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I've never heard of any protection like this in the EU banking system. If you transfer money to a scammer it's simply gone. It sucks for the 0,0001% of people

I've never heard of any protection like this in the EU banking system. If you transfer money to a scammer it's simply gone. It sucks for the 0,0001% of people who get scammed some time but is it really needed that the bank takes on this role?

synchrone 4y ago
If you initiate it - yes. If the seller charges by IBAN via SEPA - you get 8 weeks to chargeback, no questions asked
- ReptileMan 4y ago
  Aren't IBANs entry only. You can only debit the IBAN.
mellavora 4y ago
not sure where you get the 0.0001% figure. The protections are part of the regulations. A consumer can reverse a SEPA Direct Debit transaction at any time. This is called a chargeback. A chargeback is allowed up to 8 weeks after the date of the direct debit with a valid mandate and up to 13 months without a valid mandate. At most banks, the consumer does not have to give a reason for the reversal. https://help.mollie.com/hc/en-us/articles/115000796469-How-do-chargebacks-work-with-SEPA-Direct-Debit-transactions- https://help.mollie.com/hc/en-us/articles/115000796469-How-d...
- Symbiote 4y ago
  Direct debits are the thing used to automatically pay your electricity bill every month. A different system with different rules to a one-off personal or business money transfer.