In South Africa, the Capitec app is a popular banking app that allows users to manage their finances on the go. One of the useful features of the Capitec app is the ability to reverse certain money transactions. This can be helpful if you accidentally send money to the wrong person or account, or if you need to cancel a payment.
There are a few different ways to reverse money using the Capitec app. The specific steps you need to follow will depend on the type of transaction you are trying to reverse. In this article, you will learn how to reverse money using Capitec App in South Africa.
Everything You Need To Know About Capitec App Money Reversal
Have you ever accidentally transferred money to the wrong person or account? Or maybe you made a purchase that you later regretted? If you’re a Capitec customer, you’re in luck. The Capitec app allows you to reverse certain money transactions, providing a safety net for those unforeseen mistakes.
Reversing a money transaction using the Capitec app is a quick and easy way to correct a mistake or fix a purchase that you later regretted. However, it’s important to keep in mind that there is a fee associated with reversing transactions and that you can only reverse transactions that are less than 30 days old.
What transactions can be reversed?
Not all transactions can be reversed. However, you can reverse the following types of transactions using the Capitec app:
- EFT payments made to Capitec or non-Capitec accounts
- Cash Send payments made to Capitec or non-Capitec accounts
- Airtime and data purchases made to Capitec or non-Capitec numbers
- Utility payments made to Capitec or non-Capitec accounts
- Debit orders
Important things to keep in mind about reversing money using Capitec App
- There is a fee associated with reversing transactions. The fee will vary depending on the type of transaction and the amount of money being reversed.
- You can only reverse transactions that are less than 30 days old.
- You cannot reverse transactions that have already been processed by the recipient.
If you have any questions or problems reversing a transaction, you can contact Capitec Customer Service for assistance.
How to Reverse Money Using Capitec App in South Africa?
To reverse a transaction using the Capitec app, follow these steps:
- Step 1: Open your Capitec App
- Step 2: Choose Transact
- Step 3: Choose Debit Orders
- Step 4: Enter your secret Remote PIN to sign in
- Step 5: Choose a debit order from the history menu
- Step 6: Choose a reason for the dispute
- Step 7: Accept the agreement
It is important to note that not all transactions can be reversed. For example, you cannot reverse a cash withdrawal or a payment that has already been processed by the recipient’s bank.
If you are unable to reverse a transaction using the Capitec app, you can contact Capitec customer support for assistance.
Reasons To Reverse Money Using Capitec App
There are a number of reasons why you might need to reverse money using the Capitec app. Some of the most common reasons include:
- To correct a mistake. If you accidentally send money to the wrong person or account, you can use the Capitec app to reverse the transaction.
- To cancel a payment. If you need to cancel a payment, such as a recurring bill or subscription, you can do so using the Capitec app.
- To refund a customer. If you are a business owner and need to refund a customer, you can use the Capitec app to do so.
- To dispute a charge. If you have been charged for a product or service that you did not receive or that you are not satisfied with, you can dispute the charge using the Capitec app.
- To report fraud. If you believe that you have been a victim of fraud, you can report the fraud to Capitec using the app.
FAQs
Q: Can I reverse any type of transaction using the Capitec app?
A: No. You can only reverse EFT payments made to Capitec accounts, EFT payments made to non-Capitec accounts, and debit orders. You cannot reverse cash withdrawals or payments that have already been processed by the recipient’s bank.
Q: How long does it take to reverse a transaction?
A: The time it takes to reverse a transaction will vary depending on the type of transaction and the recipient’s bank. In most cases, reversed transactions will be processed within 24 hours. However, it may take up to 72 hours for the money to be reflected in your account.
Q: What should I do if I am unable to reverse a transaction using the Capitec app?
A: If you are unable to reverse a transaction using the Capitec app, you can contact Capitec customer support for assistance. They will be able to investigate the issue and try to resolve it for you.
Q: Are there any fees associated with reversing a transaction?
A: There is no fee associated with reversing an EFT payment made to a Capitec account. However, there is a R10 fee associated with reversing an EFT payment made to a non-Capitec account or disputing a debit order.
Q: What are some tips for avoiding the need to reverse a transaction?
A: Here are some tips for avoiding the need to reverse a transaction:
- Double-check the recipient’s account number before sending money.
- Make sure you are sending money to the correct person or business.
- Be careful when entering the amount of money you want to send.
- Review your transactions regularly to make sure there are no errors.
If you do make a mistake, it is important to contact Capitec customer support as soon as possible. They may be able to help you reverse the transaction and avoid any additional fees.
Conclusion
The Capitec app is a convenient way to manage your finances on the go. It also allows you to reverse certain money transactions, which can be helpful if you make a mistake. However, it is important to note that not all transactions can be reversed, and there may be fees associated with reversing certain types of transactions.
To avoid the need to reverse a transaction, be sure to double-check the recipient’s account number, amount, and purpose of the payment before sending money. If you do make a mistake, contact Capitec customer support as soon as possible.
Image Courtesy: www.capitecbank.co.za