How to claim money transferred to unknown bank account?
There might be 3 situations where you might face the wrong transaction, there are:
Manual – You entered incorrect account information during the transaction
Typo – There is a typo in the IFSC code of your account or your bank, or both had a typo
Bank – Sometimes banks make technical mistakes that lead to the wrong transaction
Now what should you do to claim your money back? There are some things you should do, but soon after you make the wrong transaction on the wrong unknown account.
Before drawing any conclusion, please check whether the account details you provided are correct or not. If you make a mistake, take the quick action mentioned below.
1. If you make a mistake in a transaction, immediately notify the bank and the appropriate management.
2. Provide the bank account information to prove that you sent the funds to the wrong account.
3. If the funds were credited to an unintended recipient’s account with the same name as your intended recipient, you will need to prove that the transfer was made in error.
4. Write a brief email to the bank regarding the situation for better communication.
5. The bank simply acts as an intermediary and can provide you with information such as the name and phone number of the unwanted branch.
6. Keep track of the status or progress of the case because it is your hard earned money.
7. If the transfer is intra-bank, the bank can contact the beneficiary on your behalf. He can request the cancellation of the transaction.
8. The transaction will be canceled within 7 working days if the beneficiary agrees.
9. If the beneficiary is from another branch, you must physically go to the branch to discuss the situation with the bank manager.
What if the wrong beneficiary of the account refuses to reimburse the amount?
In the worst case, the wrong account beneficiary may refuse to return the amount you transferred as stated in Virginia bankruptcy laws without your consent. In this situation, he would face difficulties. The procedure is difficult, but to start the procedure, the beneficiary must accept that an error has been made on his account. Then you need to contact your bank and explain the situation in detail. You may also be required to provide identification, address and other information requested by the bank.
Things you should know
Before carrying out any transaction on a bank account or any other payment, always cross-check the information you have or provided by the beneficiary. The beneficiary’s account number and IFSC number must be correct. This will help you to avoid any transaction error.
In all cases where you have transferred the amount to the wrong account number, notify the affected bank and send a detailed email to the bank manager.