Despite our best efforts, we sometimes put incorrect details when making an electronic funds transfer (EFT), which is why it is crucial to know how to kickstart an FNB reverse payment process if you bank with them in South Africa.
The process is fairly straightforward and may, with some luck, be successful. However, the bank advises that there are no guarantees of success.
FNB reverse payment process
To begin an FNB reverse payment in South Africa, you need to fill a payment reversal request in full, sign it and then email it to email@example.com.
According to the bank’s instructions available online, you will then receive an automated response with a reference number for your request. If you do no receive the reference number within 15 minutes, call the FNB reverse payment contact number, which is 087 730 2000.
“The bank does not guarantee a successful reversal and all reversals are attempted on a best effort basis. The bank must obtain authority from the recipient before a reversal can be attempted,” the instructions state.
“The balance available in the recipient’s account must be equal to or exceed the amount paid/received. Reversals can only be attempted within 30 (thirty) calendar days from the date of payment. A partial reversal/recovery of funds is not possible.”
Currently, FNB charges a non-refundable reversal fee of R313 (inclusive of VAT) whether the process is successful or not.
Asked about this seemingly costly fee, RbJacobs (FNB’s customer care Twitter page) responded recently, “Because reversals do cost banks money. We urge clients to ensure the correct details are always used.”
According to the instructions, reversals are not possible for payments exceeding R5 million, payments made using the “Scheduled Payments” function and those made using the “Pay & Clear Now” function.
“In the above instances, the bank may, in good faith, provide you with further details to assist you in approaching the recipient directly to recover your funds. You must complete and submit this form to firstname.lastname@example.org. Please note that this request will be subject to a fee of R313.00 (inclusive of VAT) per transaction,” FNB advises.
FNB payment reversal request form download
After scanning FNB’s replies to customer inquiries on social media, there does not appear to be a way to reverse a payment on FNB app currently. If this changes, we will update this article accordingly.
Remember, to avoid the hassle and cost, you can always make sure you put correct details when making an EFT. It often takes less than a minute to confirm and reconfirm before finalising the transaction.