What happens if a transaction failed but money is debited? One of the most stressful things that can happen to any Nigerian using a banking app or USSD code is seeing a “Transaction Failed” message, followed immediately by a debit alert. You wanted to pay for a service or send money to a loved one, but now the money is gone from your account, and the person you sent it to hasn’t received a kobo.
If this just happened to you with your Access Bank account, take a deep breath. You are not alone, and your money is not lost. At Relief.ng, we understand how frustrating this is, and we are here to guide you through the exact steps to get your money back.
Why This Happens
In Nigeria, electronic transactions involve a “handshake” between your bank (Access Bank), a switching provider (like NIBSS), and the receiving bank. If there is a tiny break in the network at any point during this handshake, the process might fail.
Common reasons include:
- Network Glitches: Temporary downtime from the service provider.
- Bank Server Issues: If Access Bank or the recipient’s bank is undergoing maintenance.
- Timeout: The transaction took too long to process, so the system flagged it as failed even though the debit was already initiated.
What Happens if a Transaction Failed but Money is Debited?
When this occurs, the money is usually held in a “suspense account” or is stuck between the two banks. According to Central Bank of Nigeria (CBN) guidelines, these funds are meant to be returned to you.
Here is your step-by-step solution to fix the issue:
1. Wait for 24 Hours (The Automatic Reversal)
Most failed transactions in Access Bank are corrected automatically. The bank’s system typically runs a reconciliation at the end of the day.
- On-Us Transactions: If you were transferring to another Access Bank account, the reversal is often very fast (sometimes instant or within 24 hours).
- Not-on-Us Transactions: If you sent money to a different bank (e.g., GTBank or Zenith), it might take a bit longer for the systems to communicate.
2. Gather Your Transaction Details
If 24 hours pass and you haven’t received your money, you need to prepare your “evidence.” You will need:
- The Amount debited.
- The Date and Time of the transaction.
- The Session ID or Reference Number (found in your debit alert or app history).
- The Beneficiary Account Number and Bank.
3. Contact Access Bank Support
Do not wait more than 3 days to report the issue. You can reach Access Bank through these official channels:
- Social Media: Send a Direct Message (DM) to “Access Bank Helps” on X (Twitter) or Facebook. This is often the fastest way to get a response.
- Email: Send a detailed mail to contactcenter@accessbankplc.com.
- WhatsApp: Chat with them on 09090901901.
- Phone Call: Call their 24/7 center on 07003000000.
- The Access Service Hub: You can log a failed transaction online via the Access Service Hub.
4. Visit a Branch
If the amount is large or the online channels are slow, walk into any Access Bank branch and speak with a Customer Service representative. Ask for a “Dispense Error Form” or a “Failed Transfer Form.”
How Long It Usually Takes
- Internal Transfers: 24 hours.
- Inter-bank Transfers: 3 to 5 working days.
- POS/ATM Errors: Up to 5 to 7 working days, as these require more manual checking between different payment providers.
Common Mistakes to Avoid
- Retrying Immediately: If a transaction fails once due to network, don’t try it five more times. You might end up getting debited five times!
- Waiting Too Long: If you don’t report the issue within 30 days, it becomes much harder for the bank to trace and reverse.
- Sharing Details Publicly: Never post your account number or transaction ID in the comment section of a bank’s public social media page. Scammers lurk there.
Important Safety Warnings
Your safety is our priority. Please remember:
- Access Bank will NEVER ask for your PIN, OTP, Password, or BVN. * If anyone calls you claiming to be a “Bank Representative” and asks for a code sent to your phone to “help you reverse the money,” hang up immediately. That is a scammer.
- Relief.ng is an information platform and will never ask for your banking details.
Frequently Asked Questions (FAQs)
1. Can I use a USSD code to report a failed transfer? Currently, Access Bank’s USSD code (*901#) is mostly for transactions. To report issues, it is best to use the Access Service Hub, Email, or Social Media.
2. What if the bank says the transaction was “Successful”? Ask for the Session ID. Send this ID to the person you were paying. They can take it to their own bank to prove the money never arrived.
3. Does Access Bank charge for failed transactions? No. If the transaction failed, any transfer charges (N10, N25, or N50) should also be reversed along with your main money.
4. What if my money isn’t back after 7 days? You can escalate the matter by sending an email to the Central Bank of Nigeria (CBN) Consumer Protection Department at cpd@cbn.gov.ng.
Conclusion
Dealing with a failed debit can be stressful, but by following these steps and staying calm, you will surely get your funds back. Access Bank has multiple systems in place to ensure these errors are corrected.
Have you ever had a failed transfer with Access Bank? How long did it take for your money to come back? Let us know in the comments below so others can learn from your experience!