I've heard that one can reverse an EFT payment. Does anyone know how this works? I am selling a machine and just want to know what is stopping the buyer from reversing the payment once he has taken delivery.
EFT Payment Reversal
- Thread starter BumbleBee
- Start date
I had a situation last month where my cheque card was cloned somehow and payments were made from it- not via eft but in store.
I contacted the bank immediately and they reversed the charges a few days later (after opening an investigation)
Basically how the banks work is, when the card is swiped the money goes from the bank account into a their suspense account which clears a few days later to the vendor- if you pick up your card was charged fraudulently, the bank will reverse the charges (it hasnt left their account yet)
This is for card swipes though, not sure if the same applies for eft payments.
In your case, being on the other side of the transaction, my advise is, as soon as the money reflects in your main account move it to another one- if you have a savings pocket/ sub account with your bank. If you dont have such an account, you will probably have the same recourse as i had- call the bank and open a fraud case. They will investigate and 9/10 times, they honor the transaction.
As far as I know its not easy to reverse an EFT. Best would be to ask the bank themselves.
My mother made quite a large payment to the wrong bank account (one digit wrong) about a year ago. She struggled to get it reversed. Phoned the bank and they refused to reverse without the receivers consent. Obviously the receiver did not want to play along as he had received a fat bonus for free.
My mother made quite a large payment to the wrong bank account (one digit wrong) about a year ago. She struggled to get it reversed. Phoned the bank and they refused to reverse without the receivers consent. Obviously the receiver did not want to play along as he had received a fat bonus for free.
I now a number of guys over online that have an account for online trade only,payments are made to the account and transferred out to main acc once cleared
Similar thing happened to my mother in law. The bank froze the money but they had to go to court to get some documentation before the money was reversed because the guy who got the cash tried to draw it all and disappeared. He was an employee.
D
DougP
Guest
There was that land mark case here in S A last year where boss paid the staff member 500 000 instead of 5000 and it went to court. Tired up in court for months.
I also paid wrong person with EFT. Bank would not reverse and lucky for me the receiver in good faith paid back the money i had paid to him
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I also paid wrong person with EFT. Bank would not reverse and lucky for me the receiver in good faith paid back the money i had paid to him
Sent from my SM-G900F using Tapatalk
Banks generally won't reverse an EFT.
You can ask the buyer to do an instant clearance for peace of mind.
You can ask the buyer to do an instant clearance for peace of mind.
@BumbleBee once the money reflects in your account, the bank has no right to move it without you signing an authorisation letter.
The most they can do is freeze the account under special circumstances such as incorrectly paying funds into your account.
The most they can do is freeze the account under special circumstances such as incorrectly paying funds into your account.
as far as i know you cannot reverse an eft
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