Many people wonder how they can cancel a money transfer. Unfortunately there is not one, if any, transfer facility in place which will give you this right. There are certain things which are part of the Transfer Fund, such as actual cash advances for people who have had their credit ratings ruined and have had trouble repaying loans.
When it comes to online payments, there are only two options. One is your bank, which may charge a cancellation fee for canceling the transaction but many banks will waive this fee for a day or so as an introductory period.
The other option is your credit card company who may have a cheaper scheme in place. These days the majority of card companies offer direct debit in addition to traditional purchases.
There are certain websites that are set up by lenders to help people with the cancellation of these transactions. I am not sure if they are licensed, so do check with your local authorities.
The next point to check is what your debt management company says in terms of how they will handle your money transfer. Most people find that the debt companies they deal with will charge them a one-off fee. This fee can be up to a few hundred pounds.
The problems with this sort of fee is that you are paying for something you were already going to pay anyway; your credit card and money transfer should be something you’ve already had for some time. Furthermore, in order to process your money transfer you have to get hold of the documents that would need to be sent to the company in question.
In the case of a money transfer to your account from a company that you haven’t used before, there will usually be no fee. However, in order to do this, you will need to give the company some personal information about yourself; your details will include your name, address, account number, and probably your password and PIN number too.
If you want to cancel a money transfer made by a friend or relative and they ask for this information, don’t do it. It’s not going to do you any good.
You can find out more about your personal information by writing to the company and asking them to provide you with this information. Alternatively, you can give them a call and give them the necessary information.
If the company asks for your personal information, you can tell them you don’t have anything to give them. The fact that they know who you are could make them suspicious and so they will send a representative over to your home.
Sometimes the representative will come to your home, but sometimes he or she will phone the company directly and arrange for a direct debit. At this point it is recommended that you call up the company and explain the situation to them.
The last thing to do is make sure you have removed all your money from the bank or building society as soon as you have received the money. You never know when you might need your money again.