What to do if transaction is done but not received?

Steps to Take When a Transaction Is Debited but Not Credited

When you initiate a financial transaction but the funds are deducted from your account without reaching the intended recipient, it can be a distressing situation. Here’s a comprehensive guide on what to do in such a scenario:

Step 1: Contact Your Bank

• Visit or call your bank branch immediately.
• Provide the details of the transaction, including the amount, date, and transaction reference number.
• Request clarification on the status of the funds and the reason for the discrepancy.

Step 2: Inform the Recipient

• Contact the recipient and inform them about the situation.
• Provide them with the transaction details and request them to verify the status with their bank.

Step 3: Verify with the Recipient’s Bank

• The recipient should contact their bank using the transaction reference number.
• They should inquire about the status of the funds and request an explanation for the delay or non-receipt.

Step 4: Follow Up with Your Bank

• After the recipient has contacted their bank, follow up with your bank to cross-reference the information provided.
• Submit any documentation or communication you have received from the recipient’s bank to support your claim.

Additional Tips:

• Be polite and persistent when interacting with bank representatives.
• Keep a record of all communication, including emails, phone calls, and bank statements.
• If the issue persists, escalate the matter to a supervisor or manager.
• Consider contacting the financial ombudsman or other regulatory authority if the bank is unresponsive or uncooperative.

Prevention Tips:

• Verify the recipient’s account details carefully before initiating a transaction.
• Use secure payment methods and avoid transferring funds to untrustworthy entities.
• Regularly monitor your bank statements to identify any unauthorized transactions.