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Sent money to the wrong bank account? What to do?

IamCheated.com Research Team | September 05, 2019  5:27:pm

Sent money to the wrong bank account? What to do?

What if you transfer money to the wrong bank account? This can be a very stressful situation as your hard-earned money lands in someone else's account.

Normally, money is transferred to a wrong bank account, when you make a mistake while entering the bank account number and IFSC code. When this happens, you get worried believing; you will not get the money back. Do you have to contact the recipient or will the bank help out?

So, in this blog, we will discuss what has to be done when money gets transferred to the wrong bank account.

See Also: How to lock SBI Net banking access to prevent frauds?

Reasons which lead to wrong transfer

1. In case the remitter (One who sends the money) types the wrong bank account number or IFSC code.

2. Due to technical glitches.

What to do if money is transferred to the wrong bank account?

1. Contact the bank immediately

In the case of a wrong transaction, you must contact the bank immediately. If the account number which you have typed does not exist, the amount will be reversed to your account. If the account number which you have entered exists, the transaction will take place and you must take immediate action to get your money back.

You must contact the bank and inform them on the mistake. But, the bank will not be able to reverse the amount without the approval of the beneficiary. If the beneficiary's account is at the same branch or bank, the bank will contact him/her and request for a reversal. If the beneficiary's account is in some other bank, the bank will help you to get his/her contact details or will help get in touch with the bank manager.

2. Meet the branch manager

If the beneficiary's account is in some other bank, you must contact that bank and get the issue resolved. You have to contact the branch manager and send him a mail on the issue. As proof, you need to send a screenshot of the transaction.

3. Take legal action

In case the recipient refuses to give the money back, you can take legal action against him/her and recover the money.

Rules to follow

1. As per guidelines provided by the RBI, depositors must provide the correct bank account number and IFSC code.

2. There is no rule that banks must verify all the details.

3. It is important to cross-check the IFSC code and account number before transferring the money.

4. When transferring a large sum it is good to transfer a small amount first to verify the account.

5. In the case of a wrong transaction, inform the concerned bank as soon as possible.

See Also: Tips to safeguard banking transactions

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