The financial institutions are important part of our life as they hold the key to our strong rooms. They help in securing our money and also help in facilitating transactions.
Despite all these major functions they perform for individual and corporate bodies, things could go wrong at times. Mostly, when we try to use some of the services that the bank offer.
Claims that warranted bank reverse payment could come in different ways. One of the ways is when you are trying to withdraw money from the ATM, you were charged but transaction was not successful.
Years ago, you will have to enter the bank physical office to fill in some paper before a proper investigation is carried out. On completion of investigation, you will be refunded if your claim is geniune.
There is now automatic reversal if this occurs, only in rare cases you wont get the disputed amount reversed.
If you are a merchant who buys goods online using your debit or credit card, sometimes you might come across sellers with the intention to dupe you. The last resort is to find way you can make bank reverse your money.
Another reason why you might need bank reverse payment is when you send money to the wrong beneficiary. This can hurt especially when the payment is for something urgent and with the unimpressive services of the bank, getting the money back might be herculean task.
Although there are many reasons why it demands your bank to reverse money. Our frustration pile up when the bank is not doing enough to resolve it. Don’t worry as I will give you a list of options plus the quickest way to have it resolved in no time.
Ways To Have Bank Reversed Payment
Charges from the bank for services not rendered:
Maybe you are trying to make a payment, withdraw or send money to another, unfortunately, it did not go through but the total cost of the transactions was taken.
Most of the time, there is auto reversal such errors, only in rare cases you won’t get your money reversed instantly. When you do not get your money back, don’t panic as it has happened to me several times.
You have a great list of options here when such happens. One of the options available to you is to talk to the bank customer care agents, the customer care agents are the voices of the bank.
Tender your issues with them and they will help you on how to get back your money back, mostly within 2 weeks. Perhaps, they are not fast enough? There is a remedy for that.
Things took a different shape when CBN ordered that banks should always pay customers ten thousand (NGN10000) when they fail to reverse their money within 14 days. The same fine was also extended to problems arising with Nigeria Interbank Settlement System Instant Payment (NIP).
After you have made your case with the bank and they failed to return the money within 14 days. All that is left is to send a message to cpd@cbn.gov.ng.
State the date the failed transaction occurred, the bank you contacted and address, amount in disute, your names and contact details and evidence to back up your claims if any.
The Central Bank Of Nigeria, being the apex financial Institution in Nigeria will make its own investigation. If your claim follows due process, you will have your money in no time with the fines.
When the seller fails to meet an obligation:
Have you ever been involved in trade across boundary and you discovered there is an issue?
The issue may come in form of an attempt to dupe you of your hard earned cash. The seller may not have intention of sending goods and you have already made payment; maybe through PayPal, debit card or using your credit card.
If payment was made through paypal, there is protection for the buyer. You can open a dispute. This gives you a platform to work out things with the seller with paypal monitoring outcomes. This should be done within 6 months of the deal.
If you are unable to resolve things with the seller, you can push up dispute to claims. This is when paypal fully comes in. During this period, paypal will be the judge and could request for any documents or evidence to help the investigation. The timeframe for the claim is within 10 days.
If the seller refuses to tender evidences required of him by paypal within the stipulated time, the case will be ruled in favour of you. Same for the seller when you are unable to provide substantial details or documents required of you from paypal.
Getting your money could take a lot of patience. After a full investigation by PayPal, you will be refunded if you satisfy rules that guide PayPal claims.
Maybe, you used a credit card to pay for the item, you will need to contact the issuing bank for a chargeback.
A chargeback is when you request your issuer or bank to reverse the payment you made. For this to work, your bank will contact the beneficiary’s bank for the problem on ground.
Both work on how to resolve the issue, the recipient’s bank might ask the seller to provide some documents or evidence to back up his bid to win against the buyer.
However, the final decision will lie with the recipient’s bank. The bank owes a duty of secrecy to its customers and this could prove a big stumbling block to getting your money back. Sometimes, it could extend for 180 days before the final decision is made.
Notwithstanding, if there is an attempt to dupe, the receiving bank will have no choice than to release the money to the issuing bank. During the period of banks trying to resolve issues, the recipient might find his or her account being frozen or the said amount being held by the bank.
Sending money into wrong account or when you send money by mistake:
Things could go wrong at times, more reasons why you need to be anchored with informations that can help in such urgent moment.
Mistakes were already made, there is no need to panic. The option now is to contact the bank to help reverse payment. The bank will need to work with the recipient’s bank for this to work.
If the recipient refuses, you might need to try and work something out with the beneficiary. The bank’s duty will always be to its customers which could put you at a disadvantage.
The bank may not wish to reveal customer’s details unless permission was given. More reason why you need to be careful while entering nuban number or making payments. Review before sending to confirm the actual recipient is getting the money. Moreso, make sure it is the right amount you enter before authorising transaction.
But in case of fraud or when someone uses your details to transfer money from your account to another, it will be easier for the banks to deal as expected. Banks may employ security officers to help with the investigation.
