3 Avoidable Mistakes That May Lead To Your Helb Upkeep Funds To Be Reversed
The quote ‘So Near, Yet So Far’ may hit considerably harder especially if you are a Helb beneficiary who has persevered anxiety-induced wait periods of close to three months for Helb disbursement only for it to be reversed at the last minute.
Such is the pain equivalent to a heartbreak that may take days, weeks or even months to get over as you self-reflect on your current predicament and chart your way forward.
Unfortunately, more often than not, it usually turns out that fault lies with you as the applicant as opposed to Helb themselves in necessitating the reversal.
How? You might ask.
Well… it all boils down to three(3) crucial overlooked aspects.
However, before we delve into them, lets first of all define the term payment reversal which simply means cancellation of a transaction whereby the paid funds are returned to the sender.
Payment reversals can occur for various reasons, and the specific factors may depend on the payment method as well as the parties involved. Some of the factors that may contribute towards payment reversals include;
- Insufficient funds: This involves instances whereby the payer’s account lack sufficient funds to cover the transaction.
- Incorrect account details: Crucial account information such as wrong account number may result in payment reversals.
- Technical glitches: System errors/ network issues during payment processes can lead to payment reversals.
- Account Inactivity: If an account is closed/suspended/dormant, any pending transactions may be reversed.
- Expired or Invalid Payment Methods: Payments made with expired or invalid credit/debit cards or other payment methods may be reversed.
- Regulatory Compliance: Payments bearing concerns related to money laundering or KYC regulations may face reversals.
- Authorization Issues: Payments effected without proper authorization may risk reversal due to security concerns.
Therefore, it is important to note that the specific reasons for payment reversals can vary based on the payment system, financial institution, and applicable regulations.
As such, Helb payment reversals are usually as a result of three major factors which include;
1. Wrong Bank Account Details
As an applicant, if you choose the bank option as a method of receiving payment, you must ensure that all your bank account details are entered as accurately as possible without omission or interchanging of account number digits.
Some of the details such as your account name & number are usually displayed at the front of your ATM/debit card while bank branch is generally the location where you opened an account with your bank.
Alternatively, you can always seek clarification from your bank in instances whereby you are not sure of what to fill in this section during your Helb application process.
2. Dormant Bank Account
A dormant bank account refers to an account that has been inactive due to lack of transactions such as deposits/withdrawals for a prolonged period of time.
In some cases, banks may choose to close dormant accounts, especially if they remain inactive for an extended period which eventually lead to payment reversals if transactions are directed to the closed account.
For this reason, it is crucial to always be aware of your bank account status and take proactive steps to avoid the inconveniences related to dormant accounts such as account closure or reactivation charges associated with the same.
For instance, Equity bank account holders can easily reactivate a dormant Equity bank account free of charge whether locally or in diaspora.
3. Inaccurate Phone Number Details
For those that opt to go the mobile payment route such as M-PESA, it is crucial to input valid phone number details which will be used to receive the funds and ultimately be useful for withdrawal purposes via the USSD code *642#
