Navigating the intricacies of mobile banking can be daunting, especially when a mistake occurs. Mistakenly sending money to the wrong recipient is a common mistake that can lead to stressful situations. However, if you are a Capitec Bank customer, you have the option to reverse certain transactions directly from the Capitec app. This article provides a clear step-by-step guide to fix such errors.
Download and log in
Before you can cancel a transaction, ensure that the Capitec app is installed on your mobile device. You can download it from either Google Play Store or Apple App Store. Once installed, log in with your Capitec account credentials.
How can I undo funds using the Capitec app?
To begin canceling, follow these steps:
- Open the Capitec app on your mobile device.
- Registration Add to your account using your login details.
- Tap on “Do” tab in the bottom menu.
- Choose “View transaction history” to view past transactions.
- Find the transaction and select it You want to turn back to view the details.
- On the transaction details screen, press “Reverse Transaction” Button.
- Confirm your decision to reverse the transaction when prompted by a pop-up message.
- Wait for that Confirmation message This indicates the completion of the reversal process.
Conditions and Limitations
It is important to understand the conditions and limitations that accompany transaction cancellations:
- Only transactions made via the Capitec app can be reversed.
- Successfully processed and paid out transactions may not be reversible.
- Disputes may lead to further investigations, which may require additional evidence.
- Cancellations usually take up to 48 hours but can vary depending on the individual case.
Fees associated with cancellations
Certain fees apply for canceling a transaction via the Capitec app. Here is a breakdown of the fees:
- R5.00 for contesting a debit order within the last 40 days.
- R7.00 for the chargeback of a payment request to your Capitec account within the last 40 days.
- R160.00 for reversing a payment request to another bank within the last 40 days.
- R10.00 for unsuccessful disputes related to various transactions within the last 60 days.
If you encounter any difficulties or need further assistance, Capitec customer service will be happy to assist you. You can get in touch via the following channels:
- Retail banking: 0860 10 20 43
- Commercial banking: 0860 30 92 50
- Whatsapp: 067 418 9565
Alternatively, you can visit the Capitec website for additional support resources.
Special considerations for EFTs and money transfers
With EFTs (Electronic Funds Transfers), it is important to note that errors are generally not refundable unless the transfer was fraudulent. In such cases, the reversal process is the same as described above.
If you need to cancel a money transfer using Capitec mobile banking, note that such transactions may not appear in your app’s transaction history. In these cases it may be necessary to visit a Capitec branch with your transfer receipt.
Time frame for cancellations
Payments that are disputed within 40 days can be reversed quickly if they meet the criteria. However, if a dispute arises after this period has expired, the process may take longer.
Cancel debit orders
Debit orders can be reversed under strict conditions. If a reversal is made without a valid reason, there may be consequences such as: B. the handover of bad debts, the cancellation of policies or unpaid installments.
The ability to reverse a transaction is a powerful feature that provides peace of mind to Capitec customers. However, it is always best to be vigilant when making transactions to avoid cancellations. Be careful with your account details and always check the recipient information before confirming a money transfer.