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Electronic Funds Transfer

Frequently Asked Questions : Electronic Funds Transfer

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.
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 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 contactcenter@accessbankplc.com
 
A transaction charge of N52.50(VAT Inclusive) is applicable to any request.
 

You can seamlessly use:

  • The Mobile Banking App
  • Internet Banking
  • *901#
  • Any Access Bank branch
  • ATM
Send an email to contactcenter@accessbankplc.com. 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.
 
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.
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.
 
For Mobile Banking transfers, a limit of N2,000,000.00 is applicable in four tranches of N500,000.00.
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.
 
The sender is expected to contact the beneficiary for amicable settlement so that funds can be returned.

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