The Moniepoint’s Post No Debit (PND) affects both business accounts and personal accounts. It’s a restriction that hinders account owners from carrying out any outward flow of money on their account.
In other words, when a PND is placed on your Moniepoint account, you’ll not be able to transfer funds, withdraw funds using debit card or carry out any web transactions. More so, USSD withdrawal will also not work.
However, paying attention to why the restriction is placed on your account is one of the essential steps to take. After you discover why PND is placed on your account, you can know what to do next to rectify it.
- Post-No-Debit is a restriction placed on an account to prevent any withdrawals or debits from being processed.
- When PND is applied to a Moniepoint account, it means that no funds can be taken out of the account, though deposits or credits may still be allowed.
- Some reasons behind Moniepoint’s Post No Debit includes violation, report of stolen phone/payment terminal, fraudulent transaction, cryptocurrency transaction and more.
- Identifying why your account is restricted with PND helps to resolve the problem without stress.
How to Fix “Post No Debit” on Moniepoint
There are several ways to resolve post-no-debit issues on Moniepoint. If this restriction is placed on your terminal, you may need to contact your account officer, otherwise known as business relation manager, to get the PND removed.
On the other hand, if this restriction is placed on individual account, the first thing you need to do is know why the restriction was placed. Once you identify the issue, then fix it by taking the necessary steps as instructed in your dashboard.
You can learn more about why PND restriction is placed on your Moniepoint account here.
However your Moniepoint account is placed on a PND restriction, the best way to resolve it is contacting the Moniepoint customer support team. The team will look into the situation and demand you to provide some specific documentation to resolve the reactivate your account.
PND placed by Branch Relationship Manager (BRM)
This Post-No-Debit usually affects agents and merchants whereby their payment terminals (POS) is placed on restriction by their branch relationship manager (BRM) due to technical issues with the terminal or inability to meet up with daily target imposed on their POS terminal.
To remove the restriction, you need to cooperate with your branch relationship manager; work with him/her to remove the PND on your terminal.
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What is Erroneous Transaction?
An Erroneous transaction means a financial transaction that was processed incorrectly due to a mistake or technical issue. Examples of erroneous transactions are sending wrong amount, duplicating a transaction, sending money to wrong person and bank system glitches.
These types of erroneous transactions automatically triggers a post-no-debit on Moniepoint account. However, your account will be reactivated when refund the funds to the verified owner.
Note that an erroneous transaction is usually cussed by system malfunction or human error and providing adequate documentation or clarification to Moniepoint support team can speed up the resolution process.
The Bottom Lines
Other reasons your Moniepoint account or POS terminal is restricted with Post-No-Debit (PND) restriction includes;
- Crypto transactions
- Regulatory restrictions
- Creating an account with incorrect or fraudulent information.
- Delayed refund due to business owner's non-compliance with the refund process.
- Fraud complaint from impersonation via hacked social accounts.
Whatever the reason maybe, make sure that you get in touch with Moniepoint customer support service to remove the post no debit on your account.
