Frequently Asked Questions : Electronic Funds Transfer
How do I confirm the authenticity of an account domiciled in another bank?
A Beneficiary Name Enquiry System exists when transfers are initiated via any of the platforms i.e. Mobile Banking App, Internet Banking, etc. The system validates the account name against the account number whenever a transfer is initiated.
How long does it take for the beneficiary to get value of the transfer?
Instantly. However, where there are delays in transferring funds, the beneficiary bank shall notify the Sending Bank, Beneficiary, and EFT (Electronic Funds Transfer) Service Provider with an assurance of resolution within 24hrs.
If a transfer fails and my account is debited, how do I get my money?
If a transfer fails for any reason, the sum will be credited to your account within 24hrs, if this is not done, a formal complaint can be sent via email to email@example.com
What are the charges for using Instant Electronic Funds Transfer?
A transaction charge of N52.50(VAT Inclusive) is applicable to any request.
What channels can I initiate an Instant Electronic Transfer?
You can seamlessly use:
The Mobile Banking App
Any Access Bank branch
What do I do when I do not know the beneficiary, or a known beneficiary refuses to effect a refund?
Send an email to firstname.lastname@example.org. The Sending Bank will notify the Beneficiary Bank, which shall then place a lien/hold on the amount in the account, and thereafter seek the consent of the beneficiary to do a refund.
What happens if the beneficiary does not give consent?
A customer who receives funds in error and is unwilling to refund, is faced with a penalty of having his BVN watch-listed or being reported to law enforcement agencies.
What is Instant Electronic Funds Transfer?
This is a form of funds transfer by which money is transferred instantly from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.
What is the limit transferrable on Instant Electronics Funds Transfer?
For Mobile Banking transfers, a limit of N2,000,000.00 is applicable in four tranches of N500,000.00.
What is the timeline for resolving all Instant Electronic Funds Transfer disputes?
All Instant Electronic Funds Transfer disputes shall be resolved within three (3) working days, but where the sending and receiving entities fail to agree, the aggrieved shall report to the Director, Consumer Protection within (5) working days to resolve the dispute to minimise inconvenience to customer.
When I transfer funds to a wrong beneficiary that is known to me, what do I do?
The sender is expected to contact the beneficiary for amicable settlement so that funds can be returned.