Sent Money To Wrong Account? Here’s What You Should Do

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Have you ever imagined what will happen if you somehow, by an obvious mistake of course transfer money to a bank account that you were not supposed to? It is a nightmare as one gets too stressed up to figure what he/she needs to do at this moment, several questions occur to you. Will you be able to get it back?

Does the bank have the power to reverse the transaction? Well, the first thing you need to do is relax a bit, get yourself calm and no banks cannot reverse your transaction unless they have an approval from the beneficiary. It is one reason why it is necessary to be very alert while transferring money to a bank account.

In fact, Adhil Shetty, CEO & co-founder, Bankbazaar.com agreeing to this fact said “The most important thing to understand is that if a transaction has been made, the bank cannot reverse it from its end without approval from the beneficiary. Bank can only act as a facilitator.”

According to Reserve Bank of India (RBI) rules, it’s the responsibility of the remitter to provide the correct beneficiary account number and other details while doing payment. There is no mandatory rule by the RBI that banks have to check each and everything. It’s remitters responsibility to check the number twice and thrice.

Sometimes people mistype the account number while sending money and the money is sent to the wrong beneficiary. If the account number you transferred the money to does not exist, money will be credited back to your account but if that does not happen, here’s what you need to do.

The first thing you should do is, immediately inform your bank through a mail or call and then meet your branch manager personally. If you are contacting your bank via mail then make sure to mention all the important 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, it will make their investigation easy if it needs to be done.

– If the problem isn’t solved by the abovementioned way, then raise a complaint with the branch where the receiver holds the account. A bank cannot withdraw money from their customers’ account themselves unless the customer permits them to. Banks, also do not share information about their customers due to privacy. So, if you raise a complaint with the bank, they’ll let the customer know and ask them to transfer the money back into your account.

Most of the times the beneficiary who accidentally received the money agree for the money to be transferred back but it is not always necessary. If the beneficiary does not permit reversal of money, the bank can take a legal call and file a case on the account holder. 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.

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