Categories: Banking NewsNews
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2023-11-06 9:50 PM

How to reverse an FNB ewallet transaction

By Lethabo Ntsoane

In today’s digital age, sending and receiving money has never been easier, thanks to services like FNB’s eWallet. However, human errors, like sending money to the wrong recipient, do occur. Fortunately, FNB provides a solution through the ability to reverse eWallet transactions. This guide offers a detailed walkthrough of reversing an eWallet transaction and answers common queries about the process.

What is FNB eWallet?

FNB eWallet is a digital payment service that allows FNB customers to send money to individuals with a valid South African mobile number. The recipients don’t need to have an FNB account to access the funds, which they can withdraw from FNB ATMs or spend at select retailers.

Here is a step by step video on how to reverse ewallet:

How to Reverse an eWallet Transaction via USSD:

  1. Dial *120*321# on your mobile phone.
  2. Select ‘Send Money.’
  3. Choose ‘eWallet Reversal.’
  4. Select the transaction you wish to reverse.
  5. Follow the subsequent prompts to complete the reversal.

Reversing an eWallet Transaction Using the FNB App:

  1. Open the FNB app on your smartphone.
  2. Navigate to ‘My Debit Orders’ under the ‘Debit Orders’ tab.
  3. Select the transaction you wish to reverse.
  4. Provide a reason for the reversal.
  5. Tap on ‘Reverse’ and confirm your decision.

Timeframe for Reversal: The reversal process isn’t instantaneous. It may take between 4 to 15 business days for the funds to reflect in your account, depending on various factors, including the recipient’s response and bank procedures.

Reasons for Reversing a Transaction: Common reasons for reversals include sending an incorrect amount, sending money to the wrong recipient, or fraudulent transactions. Prompt action is advised upon noticing an erroneous transaction.

Fees Associated with Reversal: A reversal fee of R50 is charged to return the funds to your account. It’s crucial to verify all transaction details before sending money to minimize the need for reversals and avoid this fee.

Customer Support: In case of difficulties or inquiries, you can contact FNB customer service at 087 575 9405.

Security Tips: To prevent unauthorized transactions, never share your PIN or card details with anyone. Always log out after using banking platforms, and report any suspicious activities immediately.

Conclusion: While FNB eWallet offers convenience, it’s essential to handle transactions with care to avoid mistakes. However, should you find yourself needing to reverse a transaction, this guide provides a straightforward process to do so. Remember, double-checking recipient details and the amount to be sent can save you time, money, and stress.

FAQs:

  • How do I know if my reversal is successful? Contact FNB customer service for confirmation.
  • What if my eWallet gets hacked? Report immediately to FNB for them to take necessary security measures.
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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo

Tags: ewalletFNB