Sometimes, we have to send money to someone on a quick or emergency basis. Because of emergency, we try to send money as soon as possible and do not focus more on details while transferring money. As the result, sometimes money gets transferred to wrong bank account.
This mistake can happen in both the transaction either it is online or offline. This small mistake waste both the money and time.
But the actual problem of many people is that they do not have knowledge about how to recover his/her money which is sent to wrong bank account.
They don’t know what steps to take in order to get back the money. Because bank has clearly stated that the bank is not responsible for any wrong transaction done by you. In such a situation, many people think that now they will not get their money and they get very upset.
But do you know that with your little effort, you can get your money back. Today you will know through this article that if your money has gone to another account by mistake, then how can you get it back. What do you have to do to get the money back? Also, what you can do if you make any mistake while transferring money?
First of all, let’s discuss about what are the methods of transferring money from one account to another:
Offline Methods Of Transferring Money
- Demand Draft
- Deposit Slip
- Performing National Electronic Funds Transfer (NEFT) by personally visiting the bank
- International Money Transfer Operators
Online Methods Of Transferring Money
- IMPS-MMID (Instant Payment Service)
- UPI (Unified Payment Interface)
- Through online payment applications like Google Pay, PhonePe, Paytm, bank’s application etc.
What You Should do After Money is Transferred to the Wrong Bank Account?
If the money sent by you is transferred to another person’s account then you can take following steps.
Inform Your Bank Immediately
If you have transferred your money to another person’s account for some reason or due to some minor mistake. First of all, you must provide this information to the bank through your phone or email. Or you can go to your bank branch and inform them about it.
After going to your bank branch, definitely meet your bank manager. And do tell them in detail about the transaction made by your mistake. You should provide the following information to your bank manager.
- Transaction Date & Time
- Your Bank Account Number
- Wrong Bank Account Number In Which Money Is Transferred By Mistake
Go to the bank and register a complaint
It will be very easy to get back the money if both the receiver’s and sender’s accounts are in the same bank . But if the account of sender and receiver is in different banks then it may take some time.
If the receiver’s account is with any other bank then first of all you have to go to the branch of that bank and register a complaint. No bank can transfer any kind of money to any other person’s account without the permission of its customers.
What to do if the receiver refuses to return the money?
If the receiver refuses to return the money then you can file a case against him in the court. In these types of situations, only your law can help you. You get your money back only through legal process.
Why Money is Transferred to the Wrong Account? to 5 Reasons
The number of people who have money transferred to the wrong account is rising. top 5 reasons to why money is transferred to wrong account are:
1. The bank account number may be entered incorrectly.
2. The person’s name on the account may not match their name on their ID card or driver’s license.
3. The person may be typing a different last name than they are used to, such as when a married woman takes her husband’s last name but continues to use her maiden name for online banking purposes.
4. There may have been a data entry error during an online banking transfer process where one account number was mistakenly typed in place of another and funds were transferred out of the wrong account.
5. There could have been a mistake made by human or machine during an ATM transaction where funds were withdrawn from one account and deposited into another without authorization.
Things To Consider While Transferring Money
A slight mistake in entering the account number while transferring money can result in huge loss. Whenever you transfer money whether it is offline or online process, enter the details correctly and check it again.
Whenever you are transferring money to any other person, you must transfer the money to him in a small amount and confirm whether he has received the amount sent by you or not. You can send a larger amount after you get confirmation from the person receiving the money.
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