this post was submitted on 25 Feb 2025
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No, in almost all cases they simply create another transfer to reverse it. If another bank is involved, they typically pay a fee to that bank to do it.
Source: I work in fintech. I've seen plenty of messes the banks clean up this way.
Yes that's what I mean. But with crypto, not being able to reverse a transaction is one of the main features and makes this kind of thing immensely easier.