Standard Bank Charges R310 To Reverse EFT Transaction Without Guarantee for Positive Outcome

On Saturday (17/10/2020), around 17h00 i performed an EFT transaction and accidentally paid an amount of money into the wrong Beneficiary account (Capitec Bank account). Knowing that an EFT transaction into a different bank would take 2 business days to clear into the beneficiary's account, I urgently called Standard Bank Customer Service (Prestige Account) and asked for assistance to reverse the transaction. This turned out to be a total waste of my time. The banks officials I spoke to were completely unhelpful and useless. Their main concern was to impress upon me that the I should contact the beneficiary myself and convince him to voluntarily reverse the transaction. Alternatively, I was told that the bank has a reversal process but I would have to complete and sign reversal request forms, and that the process would take 10 to complete, and that I would have to pay R310 for this, but there are no guarantees that the reversal would be successful. I think that this is bad customer service by Standard bank: To charge me for a lousy bureaucratic process that takes 10 days, costs R310 and does not even guarantee that my money would be recovered!!! This is an official transaction between two banks, and given that such EFT transactions normally take up to 2 Business Days to clear the funds, there should be a feature in the Banks's online/internet banking system or Banking Application which allows a Customer to reverse erroneous EFT transactions immediately, instead of the Bank reserving this function for itself as a way of making money out of its customers, without even any assurance that such a service will bring positive results. This is rotten Customer service by Standard Bank.