Transferred money into wrong account by mistake? Here’s what you need to do
New Delhi: Technology has entered all spaces of life and banking especially has been changed from how it used to be a few years ago. With digital wallets, NEFT/RTGS, UPI, Google Pay, BHIM and other such services at disposal, it has become extremely easy to send and receive money online.
Money transfer nowadays is instant which is why people use digital platforms quite frequently to pay utility bills, to shop etc. While this has become extremely convenient, every once in a while mistakes do happen. Nowadays, you can even send money without needing additional details like IFSC code, name, branch name etc.
Sometimes people mistype the account number while sending money and the money is sent to the wrong beneficiary. If the account number you mistyped does not exist, money will be credited back to your account but if such an account number exists, money will be sent. In case something of this sort happens to you, here’s what you need to do
1. Meet the branch manager: The first thing you should do is, immediately inform your bank through a mail or call and then meet your branch manager personally. In case the money has been transferred to an account in another bank or branch, only the bank where the receiver holds the account can sort it out.
You must intimate your branch first and foremost and, doing so in person is the best option. Mention all the details in the mail like date and time of the transaction, your account number, account number of the beneficiary. Also, attach a screenshot of the transaction proof if possible.
2. Raise a complaint: Raise a complaint with the branch where the receiver holds the account. A bank can not withdraw money from their customers’ account themselves unless the customer permits them to. Banks, also do not share information about their customers. So, if you raise a complaint with the concerned bank or branch, they will let the customer know and ask them to transfer the money back into your account.
3. Legal action Most of the times the beneficiary meaning the person who accidentally received the money agree for the money to be transferred back but there could be a situation where they refuse. In case the beneficiary does not permit reversal of money, the bank can take a legal call and file a case on the account holder. You can initiate a legal action from your end as well. This must be used as a last resort.
These types of mistakes can cost you a lot of money so always make sure to double check and cross verify the details of the beneficiary. If you are planning to transfer a large amount online then it is advised to send a small test amount first to check whether the beneficiary is receiving the amount. Once you are sure of the details, only then transfer the money.