How to Reverse Money using the Capitec App

The Capitec App has become an essential tool for managing financial transactions conveniently, offering features like the ability to reverse money that was sent or received in error. 

Step By Step Process Of Reversing Money Using Capitec App

Below are the step-by-step process of reversing money using the Capitec App, ensuring that you regain control of your finances without any hassle.

  1. Access your Capitec account

Get started by launching the Capitec app on your smartphone or device. After making sure you have a secure internet connection, log in to your account using the specified credentials. The user-friendly interface of the application will allow you to navigate easily through the required steps.

  1. Go to transactions

Once logged in, tap the “Transactions” tab, which is usually prominently displayed on the app’s home screen. This tab serves as a gateway to the various financial trading options offered by Capitec. 

  1. Select the Debit Order option

In the “Transactions” section, find and tap the “Debit Order” option. This section contains your recent transaction history, including details of debit orders.

  1. Enter your remote PIN

For security reasons, you will be prompted to enter your remote PIN. This extra layer of verification ensures that only authorized people can initiate financial changes or reversals.

  1. Select the debit order to cancel

Go through your transaction history and identify the specific debit order you want to cancel. Make sure you choose the right transaction, as canceling the wrong transaction can lead to further complications.

  1. Dispute Start

After selecting the appropriate debit order, press the “Dispute” button. This action means that you object to the transaction and want to cancel it.

  1. State the reason for the dispute

Select an appropriate reason for the dispute from the options provided. This is an important step as it helps Capitec understand the nature of the problem and streamline the reverse process. 

  1. Submit dispute

Once you have provided the required details, confirm your dispute by pressing the “Submit” button. This officially registers your cancellation request.

Important Notes When Reversing Money Using Capitec App

  1. Types of transactions

It is important to note that the Capitec app only allows you to cancel debit orders. Transactions such as EFTs or cash withdrawals cannot be reversed through this process. 

  1. Term for settlement

Debit orders can only be canceled if they have not been processed. If a debit order has been placed, you will need to contact Capitec customer service to explore possible solutions.

  1. Delay

The Capitec app allows you to cancel debit orders within 40 days of the transaction date. If the transaction occurs before this time period, you will need to contact Capitec customer service for assistance.

Note:

For transactions over 40 days, If you need to reverse funds from a transaction that took place more than 40 days ago, you will need to contact Capitec’s customer service team. They have the expertise to guide you through the specific process that applies to legacy transactions.

Improve your chances of success

Maximize your chances of your dispute being approved and your funds successfully refunded by following these additional tips:

  1. Check the accuracy of the debit order number to avoid confusion during order cancellation.
  1. Clearly explain the reason for the dispute, provide relevant details to support your claim.
  1. Include relevant information such as transaction date and amount to help the Capitec team evaluate.
  1. To strengthen your case, consider taking a screenshot of your transaction history as proof. 

FAQs

Can I disable any type of transaction using the Capitec app?

No, the Capitec app only allows you to cancel debit orders. Transactions such as Electronic Funds Transfer (EFT) or cash withdrawals cannot be canceled through the app interface.

How do I know if a debit order has been processed?

Debit orders that have been processed using the app cannot be canceled. You will need to check your transaction history to determine if the debit order has been processed before attempting to reverse.

What is the time limit to cancel a debit order via Capitec App?

You can cancel a debit order using the app within 40 days of the transaction date. Transactions prior to this period will require the assistance of Capitec Customer Service.

What should I do if I need to cancel a transaction that is more than 40 days old?

If you need to cancel a transaction that took place more than 40 days ago, you must contact Capitec customer service. They will guide you through the proper process for handling older transaction

Can I cancel multiple debit orders at once?

Yes, you can cancel multiple individual debit orders by selecting and disputing each transaction separately.

Is there a fee to cancel a debit order via the

Ie Capitec app?

Since my last update in September 2021, Capitec Bank has not charged any fees for canceling debit orders using the app. However, you should check with your bank directly or consult your bank’s official documentation for the latest information.

What happens after I submit a cancellation request dispute?

After submitting the dispute, the Capitec team will review the information provided. If the dispute is valid and the cancellation criteria are met, the funds will be credited back to your account within 24 hours. 

How can I improve my chances of getting my dispute approved?

To improve your chances of successfully resolving your dispute, be sure to provide accurate transaction information, select an appropriate reason for the dispute, and consider including supporting evidence such as transaction date, amount, and screenshot of your transaction history.

Can I cancel my debit order if my account balance is not enough?

You must have enough funds in your account to cover the amount you wish to cancel. If your balance is insufficient, the cancellation may not be successful. 

Is the process the same for personal and business accounts?

While the general process may be the same, there can be differences between a personal account and a business account. You should consult the official Capitec resources or contact customer service for specific advice based on your account type.

Conclusion

Capitec app offers an efficient and user-friendly way to manage your finances, including the ability to cancel false debit orders. By following the steps outlined in this guide and taking into account the key considerations provided, you can navigate the process with confidence and regain control of your money. Remember that the app only allows the reversal of debit orders, within 40 days of the transaction date.