Reversing Money on GTB is a very simple process if you follow the correct procedures. In one of our previous article, we discussed GTBank’s Reversal Code and How to Fix Dispense Errors. You can read the article to have more knowledge about how GTB Reversal works.
In most banking systems in Nigeria, glitches are constant. In this situation, you will need to file a dispense error form to get your money reversed to the designated account or to where it was transferred from. Even this happens in a revolutionary modern banking system such as OPay, Moniepoint and PalmPay.
In this article, we will discuss how you can reverse a GTB transaction in case of any errors or problems. But before we dive into that, why should you reverse a GTBank transaction? Let’s have more knowledge about that.
Reversing a GTB transaction usually happens for several reasons. Many reasons typically revolve around errors or disputes. Here are some common scenarios why you should file a dispense error form for reversal of fund on GTBank:
- Transfer To A Wrong Account: If you accidentally send money to a wrong account, then filing a reversal claim is not a bad idea. For example, inputting an incorrect account number or sending the wrong amount. However, it’s always wise to find the designated account owner and ask for a refund politely. But in the case where the account holder is not willing to refund politely or you can get in touch with the account holder at all, then you can simply go-to GTB to file a reversal claim.
- Duplicate Transactions or Payments: As the English adage says, “no one on earth without mistakes” right? Sometimes, payments are mistakenly sent twice due to system glitches or human error. A reversal from GTB is then requested to correct the mistake and reclaim your lost funds.
- Bank Errors: This is a systematic dispute that can automatically resolve itself. For instance or in a situation where GTB processes a transaction incorrectly (e.g., debiting your account or wrong amount), a reversal may be initiated by the bank itself. If the reversal is not automatically initiated, then you should initiate it. However, do note that bank errors happen is not constant; that is, it happen occasionally.
- Cancelled and Pending Transactions: If your transaction is taking to long to process or remains at pending status for a very long time, cancelling it may result in automatic reversal. However, in a situation where by you cancelled a transaction and the funds are not reversed to your account, then you should initiate a reversal claim. More so, sometimes, this happens on point-of-sales (POS) terminals. If a transaction is cancelled before it is fully processed during a payment on POS, a reversal is initiated to refund the amount to the debit card account.
How to Reverse a GTB Transaction
To reverse a transaction with GTBank, you need to report a dispense error and file a reversal claim or request a fund refund/recall from the bank. Here’s how:
File a Dispense Error Form
There are many ways to report or file a dispense error with GTB to reverse your transaction. You can report a dispense error by:
- Visiting any GTB branch to file a dispense error form. If you’re using this method, make sure you include every details about the transaction and submit the form. However, note that filing a dispense error in GTB usually takes seven business days for resolution.
- If the transaction error occurred on your GTB Debit Card, then you can report the dispense error on the GTWorld App. Kindly login to the App using your unique username and password. Go-to “Card” and look for the card transaction in question. On the transaction receipt, click on “Report a Dispense Error” and you will be prompt to answer some questions about the transaction.
- Furthermore, you can also insert your Debit Card into GTB ATM to report a dispense error that occurred on GTBank’s ATM. To do that, simply insert your ATM card into the machine, enter your PIN, select More services and select the transaction in question and then Log a dispense error.
- You can also call GTConnect IVR at 08039003900 or 08029002900, and press 1 for self-service to report a dispense error. While speaking with a customer representative, explain your situation and provide all valid evidence of the transaction.
Request a Refund or Fund Recall
You can request a fund recall or refund of your transaction on GTB by visiting any of the bank’s branches across the country or by contacting GTCONNECT, the 24/7 customer care service.
Meanwhile, it’s important to note that whether you’re requesting for a fund recall or you’re filing a dispense error form, the time it takes to resolve a reversal a transaction depends on the type of error and where it occurred.
For transaction errors and dispense errors that occurred on local ATMs, reversal usually takes 24 hours if the error occurred on a GTBank’s ATM, and 5–8 days if it occurred on another bank's ATM.
POS/Merchant Website dispense errors usually takes 3 business days for reversal to take place. International dispense errors will take 45 good days for a reversal to be initiated.
