Streaming issues? Report here
Refilwe Moloto 2019 1500 BW
Breakfast with Refilwe Moloto
06:00 - 09:00
volume_up
volume_mute

Up Next: Today with Kieno Kammies
See full line-up
Breakfast with Refilwe Moloto
06:00 - 09:00

If you make a mistake when transferring money (EFT) you don’t get it back easily

31 October 2019 1:13 PM
Made a mistake when paying by EFT? You're going to battle to get your money back, warns consumer journalist Wendy Knowler.

Every day, thousands of people make mistakes when sending money via an electronic funds transfer (EFT).

You think you paid your friend, but a wrong number has it appearing in a stranger’s account.

If the stranger is honest; they inform the bank and you typically have the money back within five days.

However, you’re going to struggle to get it back if the receiver is corrupt.

Banks are not allowed to take money from people’s accounts if they received payment in error.

Your only option is to sue, but that may cost a fortune and take years to resolve.

The moral of this story is to be still and take your time when doing an EFT.

The Money Show’s Bruce Whitfield interviewed consumer journalist Wendy Knowler.

Listen to the interview in the audio below.

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


31 October 2019 1:13 PM

More from Good to Know with Wendy Knowler

Phone

Can’t find your phone? Drop everything – thieves can get into your banking app!

14 November 2019 10:55 AM

Did someone steal your phone? Contact your bank without hesitation warns consumer journalist Wendy Knowler.

Share this:
Read More arrow_forward

Visa

Travelling overseas? It’s becoming vital to get 'visa denial insurance'

24 October 2019 1:55 PM

Consumer journalist Wendy Knowler explains how to get reimbursed if you can’t travel after a failed visa application.

Share this:
Read More arrow_forward

cards

Are 'tap and go' cards safe? Maybe, suggests this case involving Standard Bank

18 October 2019 10:23 AM

Handsfree pickpocketing is a myth, says consumer journalist Wendy Knowler. But risks remain, suggests a case she took on.

Share this:
Read More arrow_forward

Audi

Used-car buyer? Save yourself a world of pain by asking this one question

10 October 2019 2:57 PM

Wendy Knowler says dealerships don’t do much to explain how you may unknowingly void your warranty and service/maintenance plans.

Share this:
Read More arrow_forward

Debit card

Paying with a debit card? Don’t expect a refund on it when returning items

7 October 2019 2:20 PM

Merchants are not allowed to process refunds on debit cards, warns consumer journalist Wendy Knowler.

Share this:
Read More arrow_forward

Contract

Banks and insurers can – if they wanted to – serve us better. Here’s how…

3 October 2019 2:03 PM

Consumer journalist Wendy Knowler spent a day with financial services ombuds from around the world. Here are their suggestions.

Share this:
Read More arrow_forward

car-crashjpg

Claimed a few times of late? Consider another insurer before they dump you

26 September 2019 11:55 AM

It’s best to jump before you are pushed. It’s "catastrophic" if that happens, warns consumer journalist Wendy Knowler.

Share this:
Read More arrow_forward

Writer's hands typing on laptop

Got a serious complaint? Here's the best way to get your email read

23 September 2019 2:58 PM

Here are the distinct characteristics of an email that no one can ignore.

Share this:
Read More arrow_forward

Volkswagen VW

How to buy a new car even if you don’t really have enough money for it

19 September 2019 2:26 PM

South Africans are increasingly buying cars they can’t afford using balloon payments, says consumer journalist Wendy Knowler.

Share this:
Read More arrow_forward

happy-old-man-reusablejpg

69% of credit card fraud victims are old and alienated by technology

19 September 2019 11:57 AM

Most people who fell prey to credit card fraud in the first three months of 2019 were old, says consumer journalist Wendy Knowler.

Share this:
Read More arrow_forward