EFT Payments gone wrong

EFT payments gone wrongHave you ever considered what would happen if you paid funds into the wrong bank account when transacting online?

Well, for the average consumer, it means that you’ve potentially given away your hard earned cash. When transacting online, only the account number is verified. Banks do not share a single data base and aren’t obligated to verify account names and numbers. It is however available at some banks, for a fee. There are also a few independent companies that offer Account Verification Services, however this is mainly targeted at corporations that make use of a debit order facility, or use the service to verify accounts before payments are released.

What recourse is there for an individual that made a payment to the incorrect account?

Banks are not allowed to release their clients’ account information to third parties. They are also not allowed to contact each other’s clients. If you need an EFT payment reversed, you should contact your bank for assistance. If the incorrect account belongs to another bank, your bank will contact the recipient bank and ask that they contact their account holder for a refund. If the money has already been spent or the recipient simply refuses to give the money back. You would have to sue the recipient to get your money back.

Unfortunately, the onus is on the payer to ensure that the account details are correct. To prevent this from happening to you, always ensure that you do your homework and triple-check all the details before agreeing to pay for goods or services via EFT.

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