works as this will guide your expectations when it comes to receiving your money. After following the steps above, FNB will receive your request and immediately start the reversal process. This will take approximately 4 working days before the reversal process is complete. Then you will have to wait an additional 15 working days before your money is sent back to you.
In the event that the need for this money is an emergency, you will have to look for alternative means to get the money for the payment. This is why before you actually send any money, double-check the recipient’s information- in this case, their phone number. The process to reverse eWallet on FNB takes too long to make this kind of costly mistake.
Remember that this only works as long as the person has not withdrawn the money and the only way to ensure that this does not happen is by following the steps we listed above.
The way the e-Wallet on the FNB app works is that it is connected to your phone number and this makes it easier for the wallet to get information from your contact list. So, when you want to transfer money, what you can do is save the person’s phone number if you do not have it already, this way, you reduce the risk of sending it to the wrong number.
How Much Does The eWallet Reversal Cost?
As previously stated, it is not free to reverse eWallet on FNB it comes with charges. FNB will charge you for any reversal you attempt to make but it is a small fee of R50 that will be taken from the balance in your wallet. Hence, it is important to have some money in your e-Wallet before you start to initiate the reversal process.
How Long Does the eWallet Transfer PIN Last?
The FNB e-Wallet is very secure and comes with a number of pins that guarantee the security of your money. One of such pins is the transfer pin that you are required to enter any time you want to make a transfer. The problem with the transfer pin is that it is temporary, thus, this is not a pin you have to memorize and every time you want to make a transfer it is sent to you by the bank. As a result of this, there is a time cap on it, and for the FNB eWallet, this time cap is 4 hours, which is a long enough time to make use of it.