ConsumerTalk with Wendy Knowler, Good to Know with Wendy Knowler, Good to Know with Wendy Knowler

If you make a mistake when transferring money (EFT) you don’t get it back easily

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:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
2019 MTBPS: Analysts conduct a grim post-mortem

2019 MTBPS: Analysts conduct a grim post-mortem

A range of analysts discusses the lowlights of Minister Tito Mboweni’s bleak “mini-budget” with Bruce Whitfield on The Money Show.

'As Mboweni started speaking the rand went weaker and weaker and weaker'

'As Mboweni started speaking the rand went weaker and weaker and weaker'

Is the rand in for another downward spiral? Yes, says Treasury One Director Andre Cilliers.

Zimbabwe anti-sanctions protest fails despite free transport, chicken and Pepsi

Zimbabwe anti-sanctions protest fails despite free transport, chicken and Pepsi

The march – organised by the Zimbabwean government - was poorly attended despite freebies and the declaration of a public holiday.

3 hottest shares to buy, right now (according to Nitrogen Fund Managers)

3 hottest shares to buy, right now (according to Nitrogen Fund Managers)

Rowan Williams shares his stock picks of the week with Bruce Whitfield on The Money Show.

Formula for calculating how much you need to never have to earn a salary again

Formula for calculating how much you need to never have to earn a salary again

Personal finance expert Warren Ingram on how to determine your “financial freedom number”. There's a simple formula.

'Mbete faced difficult questions. She has done a lot in terms of responding'

'Mbete faced difficult questions. She has done a lot in terms of responding'

Xolani Xala (SA Business Abroad) defends his defence of ANC stalwart Baleka Mbete’s "car crash" interview on Al Jazeera.

Popular articles
RMB Holdings ends SA’s 'most successful entrepreneurial venture in 40 years'

RMB Holdings ends SA’s 'most successful entrepreneurial venture in 40 years'

RMB Holdings will dole out its shares in FirstRand, South Africa’s largest financial institution, says Chris Logan.

BEE benefits white-owned companies, caller tells Eusebius

BEE benefits white-owned companies, caller tells Eusebius

Callers discuss the benefits of Black Economic Empowerment and inequality in South Africa with Eusebius Mckaiser.

[VIDEO] Gate camera footage shows Julius Malema in altercation with soldier

[VIDEO] Gate camera footage shows Julius Malema in altercation with soldier

EFF's Malema and Ndlozi were in court for allegedly assaulting an officer during Winnie Madikizela-Mandela's funeral last year.

FNB unilaterally closes accounts of all cryptocurrency trading platforms in SA

FNB unilaterally closes accounts of all cryptocurrency trading platforms in SA

FNB ("most innovative bank in SA") is unbanking one of the most innovative industries of our time, says Farzam Ehsani (VALR.com).

We paid before the family arrived with the body – Old Mutual

We paid before the family arrived with the body – Old Mutual

Consumer journalist Wendy Knowler investigates after a poor family’s desperation to get a claim paid made headlines.

[WATCH] Viral schoolkid who cried at Bok tour attends awards with the Kolisis

[WATCH] Viral schoolkid who cried at Bok tour attends awards with the Kolisis

He was caught on camera earlier this month, bawling his eyes out when he saw the Bok squad at the start of their victory tour.

[VIDEO] Family take dead family member to Old Mutual after no funeral pay-out

[VIDEO] Family take dead family member to Old Mutual after no funeral pay-out

Khabazela shares tweets and Facebook posts that have gone viral.

'Pravin Gordhan is part of SAA mess, he is not a saint'

'Pravin Gordhan is part of SAA mess, he is not a saint'

Wits School of Economics and Business Science senior lecture Lumkile Mondi says the South African Airways crisis is self-created.

13 tips for saving hundreds (nay, thousands!) of rands each month

13 tips for saving hundreds (nay, thousands!) of rands each month

The economy is toast. Personal finance expert Warren Ingram shares 13 highly effective tips for making ends meet.