Can the credit card payment be stopped?
Paying by bank transfer, direct debit or credit card: what to do if something goes wrong?
Humans are not robots, and even they are known to make mistakes every now and then. This can happen from time to time: you accidentally transfer money to the wrong recipient or discover an unauthorized direct debit on your own account. According to the Deutsche Bundesbank, 69 percent of Germans use bank transfers, 59 percent direct debits and 37 percent credit cards for online purchases (multiple answers possible). Quite likely that something will go wrong. But what can you do in such a case?
Correct recipient name, incorrect IBAN: reclaim the transfer
Regardless of whether the holiday trip or online shopping has to be paid for, in Germany the transfer is the most widely used method to pay bills. The commissioned bank transmits the transfer data to the recipient's bank, which credits the money to his account.
Since the introduction of the SEPA payment procedure, banks are not obliged to match the recipient name and the IBAN for errors. So it can happen that you as a customer have given the correct recipient name, but not the appropriate IBAN and your money is credited to the wrong recipient.
If you notice this right away and act immediately, you may still be able to stop the transfer order. In such a case, contact your bank immediately. If the order can no longer be stopped, your money is of course by no means lost; You can reclaim it from the unauthorized payee. Your bank will support you in this. If the recipient does not voluntarily transfer the amount back to you, you have the option to claim a reimbursement of the misdirected amount.
An information procedure has been agreed between the banks for such cases, which takes effect from a sum of 20 euros: You will then receive the information about the unauthorized recipient that you need to enforce your claim in court.
Unauthorized direct debit: Revoke direct debit
If you pay by direct debit, you authorize a third party with a SEPA direct debit mandate to withdraw funds from your account. This has the advantage that, for example, you don't have to remember to keep a certain payment date or transfer monthly invoices every time.
With a direct debit, you can revoke the debits at any time. The period for this is eight weeks, reasons for the revocation do not have to be given. If you did not authorize the payment, you can request a refund within 13 months. This also applies in the event that you had revoked an originally existing direct debit mandate before the debit. You can revoke this personally at your bank or you can do the chargeback in online banking yourself.
Reverse credit card payments
Paying by credit card is often offered, especially for online purchases. In the event of any discrepancies, you should immediately contact the card-issuing bank. You can also cancel unjustified credit card payments. If in doubt, your bank knows what options are available to you for a refund. If you suspect that someone has misused your credit card, you should have your card blocked immediately.
You can find more information about online payments by credit card here.
Tip: Always keep an eye on your account movements and credit card statements. This is very convenient and uncomplicated in online banking, by SMS or via the banking app. This enables you to react promptly if something has gone wrong.
We have information on prepaid credit cards for you in the blog postPrepaid credit cards: top up and use collected.
Just like you do with your smartphonepay mobile and secure you can read in our blog post.
Note: The blog was updated on July 9th, 2020 in the section "Reverse credit card payments".
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