Ever wondered what you would do if you were to pay money into the wrong account? As the world of banking moves more and more into the online space, this becomes a worry that a lot of people live with as they go about doing their banking every month – all you need to do is get one digit wrong.

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In this month’s article, we touch on a real life story of a man who transferred R55000 into the wrong account and his struggle to get it back. We also look at how far the banks can go in helping you recover the funds and just how much power the recipient has on the funds being reversed. There is a very real possibility of getting it wrong and we take you through the process of how to fix such a mistake if it happens. We also show how you can avoid it in the first place.

ZASA Magazine - Issue 23 - August 2017_Money Matters

In case you were not aware, Mukuru also offers a solution for sending money across South Africa, find out more in this month’s edition.

Download Issue 23 (August) here to read the article and understand the context of this post, this is a supplementary post.

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Sources: Sowetan Live Article | Sunday Times Article | Payments Association of South Africa | Featured image | Inline image