Money can be reversed using the Capitec app under specific, mandatory conditions that must be strictly adhered to by the Capitec bank. Although your mistakes are not Capitec’s responsibility, they still provide you with possible measures to support safe transactions.
You may unknowingly enter the wrong recipient details or mix up numbers while sending small to large amounts to a particular creditor. In such instances, instead of panicking, you can choose to reverse money on Capitec banking app.
The major significance of this reserve option is that you can avoid the suspicion that your Capitec bank account was illegally accessed. As a leading retail bank, Capitec has over 18 million clients with branches across South Africa.
They have an innovative banking solution dubbed “Global One” that allows their customers to bank anytime and anywhere.
In this article, we will tell you how to reverse money using capitec app in depth and will try to clear all your doubts.
What does reversing money refer to?
Reversing money is a way to alter the payment once it is done. It might sound surprising, but there is a very common practice of reversing money that is normally followed by South African banks, including Capitec Bank.
Indeed, reversing money is one of the best innovations in the transaction sector, where one can enable it in several unfortunate situations.
How To reverse money using Capitec app?
If you believe there are problems with your bank account, you can reverse money using the Capitec app by following the money reversal procedure. The steps to reverse money on Capitec Mobile Banking app are as mentioned below;
Steps to reverse money on Capitec app
- Open the Capitec Mobile Banking app on your mobile.
- From the given options, press “Transact.”
- Click on Debit Orders.
- Enter your personal pin.
- Choose the transaction that you want to reverse.
- Provide a proper reason for the reversal.
- Accept the terms and conditions.
- Simply click on “Submit.”
How to reverse debit order payments with Capitec?
Now that you have learned how to reverse money using capitec app let’s check how to reverse a debit payment with the capitec app. Debit payments reversal via the Capitec app can be done by following the reversal procedure, but only after agreeing to the inflexible conditions of the debit reversal.
In actuality, debit orders are made between a client and a third party. They usually require the client to pay an agreed amount per month in exchange for the product they brought.
What could be the possible reasons for reversing any debit payment using Capitec?
You cannot just play with the serious tools provided in the Capitec app, like its reversal option. That is not created for fun, and the app authorities have ensured that the transaction will only be reversed when it is backed by a solid reason.
But, what are the possible reasons for being able to reverse debit order using the Capitec app?
- When you have made an error payment by entering the wrong data or unintended money transfers.
- In situations when you are misled to make a payment.
- Someone invaded your Capitec bank app.
- Receiving multiple bills for a single online purchase
These are a few of the valid reasons that you can provide in the reason column while you make an attempt to reverse the money using the Capitec app.
It is an authentic avenue offered by Capitec Bank to its clients to dispute any such transaction history that they do not authorize.
It is also an appealing measure that can be used in order to thwart such unauthorized transactions.
How do you reverse EFT payments on the Capitec app?
EFT stands for “Electronic Funds Transfer,” which is the digital transaction of sending money from a sender to a recipient. A sender must be cautious enough while making a transaction so that they can avoid spending extra time reversing the money they just sent.
However, when a transaction adheres to the aforementioned list, including any fraudulent transaction, then you can apply for a refund.
Reversing EFT payments is similar to reversing any other payment. Therefore, the process to be followed is also the same as that mentioned above.
Can you reverse payment using Capitec’s cellphone banking?
You cannot reverse payment using Capitec’s cellphone banking, as tracking the transaction in question will be impossible in such an instance.
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When you try to reverse your money using Capitec’s cellphone banking, the transaction details will not appear on your Capitec Bank app.
So it’s better if you get assistance from the nearest Capitec bank branch. All you have to do is take the cash transfer receipt with you so that the bank officials can get a clear idea of what you’re intending to do.
How long will it take to reverse a cash payment made with Capitec?
If you have been the least careful while making a transaction, then the time period is your involuntary punishment so that you can be more cautious next time.
However, it takes only a few days when you have noticed that your payments have been disputed. But if it takes more than 40 days to track that something was wrong with your previous transaction, it shall take a bit longer.
But what you should keep in mind is that the amount will only be refunded when your request meets the set criteria. If not, it will be rejected.
Can you reverse a cash transaction that is not a debit order with the Capitec app?
Alas, there has been no option to reverse a cash transaction that is not a debit order in the Capitec app by far.
If you are in need of any assistance, then you should look for it in the nearest Capitec bank branch.
For the time being, only debit orders and EFTs can be reversed by Capitec customers using the Capitec app.
It may be a limitation of the application; however, you can contact Capitec’s representative when you have any queries regarding a failed payment or a fraudulent payment.
Anyway, you are advised to stay vigilant the next time you make a payment or log in to your personal Capitec bank account. If the error had nothing to do with you, your chances of receiving a refund are much better.
That’s it by now you might have learned how to reverse money using capitec app. Stay tuned to LifeStyleUG for more.
