“I Paid N100k Into a Friend’s Account, It Failed, but I Was Debited. What Do I Do?” Expert Explains
- A young lady who was trying to send money to a friend's bank account experienced a failed transaction and was debited
- There was no immediate reversal, and it has been days since. She is confused about the following steps to take
- Kalu Uche, an operational manager in one of Nigeria's commercial banks, explained to Legit.ng in an exclusive chat the process of seeking a refund
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
A bank customer identified himself as Ebere, said he paid N100,000 into a friend's account. However, the transaction failed, he was debited, and there has been no reversal for days.
She wrote:
"I am confused because my bank has failed to reverse my money after transferring N100,000 to a friend. The amount was debited in my account, but the money did not get to her. I don't know what to do."
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How to seek a refund
Kalu Uche is an operations manager in one of Nigeria's commercial banks. He has over 15 years of banking experience, rising from being a customer representative to a senior bank staffer.
Network failure is expected in the banking system, and we regularly receive complaints about it.
Usually, funds are reversed after a failed transaction. Occasionally, customers must log a complaint to initiate the reversal process, which should be completed within 72 hours.
The first step is for the customer to search for their bank's contact details (phone numbers or email).
This can be done with a simple Google search or by visiting the bank's social media account. The customer can also call and speak to a bank representative directly to lodge their complaint.
Alternatively, the customer can write to the official customer service email address and wait for a reply.
Also, the customer can directly message the customer representative via social media. It is essential to be careful and ensure it is the correct social media account.
Immediately after the complaint is logged, the bank's representative will begin to find a solution, and an update will be provided within 72 hours, except on weekends.
If the complaint is unresolved, customers can again write an email and copy the CBN via cpd@cbn.gov.ng and contact@cpc.gov.ng.
If it is via social media, mention the relevant agencies, such as FCCPC and the CBN, to get attention.
A reversal is always initiated when there is a confirmed failed transaction.
Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about solving issues of threats. Readers should always seek their own professional advice that takes into account their own personal circumstances before making any decision.
Do you have a story to tell? Want an expert's advice? Please email us at ask.an.expert@corp.legit.ng with 'Ask an expert' in the subject line.
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Legit.ng reported that a Nigerian man mistakenly transferred N200,000 to the wrong bank account due to a typing error and wants his money back.
He said he found out after the intended recipient complained that he had not seen the transferred funds in his bank account.
A detailed explanation of requesting a refund has been provided in this article.
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Source: Legit.ng