Money transfer to wrong account? How to get your money back
Money transfer to wrong account? How to recover money if it is sent to the wrong a/c
New Delhi: Today, the digital platform has made banking easier but it has its own drawbacks. Thanks to net banking, in just three or four steps, we can transfer money to our bank accounts, wherever we want. With digital wallets, NEFT/RTGS, UPI, Google Pay, BHIM and other similar services can perform banking transactions easily. We can now avoid long queues at banks and ATMs because internet banking has made it possible to transact anytime, anywhere.
It has become extremely easy to send and receive money online. It has become extremely convenient, but in the process we make mistakes. But how do you get our money back if you made the mistake of sending it to the wrong account?
Nowadays, without additional details like IFSC code, name, branch name, etc., you can even send money online to another bank account. Sometimes we make a mistake when entering the bank account number. By typing the wrong account number, we are sending money to the wrong beneficiary. But if the incorrectly entered bank account does not exist, the money will be sent.
What are the RBI rules?
According to RBI, “The responsibility for providing correct entries in payment instructions, in particular beneficiary account number information, rests with the sender/originator. Although the beneficiary’s name must be mentioned in the request for instructions and carried as part of the funds transfer message, only the account number will be used to grant credit. This applies to both transaction requests originating from branches and those originating from the online/internet delivery channel. The name field in the message formats will however be a parameter to be used by the destination bank depending on the perception of risk and/or use for post-credit verification or otherwise.
This means that it is the responsibility of the sender of the money to ensure that the correct account number is entered.
But mistakes tend to happen, we are human after all. If you transferred the amount to the wrong account and the account details are invalid, your money will automatically return to your account.
But what if the account number is valid and the transaction is successful?
“Banks should place appropriate disclaimers on online/internet banking platform funds transfer screens and funds transfer request forms informing customers that credit will be made solely on the basis of information about the beneficiary’s account number and that details of the beneficiary’s name will not be used for this purpose,” according to the RBI notification cited above.
The RBI notification further states that “banks are generally expected to match the beneficiary’s name and account number before extending credit to the account.”
So, if you accidentally transfer money to the wrong bank account, you can request a refund from your bank by informing them of the RBI directive October 2010. However, it depends on the recipient to provide authorization to cancellation of the transaction.
How to get your money back?
If the beneficiary details required to make a payout (such as MMID, mobile phone number) are wrong, there is a high chance that the transaction will be rejected. If you are depositing money using an account number, check the account number you are transferring the money to, as the amount will be credited only based on the account number, the State Bank website said. of India (SBI).
In the event of a transfer error, immediately inform your bank that you have transferred the money to the wrong beneficiary account, call the customer service number. Write down the date and time of the transaction, as well as your account number and the account the funds were transferred to in error. You may be asked to visit a branch.
Go to your bank branch, submit a written request for the bad transfer with the details. Attach screenshot if needed.
The bank will act as a facilitator and provide you with the details of the bank and branch of the account where the money was transferred. If it’s in the same bank, you can check directly with the beneficiary and request a cancellation.
If it is another bank, it is better to go to the recipient’s branch and discuss it with written communications, e-mail and screenshots. In such circumstances, the beneficiary’s branch may call the wrong beneficiary and request that the incorrect credit be transferred back to the remitter.
Can the bank transfer money without the permission of the wrong beneficiary?
Without the authorization of the wrong beneficiary, it is impossible to recover the funds. The procedure is complicated, but he must admit that a mistake has been made on his account and that the bank must cancel the transaction and return the funds to the sender.
It is essential to verify the beneficiary’s account number and IFSC code before making any payment. This can help avoid any kind of mistake of sending money to the wrong account.
Security tips for online transactions
- Avoid hacker calls or emails, do not engage with unknown person
- Keep Net Banking PIN and passwords secret
- Change passwords periodically
- Do not share your bank details over the phone
- Do NOT use public computers for online banking
- Do not click on links embedded in emails or text messages
- Report lost cards immediately