1 reviews | Active since Sept 2015
Outrageous EFT Reversal Fee – R394.67 to Attempt to Retrieve My Own Money?!
I made an EFT payment of R693 this morning to what I believed was the correct account (Capitec), only to realise later that the details were wrong. I contacted Nedbank and spoke to Sduduzo Ntshangase to request a reversal, and was told that EFT payments can’t be reversed like debit orders.
Then I was informed I need to fill in a recall application form, wait up to 7 working days, and pay R394.67—just to attempt to get the money back. That’s more than half the amount I originally paid!
This was a genuine mistake and my first time ever needing to reverse a payment. The funds were meant to assist someone traveling over the holidays, and instead of support, I’m hit with a massive fee and a slow, uncertain process.
How can Nedbank justify charging nearly R400 with no guarantee of recovery? There was no *****, no dispute—just an honest error that I acted on immediately.
This policy is unreasonable, especially with the lack of flexibility and the size of the fee. Nedbank, you seriously need to revisit how you handle EFT reversals. Not every mistake should cost your customer half their money.
Nedbank, do better.
**** customer service!
“Dear Mingray Bosisi
The recall received from you was unsuccessful.
We have received feedback from the beneficiary bank regarding your recall.. Unfortunately your recall was unsuccessful as the beneficiary bank’s client did not provide their bank with consent to debit their account in order for the funds to be recalled.
Kindly utilise contact details provided by the beneficiary bank below, to liaise with the beneficiary directly.
No consent to share beneficiary's contact details due to Popia
Regards
The Recalls Team”
**** customer service!
“Dear Mingray Bosisi
The recall received from you was unsuccessful.
We have received feedback from the beneficiary bank regarding your recall.. Unfortunately your recall was unsuccessful as the beneficiary bank’s client did not provide their bank with consent to debit their account in order for the funds to be recalled.
Kindly utilise contact details provided by the beneficiary bank below, to liaise with the beneficiary directly.
No consent to share beneficiary's contact details due to Popia
Regards
The Recalls Team”