Capitec Electronic Payment Reversal

I visited Capitec Woodmead Branch on 9 June 2021 and was assisted by Koena with my request to reverse a R200 electronic transfer I had made to another Capitec Account using the Capitec Banking App one hour earlier.

I had changed my mind about the transfer and wanted it reversed. BEWARE as this cannot be done at Capitec without a lot of time and money. Now understand, this is your own money transferred in error or if you change your mind for whatever reason and want to reverse the payment made to another Capitec Account.

Option One given by Capitec: The RECIPIENT ACCOUNT HOLDER was not contactable by Capitec on their registered phone records. Therefore the reversal request first has to be investigated by the forensic department and if the RECIPIENT ACCOUNT HOLDER continues to not answer their phone, you THEN have to go to SAPS to open a case. Outcome: You do not get your reversal without a lot of time invested and possibly having to appear in court.

Option One given by Capitec: The RECIPIENT ACCOUNT HOLDER was not contactable by Capitec on their registered phone records. According to Capitec you then need to log a civil claim via the legal process and on the outcome of that legal process will decide if you get your reversal. Outcome: You do not get your reversal, unless you want to spend a lot in legal fees and time.

These are Capitec's processes to reverse an electronic transfer YOU voluntarily made. Needless say, this R200 written off is well spent for the benefit of all consumers who may find themselves in this situation.