The biggest challenge with mobile money transfers in Kenya is sending money to the wrong number or account. When that happens, the results are usually mixed. If the recipient keeps the money, you have lost a significant amount. But Kenyan banks, including Co-operative Bank, have implemented measures to help reverse transactions sent to the wrong numbers or accounts. So, do you know how to reverse a Co-operative Bank transaction?
Reversing a Co-operative Bank transaction sent to the wrong number or account may not be straightforward. It may take a day or more to have your money reversed.
In a worst-case scenario, it may take months, or you may not get your money. However, because of the measures put in by Co-operative Bank, you can still reverse money sent to the wrong account number.
How to reverse a Co-operative Bank transaction
Sending money to the wrong number or account is frustrating. But if you are a Co-operative Bank customer, you can still try to recover money sent to the wrong account number. Here are steps you can take.
Contact the Co-operative Bank contact centre
Once you have sent money to the wrong number, contact the Co-operative Bank contact centre immediately. You can use the numbers +254-703-027-000 or +254-20-277-6000.
The agents will help you reverse the transaction before the recipient can withdraw the money. Ensure to provide the transaction or reference number when you contact customer care.
You can also contact the agents via WhatsApp if you prefer not to call. The Co-operative Bank customer care WhatsApp number is +254-736-690-101.
Alternatively, send an email to customerservice@co-opbank.co.ke. An email communication may take longer. Nevertheless, it is a good option if you have sent money to the wrong number.
Contact the recipient
You can send money from your Co-operative Bank account to M-PESA. You must enter the correct M-PESA number for the recipient to get the money.
If you send it to the wrong number, try contacting the recipient. Ask them to send the money back to your mobile number or deposit it to the same account that sent the money.
With this method, they will not be guaranteed to send back the money. But if you are lucky, you will receive the money in your M-PESA or Co-operative Bank account.
Visit your nearest Co-Operative Bank branch
If you cannot reverse a Co-Operative Bank transaction via the app, visit your nearest Co-operative Bank branch. When you visit the branch, ask to see the customer care desk.
Provide the information about the transaction. The customer service will take your details and inform you of any procedure they might use to reverse the money. It may include filling out a claim form allowing the bank to reverse the amount to your account.
The procedure may include writing a letter to the branch manager. Once the manager has your information, consider waiting until other processes are complete.
Contact Co-operative Bank on X
Co-operative Bank offers customer support services on X, formerly Twitter. You can contact the bank through the handle @Coopbankenya.
Explain your predicament to them through a tweet or direct message. The advantage is that the X agents respond quickly. They will advise you on the way forward.
How long does it take to reverse a Co-operative Bank transaction?
The Co-operative Bank's transaction reversal time can vary depending on the type of transaction. The reversal can take around 24 hours to three days for debit card refunds, especially with most banks' faster payment systems.
For wire transfers, the reversal process is more complex. If the transfer goes through and it was an error from the bank, they can initiate a reversal. But if the sender provides incorrect information, the chances of reversal are meagre.
Why it may take longer to reverse a Co-operative Bank transaction
Many situations arise where you may get your money immediately. For example, if you send the money to an M-PESA number, call the recipient and ask them to reverse the money to your account.
You might get your money back immediately if they agree. However, the following situations may make it difficult for you:
Money sent to a merchant’s account
The problem comes if the money is accidentally sent to a merchant’s account. Here is what happens:
- You contact the bank to ask them to reverse money sent to the wrong merchant’s number.
- The bank gets your details and the transaction information but does not reverse the money immediately.
- Instead, the bank contacts the merchant to ask them about the transaction.
- At this point, you and the bank are at the mercy of the merchant.
- The merchant must agree that the money was erroneously sent to their account.
- If the merchant agrees to have the money reversed, it will be reversed. But if they do not agree, the bank will not reverse the money.
Money is sent to an account with multiple signatories
The entire step becomes even more challenging if the money goes to an account with multiple signatories. When that happens, your bank branch must contact all the signatories of the receiving account to confirm the transaction and content of the reversal. That may take days to complete.
Recipient fails to respond to a reversal request
Sometimes, the merchant or recipient may not respond. For example, in 2021, a user tried to reverse money he sent to a wrong number. He contacted Co-operative Bank through several channels, including social media.
The bank took all the steps to reverse the money, including contacting the merchant. Unfortunately, the merchant never replied. As a result, it took more than a month to get a reply.
Recipient withdrew the money
It may take longer to receive your money even when the person agreed to have received the amount erroneously. That can happen if the person withdraws the money.
In that case, they must fund the account to allow the bank to reverse the money. You cannot tell how long it will take to fund the account.
If the merchant or recipient refuses to have your money reversed, report to the authorities to have your money reversed. The authorities will use Section 35 of The Computer Misuse and Cybercrimes Act, 2018, to file a case against the Merchant or recipient.
How to avoid sending money to the wrong number
You can avoid sending money to the wrong number or account number by doing the following:
- Double-check the recipient's information before sending the payment. Always verify the recipient's phone number or account number before sending the payment.
- Use payment from the Co-operative Bank’s mobile app to transact. The app gives you the recipient's details before approving the transaction.
- You can also add users you send money frequently to your favourites list. That will allow you to tap on their numbers through the app, send them the money, and avoid guesswork.
Wrapping up
Do you know how to reverse a Co-operative Bank transaction sent to the wrong number or account? You can try several things—for example, contact Co-operative Bank customer care for help. Alternatively, contact the recipient and ask them to resend the money to your M-PESA or Co-operative Bank account.
Tuko.co.ke recently shared an article on how to reverse a KCB transaction. Recovery of money sent to the wrong number or account can sometimes be difficult.
Doing a transaction using KCB can be done through KCB bank accounts, M-PESA accounts or any other account. The KCB customer needs to be more careful while doing the transaction. However, whenever one encounters a wrong transaction, some procedures must be followed to reverse the money. Check out this article to learn more.
