Have you ever transferred money to the wrong account by mistake? Were you extremely tensed with the thought that where did the money go? Were you able to recover the money? If not, we are truly sorry for that. But now don’t worry. If you again repeat the mistake by chance, let us know that you can get back your money. Here we will share the idea on how to recover your money.
The reason behind transferred money to the wrong account
A successful money transaction message can increase your heartbeat until your client receives the money. Usually, the beneficiary will receive the money within a maximum of two hours. If it does not happen, do not panic. You need to understand what went wrong actually. Check the below-mentioned points.
Enter wrong bank account number :
Online money transfer service has made it possible to send and receive money easily. You can access it anywhere and anytime. For that, you just have to enter some details during online money transfer. Mainly you have to put information like beneficiary name, A/C no, branch name, IFSC code, etc. Sometimes we enter the wrong account number by mistake and as a result, the money goes to the wrong beneficiary.
Sometimes the bank account number that you entered by mistake does not exist. In that case, the money will not be sent or the technical process will refund the transferred money automatically.
Technical Glitch :
Some technical issues may take place during online transactions sometimes. In those times, money may get transferred to a wrong account. In this case, this is not your mistake. So, you do not bother too much. The transferred money will be refunded automatically to your account within 5 to 7 working days.
How to solve such issues?
The bank cannot reverse the transaction unless you get them an approval to do it for you. So, as soon as possible you have to inform your bank regarding the wrong transaction. If your money gets credited to a wrong beneficiary’s account, your bank will provide you all the details. Your bank will let you know about the branch name of that account and the contact number of that particular customer. In the case of intra-bank wrong transfer, the reversal of the transaction procedure will start quickly. Your bank will request the beneficiary for the reversal of the transaction on your behalf. If the recipient agrees, just within a week you will get a refund.
Sometimes, the beneficiary to whom you transferred money by mistake has an account in a different bank branch. Then you have to visit the particular bank branch personally to get a solution.
How to deal with it?
Dealing with such a situation is not easy. Keep patience and follow these steps to counter your problems –
Contact the Branch manager :
First of all, inform your bank branch and visit the branch manager personally. Let them know about your problem and every detail. You have to tell them your a/c number, your payee’s account number, the date and time of sending the money. You also have to submit a written request or mail the matter in brief to the bank manager. Do not forget to attach the screenshot of the wrong transaction as proof.
Register a complaint :
When you have transferred money to the wrong account; register a complaint in that concerned branch where the recipient has an account. The bank will identify the unintended beneficiary and ask him/her to return the money. Moreover, the bank will not allow the withdrawal of the money without the customer’s permission.
Take legal action : transferred money to the wrong account
Bank cannot reverse the money transaction without the unintended beneficiary’s consent. The beneficiary has to accept that the transaction is wrong and agree to reverse the transaction. If he/she is okay to pay you back, it will take 8 to 10 working days.
If the wrong beneficiary refuses to refund your money, the bank can take legal action against the account holder on your behalf. But keep in mind; you have to prove that you have transferred money to the wrong account. You will need to submit a proper statement, a screenshot of the transaction, the right ID and address proof, etc. However, taking a legal route can cost you some money and it will be time taking too.
Stay aware and save your money: transferred money to the wrong account
We know it is your hard-earned money. So, if you have transferred money to the wrong account, do not get upset. Whenever you realize that you have made a mistake immediately contact the bank, register a complaint there. Try to follow up on the situation regularly.
And from the next time, must cross-verify every detail like account number, IFSC code, etc of the beneficiary. Before sending a large amount, try to send a small amount to check whether the beneficiary is receiving the money or not? Moreover with rising online fraud cases, you need to take basic precautions and follow the safety majors to keep your money safe in the bank account.
It is very important to be very careful during online money transfer. Otherwise, it can create a total mess. Even it may cost you a lot of money. However, if you ever have transferred money to the wrong account, just relax and follow these instructions. In conclusion, we hope you will be able to solve your issue ASAP.