Transferred Money to The Wrong Account Number? Read on for Self-rescue

If this happens to you, you probably are not interested in adding to your panic with added reading material. So, here is getting straight to the point. But first there are few things that one must understand. The most important thing is to know under what circumstances does one ends up transferring funds to the wrong bank accounts.

When Do Wrong Transactions Happen?

• You may simply typed the wrong account number or any technical errors, which is generally considered as a human error.

• Some discrepancies in the information which mainly includes the account number, correct IFSC code or even both may lead to the wrong transfer

• Technical glitches which is a very rare occurrence at the bank's end can also transfer amount in the wrong number.

First-Aid Guide for Transferring Funds To The Wrong Account Number

1. Inform your bank as well as bank manager if possible, instantly after the wrong transaction. If it is your local bank, it is definitely easier to do.

2. Funds are supposed to be sent back to your account automatically, in case the account number you mentioned is non-existent but in case the wrong account number does exist immediate action needs to be taken.

3. Firstly it is necessary to prove that the bank account you transferred the money to is a wrong beneficiary's account.

4. Incase the funds are credited to the account of an unintended beneficiary with the same name as the intended beneficiary, which is a very rare case you will have to prove that this transfer itself was wrong before the bank can help. However, it will not be easy.

5. You need to email the matter in detail to the bank for better communication.

6. Your bank only help you by providing you the contact number/branch name of the unintended recipient.

7. You need to make follow-ups for the information so that you are given the information because banks generally delay in this situation.

8. In case it is in the same bank your bank may approach the beneficiary on your behalf and request a reversal of transaction. If the beneficiary agrees, the transaction will be

9. If the wrong recipient of the other bank that you transferred to is now known, then you have to personally request that particular branch and meet the bank manager for the solution and this also includes the person whom you have sent to the money to.

10. If the recipient agrees, the money will be returned in 8 to 10 working days.

What if the Wrong Recipient Refuses to Pay back?

1. Without the wrong beneficiary's consent the money cannot be taken back. The beneficiary must accept that the wrong transaction is made but it will not be easy to do that. In such as case you need to contact your bank and update them about it.

2. Email the information in details so that their is proof of documentation.

3. The refusal from the wrong recipient will lead to a legal case which also means that ou will have to file a legal route and will get more complicated if the branch is different or in a different city.

4. No recovery of the fund is possible in case the beneficiary contests the reversal and refuses approval.

Why So Much Trouble to get Back your Money?

You can ask, why you have to go through so much trouble to get your money, here is why: RBI guidelines, clearly states that it is the sole responsibility of the depositor to make sure that the beneficiary account number is correct and IFSC code is accurate.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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