Transferring money to the wrong bank account? Here’s how to get your money back
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Sometimes we may mistakenly transfer money to the wrong account.
It does not matter if the account does not exist, because the transfer will not succeed and the money will be returned to our account.
The problem is when the account number we entered by mistake exists.
This means that there are other people who received the money.
If the amount is small, maybe we wouldn’t feel much. But what if the amount is in the thousands?
In fact, there are instances where we can recover money that was transferred incorrectly.
Here we share the experience of Zarina Jalaludin who, by sheer misfortune, transferred RM14,011 to the wrong account.
Luckily, she was able to get it back.
The first step
Now that we know it can be recovered, how do we do it?
According to Zarina, it is important to STAY CALM. One can easily panic, especially if the amount at stake is significant.
Panic, she says, will make you unable to think rationally.
So take a deep breath and calm down.
If the account number you messed up with does not belong to anyone, then you are safe because you will definitely get the money back.
However, if the account number you got wrong has an owner, that will be a problem and in Zarina’s case, the account has an owner.
The things you need to write are:
- Wrong account account number
- Bad account name
- Bad transfer date and time
- Correct account number
- Correct account name
Then go to the police station and make a police report.
Don’t forget to enter all the details.
Then, go to the concerned bank to submit a wrong transfer request with the relevant details.
If it is a public holiday or the bank is closed, the bank will not call the account holder until the next business day.
In Zarina’s case, the incident happened on a Thursday, the next day being a public holiday, hence the long wait.
Then the bank agent will contact the account owner, the person you mistakenly transferred the money to.
Zarina said it’s not advisable to try to contact the account owner on your own, as it could result in a privacy breach.
The account owner would probably request an email or documentation to avoid being scammed.
In the case of Zarina, the owner asked the bank to send all the details by e-mail.
If your luck is good, the landlord will return the money to you without much hesitation as he might face legal action.
Moreover, there are always honest people who will not take what belongs to others.
If the owner of the account you made the wrong transfer to is untrustworthy, they may not cooperate with the bank.
In this case, it would be more complicated because you have to involve the police.
If the amount is large, you can appoint a lawyer to send a demand letter to the owner.
Having faith in difficult times can help you find peace.
Zarina said praying to God can ease a heavy burden.
Always pray that the account owner is open-minded to give us back our money. God willing, everything will be easier.
Zarina Jalaludin requests a cancellation from the account owner.
Ultimately, it is the responsibility of the sender of the money to ensure that the correct account number is entered.
Always check the beneficiary’s account number and bank before making a payment.
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