Traditional banks are often associated with being slow and siloed, making it difficult for customers to open accounts, transfer money, etc. In this age of digitization, the primary goal for any financial institution should be to make their services more accessible, easy, and safe to use. Making this a priority is Lithuania-based Genome, an Electronic Money Institution (EMI).
Founded in 2018, Genome is directly supervised by the Central Bank of Lithuania. Since its inception, the company has been a trailblazer in offering banking solutions that are not unique but also more accessible to the common man. It all kicked off with a simple Genome e-wallet concept, which later grew into a multi-level financial system that can not only serve personal needs but also complex business requirements.
Typically, an EMI acts as any other financial institution – except that it issues money electronically. Currently, EMIs such as Genome are regulated by their respective countries in which they operate, in the European Union, and are subject to fewer regulations than traditional banking companies. As a result, with Genome, you can quickly perform any banking operation on the go – from account management to money transfers to payment processing – with just a click of a button on your mobile phone or computer. This means that you do not have to visit any bank branch or wait in long queues, ultimately saving you precious time and effort.
Besides offering robust online banking services, Genome is also known for its 24×7 customer support and the ability to provide a range of analytics and reports for businesses, allowing them to track their overall financial performance for a specific period. In addition to that, the company charges some of the lowest fees in the industry for its banking-related services, making its services all the more affordable for the end-user. And with Genome’s online-only platform, scalability is not a hassle anymore.
With that being said, Genome’s innovative banking practices can sometimes be overshadowed by its limited availability internationally. And there is always the issue of having no physical branch or office, which can prove to be a deal-breaker for customers looking for quick resolutions rather than having to talk to customer support via email. So, if you have recently used Genome and have wrongly transferred money to someone whom you do not recognise, you can effortlessly reverse the transaction by simply getting in touch with the company’s customer support. To know the requisite steps on how to do it, continue reading our guide till the end.
Steps to Cancel Payment and Get Refund
Genome’s terms state that when a customer initiates a transaction order that is to be executed, the same will be assigned a “Pending” status. This means that your transaction order can be revoked or cancelled before it is executed or the funds are credited to the account of the recipient.
In any case, if the customer wishes to cancel a pending transaction (as stated above), it is recommended to contact the company’s customer care service immediately after the transaction is initiated, which can be done instantly via email. By doing so, customer support will cancel the transaction, keeping in mind that the funds have not been debited yet from your Genome Wallet. However, if the transaction is executed, you will no longer be able to revoke it.
Additionally, Genome states that in any event, if there is an agreement with the customer for the execution of a transaction order on a particular date, the customer can revoke the transaction until the end of the business day before the agreed date of the transaction arrives. Lastly, do remember that you may have to pay revocation or cancellation fees for your transaction.
In the event of a successful cancellation, the refund amount (minus the deduction for the cancellation charges) will be instantly credited to your Genome Wallet. With the rules out of the way, it is time to go through the steps that you need to take to cancel your pending payment and get a refund.
- Begin the process of payment cancellation by first drafting an email from your registered email address.
- Ensure that you state the phrase “Request For Cancellation Of Payment” in the email subject line.
- In the email body, state your full account name, account number, registered email address, transaction reference ID, date and amount of the transaction, and the details of the recipient. Do not forget to state the reason for your cancellation as well.
- Once done, send the email to [email protected]. Wait for a follow-up email from the company’s customer support.
- After successful cancellation, a confirmation message will be sent to your email address along with the relevant refund details.
As stated beforehand, the ideal way to contact Genome’s customer care is via email at [email protected]. Additionally, you can also submit a request with the company’s customer support here.
