Do you know how to get your money back when you often transfer money from one bank account to another by mistake?
- Money is often transferred to the wrong bank account
- Find out how you can get this amount back quickly
The RBI has also given these directions to the banks
In mobile banking, money is often transferred from one bank account to another, or from one account to another. In fact, UPI, net banking, mobile wallet have greatly reduced the hassles related to banking transactions. Because, now the work of transferring money from just one mobile is done in just a pinch. But often the money is transferred to the wrong number.
This is RBI’s order for banks
Nowadays whenever you transfer money from a bank account to someone else’s account you get a message. It also states that, if the transaction is incorrect, please send this message to this number. The RBI has also instructed the banks that if money is mistakenly deposited in someone else’s account, your bank will have to take immediate action against it. The bank is responsible for returning your money from the wrong account to the correct one.
Mistakes that Lead to Wrong Transactions:
- Manually writing or typing wrong account number.
- Typo in the account number, IFSC code or both.
- Technical errors from the bank’s side.
How will you Take Quick Action if you have Made the Wrong Transaction?
- If you have made the wrong transaction then immediately inform the bank and its concerned manager.
- You must know that if the account number mentioned by you does not exist then your money will automatically be transferred into your account. In case the account number exists, you will have to take an immediate action.
- Provide the bank details to prove that you transferred the fund to the wrong
- If the amount has been credited to an unintended beneficiary’s account who has the name same as your intended beneficiary, you will have to provide proof to support that the transfer made was wrong.
- For the sake of better communication, write a detailed mail about the matter to the bank.
- The bank acts only as a facilitator and can provide you details like branch name and contact number of the unintended
- Since it is your hard earned money, try to keep a track of the situation or the status of progress in the matter.
- The bank may approach the recipient on your behalf in case the transfer is intra-bank. It may request for a reversal of transaction.
- If the beneficiary agrees, the transaction will be reversed back within 7 working days.
- In case of beneficiary from another branch, you have to personally visit the branch to meet the bank manager for the solution.
In case the Wrong Beneficiary Refuses to Return the Amount
It is not possible to get the money back without the consent of the wrong beneficiary. The process is a little tough, but he/she has to accept that there was a wrong transaction made to his/her account. Then, you need to contact your bank and communicate the matter in detail. You may also have to provide ID proof, address, and other details asked by the bank.
- Communicate the matter in detail via mail. This also helps to keep a track of your complaint.
- The person might refuse to return your money. In such a case, you may take legal action. Though, the situation becomes more complicated if your bank and the beneficiary’s bank are different.
- If everything goes well and the person agrees to return your amount, then will take 8-10 working days to reverse the transaction.
- The situation can get complicated and recovery would not be possible if the beneficiary refuses approval.
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A lot of efforts are being made to facilitate banking facilities. But there are also some difficulties in these efforts. As is often the case with your money being transferred to another bank account by mistake. So, what do you do if you have mistakenly transferred money to someone else’s account? How can that money be recovered? If this has happened to you, find out how you can get this money back. Let’s see the whole process.
Inform the bank immediately
Inform your bank as soon as you realize that your money has been transferred to another account by mistake. Call customer care and report the matter in full detail. If the bank asks you for all the information on the e-mail, provide full details of the transaction by mistake. Mention in detail the date, time of the transaction and your account number and also the account to which the money was transferred by mistake.
Transfer from one’s own bank account
If the bank account from which you transferred money is incorrect or the IFSC code is incorrect, the money will be automatically credited to your account. But if that doesn’t happen, go to your bank branch immediately and see the branch manager. Let them know about this false transaction. Later try to find out which bank account the money was finally transferred to? If any wrong transaction has taken place in any of your bank branches, it will be easily credited to your account.
Transfer to another bank account
If the money has been mistakenly transferred to another bank account, it may take some time for the money to be returned. Sometimes this type of case takes up to 2 months to resolve. You can also find out through your bank which account has been transferred to which branch of which city. You can also try to get your money back by reporting it to the branch. Based on your notification, the bank will notify the bank of the person to whose account the money has been wrongly transferred. The bank will allow the person to return the money transferred incorrectly.
File a case immediately
Another way to get your money back is by law. A case can also be filed in court against a person who has mistakenly transferred money to his account and refuses to return the money. However, in case of non-refund, this right comes in the context of violation of RBI rules. According to the Reserve Bank of India guidelines, it is the responsibility of the linker to provide accurate information about the beneficiary’s account. If, for any reason, the linker makes an error, the bank will not be liable.