If you have submitted an EFT payment incorrectly and the transaction has already been debited from your account and processed into the recipient's account, follow the Payment Reversal process below to have the transaction reversed. Note: Payments equal to or greater than R5 million are processed via SWIFT and can therefore not be reversed via this Payment Reversal process; please send an email to s&[email protected] or to s&[email protected] Instructions Complete the Reversal Document in full. Ensure that the indemnity and waiver is signed. For Online Banking Enterprise™ (OBE™) and Fintegrate: Ensure that the Indemnity is signed in terms of the Resolution. For Online Banking Enterprise™ (OBE™) and Fintegrate: Attach the resolution, where no resolution is available your FNB branch must verify the signatures on the Waiver and Indemnity. Email this form to [email protected] You will receive an automated response with a reference number for the reversal request. If this reference number is not received within fifteen (15) minutes, please contact us on 087 730 2000.
Conditions Reversals are not guaranteed and are attempted on a best effort basis. Authority must be obtained from the recipient before a reversal can be attempted. A Reversal attempt is charged per transaction and is non-refundable. Reversals can only be attempted within 30 calendar days from the date that the payment was made. Reversals will be attempted within 5 working days of us receiving this form (where the recipient’s bank is a major bank). Reversals will be attempted within 10 working days of us receiving this form (where the recipient’s bank is a smaller bank such as Ithala Bank and Citibank). Feedback regarding the outcome of the reversal will be given after 5 or 10 working days as per points 5 and 6 above. Reversals are not possible in the following circ*mstances:
Payments made to Public Recipients such as Edgars, SARS and Telkom etc. Payments made to Investment Accounts such as 32-day notice accounts etc. Payments made to Vehicle Finance Accounts. Payments made to a Credit Card Account. eBucks Payments made to another eBucks Account. Payments made to a Suspense Account. Payments made to Municipal and Estate Late Accounts. Payments made to Collections (Recovery) Accounts. Payments made via an ATM. Payments made using the Pay and Clear Now service type. Payments made using the Scheduled Payments function.
Contact Details: For requests and queries regarding the reversal of online payment transactions please contact the Recalls and Reversals Department: 087 730 2000 [email protected] Fraud: Where a Fraudulent Transaction has taken place. For prompt action and assistance, fraudulent transactions must be reported to our Fraud Department immediately; see contact details below. FNB Fraud: 087 575 9444 Fraud Requirements In the event of a Fraudulent transaction, you will be required to submit the following information/documentation to the Fraud Department: Account number of complainant Suspected fraudulent account details SAPS case details An Affidavit Supporting documents (Proof of Payment)
| FAQs
The term payment reversal applies to any transaction when payment funds are returned to a cardholder's bank. A payment reversal can be initiated by the cardholder, merchant, issuing bank, acquiring bank, or card network.
What does payment reversal mean on student loans? ›
If you submit a payment for tuition and fees that is returned by your bank for nonpayment, the payment will be reversed and you will incur an Returned Payment fee.
What does payment reversal mean on a mortgage statement? ›
A payment reversal is a payment that was applied against the balance due on the account, but had to be reversed off. The most common reason is that a check was returned by the customer's bank for non-sufficient funds. Additionally, there can be reasons of accurate bookkeeping.
What is a payment reversal on an auto loan? ›
When a loan payment needs to be reversed, any payments received after that payment was posted are reversed and reposted as well. This process assumes the payment was never made and the subsequent payments are reposted using the correct principal and interest amounts.
Is reversal same as refund? ›
Merchants initiate refunds when they want to return funds to the customer. On the other hand, reversal transactions are initiated when the bank or payment processor cancels a transaction due to a technical error or fraud.
Is a reversal transaction bad? ›
Some payment reversals are just normal business. Others can be exploitations of fraudulent customers, but the burden of payment reversals is often placed on businesses.
What does reversal of a pay mean? ›
A payment reversal is any situation where a merchant reverses a transaction, returning the funds to the account of the customer who made the payment. Different situations call for different types of payment reversals. Some have minimal impact on the merchant's bottom line, and others can be quite costly.
What is a payout reversal? ›
A payout reversal is the action of reversing a single payout for the entire amount from the connected bank account back to the connected account balance.
What is amount reversal? ›
Reversal amounts are factors used in technical analysis, a discipline of trading where traders analyze charts and historical statistical data to determine future entry and exit points. Reversals occur when a security's price moves in the opposite direction.
What does bill reversal mean? ›
A Reversal takes place when you were previously issued a bill for the wrong amount. This can happen when: We calculated your bill using an estimated reading, but later received an actual reading that was lower. The meter reading that was submitted and used to calculate your bill was incorrect.
Common reasons for chargebacks
The card was deemed to be fraudulent. Cardholder disputes the quality or receipt of merchandise. The product or service was not received.
What does check reversal mean? ›
When a check is returned by the bank for any reason, Banking and Merchant Services (BMS) will process a deposit reversal for the amount of the check and forward the returned check to the appropriate department.
Why did I get a payment reversal? ›
Payment reversal definition
They can occur for the following reasons: Item sold out before it could be delivered. The purchase was made fraudulently. The customer changed their mind about the purchase after paying.
How much is a payment reversal fee? ›
Typically, chargeback fees can start at a $15 fee but are usually between $20 and $40. Some merchants may also have additional costs associated with chargebacks, such as a chargeback investigation fee. It is essential to check with your payment processor or bank for specific fee information.
What is a reverse loan payment? ›
A reverse mortgage is a home loan that you do not have to pay back for as long as you live in your home. It can be paid to you in one lump sum, as a regular monthly income, or at the times and in the amounts you want. The loan and interest are repaid only when you sell your home, permanently move away, or die.
Can a payment be reversed after it clears? ›
Once a check has cleared, it cannot be reversed unless fraud or identity theft is suspected.
Why does my direct deposit say reversal? ›
A reversal request may be made by the paying agency for an erroneous direct deposit payment that has been transmitted to the automated clearing house (ACH) network. A reversal is an attempt to retrieve the funds; it is not a guarantee the funds will be recovered.
