36 days ago
Every day, thousands of people make mistakes when sending money via an electronic funds transfer (EFT).
You think you paid your friend, but a wrong number has it appearing in a stranger’s account.
If the stranger is honest; they inform the bank and you typically have the money back within five days.
However, you’re going to struggle to get it back if the receiver is corrupt.
Banks are not allowed to take money from people’s accounts if they received payment in error.
Your only option is to sue, but that may cost a fortune and take years to resolve.
The moral of this story is to be still and take your time when doing an EFT.
The Money Show’s Bruce Whitfield interviewed consumer journalist Wendy Knowler.
Listen to the interview in the audio below.
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
This article first appeared on 702 : If you make a mistake when transferring money (EFT) you don’t get it back easily
In South Africa, Black Friday has become a spend-fest of epic proportions, says consumer journalist Wendy Knowler.
8 days ago
Consumer journalist Wendy Knowler investigates after a poor family’s desperation to get a claim paid made headlines.
15 days ago
Did someone steal your phone? Contact your bank without hesitation warns consumer journalist Wendy Knowler.
22 days ago
Consumer journalist Wendy Knowler explains how to get reimbursed if you can’t travel after a failed visa application.
43 days ago
Handsfree pickpocketing is a myth, says consumer journalist Wendy Knowler. But risks remain, suggests a case she took on.
49 days ago
Wendy Knowler says dealerships don’t do much to explain how you may unknowingly void your warranty and service/maintenance plans.
57 days ago