Joseph Harkins

Joseph Harkins


The personal blog of Joseph Harkins, technology entrepreneur

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SEPA Direct Debit Refund

How to get a no-questions-asked refund for any bills or payments

Joseph HarkinsJoseph Harkins

The recent introduction of SEPA – the Single European Payments Area is an initiative by the EU to simplify Euro bank transfers. Part of SEPA is the ability for creditors to charge individuals bank accounts directly. While this concept isn’t anything new it has brought several improvements to the system and one little known benefit – the SEPA Direct Debit Refund.

Under the SEPA Regulations (specifically, Regulation 260-2012) all banks must facilitate refunds for their customers for payments taken by creditors. The refund procedure has two periods (1) up to eight weeks after and (2) from eight weeks to within 13 months of the date of the transaction.

First eight weeks after debit: The key part of this regulation is that within the first eight weeks any refunds requested must be made by the bank no questions asked. This means that you can reverse any payments taken from your account within eight weeks without having to deal with the creditor, ideal for avoiding dealing with any unscrupulous companies.

Eight weeks to 13 months after debit: Additionally, if you find any unauthorised transaction within 13 months of debit you can instruct your bank to reverse the charge. Unlike the eight week rule this usually triggers an investigation where you will need to provide some additional information to your bank before they will authorise the refund.

Procedure for requesting refund – thanks to AIB, Bank of Ireland, KBC and Ulster Bank who provided instructions for requesting a SEPA Direct Debit Refund

CEO & Founder at DeveloperFair

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