What to do if transaction is successful but not received?

What to Do When a Transaction is Successful but Not Received

Financial transactions, whether online or offline, are generally reliable and secure. However, occasionally, there may be a discrepancy where a transaction appears successful on the sender’s account but the recipient claims non-receipt. In such situations, prompt action is crucial to resolve the issue.

Step 1: Contact Your Bank

The first step is to contact the bank associated with the sending account. You can either initiate a dispute through their website or visit a branch in person. Clearly state that the transaction appears successful on your account but the recipient has not received the funds.

Step 2: Provide Evidence

To support your claim, gather evidence of the transaction. This could include a screenshot of the transaction details, a copy of the payment confirmation email, or a receipt from the ATM. Providing clear evidence will strengthen your case.

Step 3: Initiate a Chargeback Request

A chargeback is a request to reverse a transaction. When you dispute a transaction with your bank, they will typically initiate a chargeback request with the recipient’s bank. Provide all necessary information regarding the transaction, including the date, amount, and the recipient’s details.

Step 4: Wait for the Investigation

The bank will investigate the chargeback request. This process may take several business days or even weeks. During this time, you should cooperate with the bank and provide any additional information they request.

Step 5: Resolution

The outcome of the investigation will determine whether the funds will be refunded or not. If the bank finds evidence that the transaction was not authorized or received, they will typically issue a refund to your account. However, if the recipient provides proof of receipt, the chargeback may be denied.

Tips for Prevention

To minimize the risk of such discrepancies, it is recommended to:

• Verify recipient information: Double-check the name and account details of the recipient before initiating a transaction.
• Use secure payment methods: Opt for trusted payment platforms and avoid sharing sensitive financial information with unknown parties.
• Keep transaction records: Maintain a record of all financial transactions, including confirmation emails and receipts.
• Monitor your statements: Regularly review your bank statements to identify any unauthorized or disputed transactions.

If you encounter a situation where a transaction is successful but the recipient claims non-receipt, don’t hesitate to contact your bank and initiate a chargeback request. By following the steps outlined above, you can increase the chances of resolving the issue and recovering your funds.