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How a finger slip when making an EFT can cost you dearly #ConsumerTalk

24 November 2021 3:41 PM
Tags:
consumer talk
EFT
recalling funds

Consumer journalist Wendy Knowler tackles your consumer questions every Wednesday on Lunch with Pippa Hudson

- Consumer journalist Wendy Knowler tackles your consumer queries every Wednesday afternoon on CapeTalk

- You can email Wendy your consumer queries to consumer@knowler.co.za


Copyright: Dean Drobot/123rf

Each week, consumer journalist Wendy Knowler joins Pippa Hudson on Cape Talk to tackle your consumer queries.

This week's query came in from Khete, a mechanical engineering student, who wanted some advice about a finger slip that could end up costing him dearly.

Khete send Knowler the following e-mail:

“I went to Capitec Bank to deposit R3000 student fees to my varsity. I noticed my mistake when I saw the statement and it has another account person’s name on it instead of the varsity. I immediately went into the bank and they traced the account number and called the Capitec account holder and she said she already used the money...can you offer me some advice on how I can get the account holder to pay me back."

So what recourse does Khete have, will he be able to get his money back?

As the Ombudsman for Banking Services’ investigations manager Nerosha Maseti explained to me recently, the bank concerned can only attempt a “recall” of the funds if the beneficiary agrees to it.

Wendy Knowler, Consumer journalist

“In instances where the beneficiary agrees to the recall, the money is returned to the customer. In instances the beneficiary does not agree to the recall, the bank will advise its customer that the beneficiary did not agree to the recall and therefore the bank is unable to reverse the payment. The customer would then need to follow the legal process and pursue his claim via our courts for unjustified enrichment.

Wendy Knowler, Consumer journalist

What about approaching the recipient of the funds directly? That poses another problem, says Knowler.

The bank is not obliged to give the payer the person’s contact details. They would need to obtain a subpoena to compel the bank to disclose that information

Wendy Knowler, Consumer journalist

The bottom line, says Knowler, be super careful when you’re paying someone!

RELATED:Here are consumer expert Wendy Knowler's top tips for surviving Black Friday




24 November 2021 3:41 PM
Tags:
consumer talk
EFT
recalling funds

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