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Transferred money to the wrong account? Follow these steps immediately

Speed News Desk | Updated on: 9 September 2021, 16:07 IST

Mobile banking lets customers to have access to banking services from anywhere, anytime. Banking features such as UPI, net banking, mobile wallets have made it trouble-free for customers to make transactions in just few seconds.

Because of this facilities, you don’t have to go to banks in order to transfer money to someone’s account. Mobile have taken the place of banks and pockets have filled in of the address of the bank.

However, sometimes, we unintentionally transfer money from one bank account to the wrong bank account. The same happens in banking fraud as well. Well! You can get your money back immidiately if you adhere to procedure given below.

Get your money back immediately:

Some technologies have made banking much easier and within reach to its customers. But advantages are always followed by some drawbacks. Let’s suppose, how will you respond if you by chance transfer your money to some incorrect bank account? What will you do to get your money back? Possibly you have committed this blunder already. Don’t worry, you can get your money back.

Inform your bank stright away:

The point you notice that you have sent your money to the wrong bank account mistakenly, then the first thing you do is apprise your bank immediately. Give a call to customer care and tell them the entire fiasco. If they ask you to mail them about the issue then give full details of the transaction done in the mail. Moreover, do not forget to tell them the date and time of the transaction, your account number and the account to which the money has been sent.

If money is transferred to an invalid account:

Assuming you have sent money to some invalid bank account then the money will automatically come back to your bank account. In case the money doesn’t come back to your account, then go to your bank branch, meet the manager and tell him about the issue. If an amount has been sent to the wrong account number or the IFC code is incorrect, then you will get your cash easily.

In case money is sent to a valid bank account:

In case you have sent cash to another incorrect but valid account, then it may take a while to get the amount back. Sometimes, it takes months to resolve such issues. You can get the details from your bank that in which branch of the city your money has been sent. You can get these details based on the information that you will give about the wrong transaction. In order to get back the wrongly sent cash, the bank will ask for authorization from the account holder.

Register a case:

If by chance the account holder declines to return your money, then you can register a legal case against the individual in whose account the money has been sent. However, in such cases, this right comes in the context of a violation of Reserve Bank rules. As per the instructions of the Reserve Bank of India, it is the linker’s role to give correct information about the beneficiary's bank account. If the linker makes these errors, then the bank is not accountable for it.

RBI’s instructions:

These days, you get a message when you transfer money from one bank account to another. Also, it is mentioned in the message that ‘if the transaction is wrong then please send this message to this number. RBI has ordered the banks that if something like this ever take place then the bank will have to take action right away. That being the case, the bank will be responsible for returning money from the wrong account to the right account.

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First published: 9 September 2021, 16:07 IST