Sending money to someone through online banking at the comfort of your home has become the other of the day. Many banking transactions can now be done easily through your mobile device.
But sometimes, mistakes happen, and you may find yourself needing to reverse a transaction made through your Capitec Bank account. Fortunately, the Capitec banking app makes it easy to reverse transactions quickly and conveniently.
In this article, we’ll walk you through the simple steps to reverse a transaction using the Capitec app, ensuring that you can correct any errors and manage your finances with ease.
What is Transaction Reversal?
Transaction reversal is the process of undoing a financial transaction that was made from your bank account. This could include payments, transfers, or purchases that you no longer want to go through or that were made in error.
How to Reverse a Transaction Using the Capitec App:
- Open the Capitec App: Start by opening the Capitec banking app on your smartphone or mobile device. Log in using your username and password.
- Navigate to Transactions: Once logged in, navigate to the “Transactions” or “History” section of the app. Here, you’ll find a list of recent transactions made from your Capitec account.
- Select the Transaction to Reverse: Scroll through the list of transactions and find the one that you want to reverse. Tap on the transaction to open the details.
- Initiate the Reversal: Within the transaction details, look for an option that says “Reverse” or “Refund.” Tap on this option to initiate the reversal process.
- Confirm the Reversal: Follow the on-screen prompts to confirm the reversal of the transaction. You may be asked to provide a reason for the reversal, such as a mistake or unauthorized transaction.
- Review and Complete: Review the details of the reversal and ensure that everything is correct. Once you’re satisfied, complete the reversal process.
- Monitor for Confirmation: After initiating the reversal, keep an eye on your account activity to ensure that the funds are returned promptly. You should receive a confirmation notification once the reversal is processed successfully.
Things to bear in mind before reversal
- Timing is Key: It’s essential to act quickly if you need to reverse a transaction. Some transactions may have a limited window for reversal, so don’t delay in initiating the process.
- Check Fees and Charges: Depending on the type of transaction and the circumstances, there may be fees or charges associated with the reversal. Be sure to check the terms and conditions or contact Capitec customer support for clarification.
- Keep Records: It’s a good idea to keep records of any transactions you reverse, including confirmation numbers, transactions name and reference codes, for your records and peace of mind.
How long does it take to reverse money on capitec account?
Reversal of Payment Request to Capitec Account (last 40 days). If you need to reverse money to your own Capitec account within the last 40 days, a fee of R7.00 is applicable. This fee contributes to the processing of the reversal and helps maintain the bank’s operational efficiency.
Reversal of Payment Request to Other Bank Account (last 40 days). For reversing a payment request to an account held at another bank within the last 40 days, a fee of R160.00 is incurred. This charge reflects the more intricate nature of interbank transactions and the associated administrative efforts.
Can I reverse a payment made to the wrong person?
Yes, you can reverse a payment made to the wrong person using the Capitec app. Simply follow the steps mentioned above to initiate the reversal process.
How long does it take for a transaction to be reversed on the Capitec app?
The time it takes for a transaction to be reversed on the Capitec app may vary depending on the type of transaction and other factors. In general, reversals are processed promptly, but it’s essential to monitor your account for confirmation of the reversal.
Can I reverse a transaction if I suspect fraud or unauthorized activity?
Yes, you can reverse a transaction if you suspect fraud or unauthorized activity on your Capitec account. It’s crucial to report any suspicious transactions to Capitec customer support immediately and follow their guidance on initiating the reversal process.
Are there any fees for reversing transactions on the Capitec app?
Capitec Bank does not typically charge fees for reversing transactions on the Capitec app. However, there may be fees associated with certain types of transactions or circumstances. It’s essential to review Capitec’s fee schedule or contact customer support for clarification.