Back to Africa Check

No, South Africa’s First National Bank didn’t charge reversal fees for accidental deposits

A post shared on Facebook and addressed to “all FNB clients” claims South Africa’s First National Bank (FNB) is guilty of the “biggest SA scam”.

It reads: “FNB ‘accidentally’ deposited R1,000 to 1 million people. They charged R28 per reversal. They made R28 million.”



System error


In June 2019 there were multiple reports that FNB accidentally deposited up to R3,600 in some of its customers’ bank accounts. But the bank reversed the transactions within a day.

FNB apologised to affected customers on its Twitter and Facebook accounts, explaining that the mistake had been caused by a system error.

In an interview with Business Insider, FNB’s consumer chief executive Christoph Nieuwoudt denied claims that the bank had charged its clients a reversal fee.

“The monies that were in clients’ accounts were not deposits, in the same way that FNB correcting the transaction is not a reversal," he said.

According to FNB, “the incorrect balances were due to delayed debit card transactions for purchases”. – Africa Check




 

For publishers: what to do if your post is rated false

A fact-checker has rated your Facebook or Instagram post as “false”, “altered”, “partly false” or “missing context”. This could have serious consequences. What do you do?

Click on our guide for the steps you should follow.

Publishers guide

Africa Check teams up with Facebook

Africa Check is a partner in Meta's third-party fact-checking programme to help stop the spread of false information on social media.

The content we rate as “false” will be downgraded on Facebook and Instagram. This means fewer people will see it.

You can also help identify false information on Facebook. This guide explains how.

Further Reading

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
limit: 600 characters

Want to keep reading our fact-checks?

We will never charge you for verified, reliable information. Help us keep it that way by supporting our work.

Become a newsletter subscriber

Support independent fact-checking in Africa.