If the entire world worked this way, you could even wire $5000 to a Nigerian scammer, then pull it back out, undoing the purchase of anything they spent it on in the process. Of course, cash would have to be replaced with a reversible commodity (credit chips that really just referenced a row in a central, though distributed, table) so money could flow back into your pocket without anyone having to hand you anything.
Taken even further, to the point where you can take out a hit on someone and then press undo after the person is dead, this begins to sound like the start of a good Science Fiction. "The Reversible Society", perhaps.