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How To Reverse Money Using Capitec App? A Step-by-Step Guide

1 year ago
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by Joel Yahu
How To Reverse Money Using Capitec App? A Step-by-Step Guide

Navigating the intricacies of mobile banking can be daunting, especially when a mistake occurs. Mistakenly sending money to the wrong recipient is a common error that can lead to a stressful situation. However, if you are a Capitec Bank customer, you have the option to reverse certain transactions directly from the Capitec app. This article provides a clear, step-by-step guide on how to rectify such errors.

Download and Login

Before you can reverse a transaction, ensure that you have the Capitec app installed on your mobile device. You can download it from either the Google Play Store or the Apple App Store. Once installed, use your Capitec account credentials to log in.

How To Reverse Money Using Capitec App?

To begin the reversal process, follow these steps:

  1. Open the Capitec app on your mobile device.
  2. Log in to your account with your credentials.
  3. Tap on the “Transact” tab on the bottom menu.
  4. Select “View transaction history” to display past transactions.
  5. Locate and select the transaction you wish to reverse to view its details.
  6. At the transaction detail screen, press the “Reverse transaction” button.
  7. Confirm your decision to reverse the transaction when prompted by a pop-up message.
  8. Wait for the confirmation message that will indicate the completion of the reversal process.
Conditions and Limitations

It’s essential to understand the conditions and limitations that come with transaction reversals:

  • Only transactions made through the Capitec app can be reversed.
  • Successfully processed and paid-out transactions might not be eligible for reversal.
  • Disputes may prompt further investigation, possibly requiring additional evidence.
  • Reversals typically take up to 48 hours but can vary based on the case.
Fees Associated with Reversals

Reversing a transaction on the Capitec app incurs certain fees. Here is a breakdown of the charges:

  • R5.00 for disputing a debit order within the last 40 days.
  • R7.00 for reversing a payment request to your Capitec account within the last 40 days.
  • R160.00 for reversing a payment request to another bank within the last 40 days.
  • R10.00 for unsuccessful disputes related to various transactions within the last 60 days.
Customer Support

Should you face any difficulties or require further assistance, Capitec’s customer service is available to help. You can reach out through the following channels:

  • Personal banking: 0860 10 20 43
  • Business banking: 0860 30 92 50
  • WhatsApp: 067 418 9565

Alternatively, you can visit the Capitec website for additional support resources.

Special Considerations for EFTs and Cash Transfers

For EFTs (Electronic Funds Transfers), it is crucial to note that mistakes are generally not refundable unless the transfer was fraudulent. In such cases, the reversal process is the same as outlined above.

If you need to reverse a cash transfer using Capitec’s cellphone banking, note that such transactions may not appear in your app’s transaction history. In these instances, visiting a Capitec branch with your cash transfer receipt may be necessary.

Time Frame for Reversals

For payments disputed within 40 days, the reversal can be processed swiftly if they meet the criteria. However, if a dispute is raised after this period, the process may take longer.

Reversing Debit Orders

Debit orders can be reversed under strict conditions. If reversed without valid reasons, repercussions may include being handed over for bad debt, cancellations of policies, or unpaid installments.

Final Thoughts

The ability to reverse a transaction is a powerful feature that provides peace of mind to Capitec customers. However, it’s always best to be vigilant when conducting transactions to avoid the need for reversals. Stay cautious with your account details, and always double-check the recipient information before confirming any money transfer.

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