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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.

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31 October 2019 1:13 PM

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