What to do if your bank debits you but the transfer fails
It happens every day. You send money, your account is debited, but the recipient sees nothing. Most failed transfers are reversed automatically, if you follow the right steps and keep solid evidence.
Quick answer: Stay calm, keep evidence, wait the regulatory window, then escalate if you need to.
Timeline: 24 hours for same-bank transfers, 3 to 5 working days for inter-bank transfers, up to 14 business days for international remittances.
Who to call: Your bank, the Central Bank consumer protection desk at cbncpd@cbn.gov.ng, or NIBSS support.
1. Check transaction status immediately
Open your mobile app or internet banking. Look under failed, pending, or reversed transactions. Take a screenshot showing the debit amount, time, and reference number.
2. Confirm with the recipient
Ask if they have received the funds. Sometimes credit alerts delay by minutes, especially across banks. Do not resend the money yet. Wait until you confirm reversal or completion.
3. Contact your bank first
Use in-app chat, call center, or visit a branch. Say clearly: “My account was debited on [date/time] for ₦[amount]. The transfer failed. Please escalate and confirm reversal.” Note the complaint ticket number. You will need it later.
4. Wait the official reversal period
Under Central Bank guidelines, failed same-bank transactions should be reversed within 24 hours, and inter-bank ones within 3 to 5 working days. If it exceeds this, the bank must update you every 48 hours until the matter is resolved.
5. Escalate if it drags beyond 5 days
If there is no reversal after 5 working days, email the CBN Consumer Protection Desk at cbncpd@cbn.gov.ng and contact NIBSS to trace the payment. Attach screenshots, the transaction reference, and your bank complaint ID. Mention the date you first reported.
- Transaction receipt or app screenshot with reference number.
- SMS or email debit alert from your bank.
- Complaint acknowledgement or ticket number from your bank.
- Any bank replies or reversal confirmations.
- Do not send the money again out of panic.
- Do not delete the transaction record or screenshots.
- Do not rely on verbal promises, get written acknowledgment or a ticket number.
Call a lawyer if:
- The bank refuses to reverse after 14 days.
- Repeated failures cause business or reputational loss.
- The debit involves a large sum or an international payment that the bank cannot trace.
A lawyer can draft a formal demand, escalate to the CBN or other regulators, and, if necessary, begin a small claims or commercial action.
Q: Can I get compensation for delay?
A: Possibly. Under Central Bank guidelines, banks may be required to pay interest for undue delays beyond reversal deadlines. Ask the bank for their policy and keep records of loss.
Q: What if it happens through a POS agent?
A: Inform your bank and the POS operator, keep the receipt slip. Reversals still follow the same 24-hour or 3 to 5 working day rule.
Q: What if the failed transfer was international?
A: International transfers can take up to 14 business days to resolve. Ask the bank for the SWIFT trace, and escalate to the bank’s international payments or remittance desk.
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