Capitec Bank, one of South Africa’s leading financial institutions, provides its customers with a user-friendly mobile banking app that offers a variety of convenient features, including the ability to send and receive money.
However, there are times when a transaction may be sent in error or needs to be reversed.
Fortunately, the Capitec app allows users to reverse certain money transactions, providing a safety net for those unforeseen mistakes. Here is a step-by-step guide on how to reverse money using the Capitec app:
- Before trying to reverse the money transaction using Capitec app, try contacting the recipient immediately if the erroneous transaction was sent to someone you know. Politely explain the situation and request that they send the money back. Most people will understand the mistake and be willing to cooperate. However, if the recipient is unresponsive or unwilling to comply, you can proceed to reverse the money using the Capitec app.
- Act quickly and gather information to reverse money using Capitec app. Launch the Capitec app and navigate to ‘Transactions.’ Locate the transaction and select ‘Reverse.’ Confirm the reversal.
- Wait for the reversal to be processed. According to Capitec Bank, the money should reflect in your account within a few business days. However, if the funds do not return within a reasonable timeframe, contact Capitec Bank’s customer support for further assistance.
Note that limits to these transfers apply. According to sources, Capitec has urged customers to be cautious when making electronic funds transfers (EFTs), as funds electronically transferred by mistake will not be refunded. However, if a transfer was done fraudulently, customers can apply for a refund using the Capitec mobile banking app. The process to be followed is the same as the one already mentioned above.
To reverse a money transaction using the Capitec app, follow these steps:
- Contact the recipient and request that they send the money back. If they are unresponsive or unwilling to comply, proceed to step 2.
- Act quickly and gather information to reverse the money using the Capitec app.
- Launch the Capitec app and navigate to ‘Transactions’.
- Locate the transaction and select ‘Reverse’.
- Confirm the reversal. If the funds do not return within a reasonable timeframe, contact Capitec Bank’s customer support for further assistance. It is important to note that once a payment has been made, it cannot be cancelled or reversed. If you have made an incorrect payment or a mistake when paying a bill, you will have to get in touch with the service provider directly.
