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How to get back money transferred to another bank account mistakenly

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 while entering the bank account number. But how do we get back our money if you have made the mistake of sending it to a wrong account? Follow these steps:

India TV News Desk India TV News Desk
New Delhi Updated on: November 08, 2019 13:39 IST
By mistyping wrong account number, we send send money to the wrong beneficiary

By mistyping wrong account number, we send money to the wrong beneficiary

Genius makes no mistake, James Joyce wrote in his epic novel, Ulysses. However, in real life you see even genius making mistakes. Today, the digital platform has made banking easier but it has its own drawbacks. Through net banking, in just three or four steps we can transfer money our bank accounts, wherever we want. With digital wallets, NEFT/RTGS, UPI, Google Pay, BHIM and other such services can make bank transactions easily. We can now skip long queues at banks and ATMs as Internet banking has made it possible to do transactions at any time, anywhere. It has become extremely easy to send and receive money online. This has become extremely convenient, but during this process, we make mistakes. But how do we get our money back if you have made the mistake of sending it to a 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 while entering the bank account number. By mistyping the wrong account number, we send money to the wrong beneficiary. But if the mistyped bank account doesn't exist, the money will be sent. 

But if you have actually made the mistake while sending money to another account, you should not panic and follow these steps:

1. Contact your branch manager: The first thing you should do immediately is to inform your bank through a mail and inform them that you made a mistake. If the beneficiary holds an account in the same branch, they may help you by contacting him and requesting for returning the amount. In case the beneficiary's account is in another bank or branch then only that bank or branch can sort it out.

So, the initial step is to reach out to your branch first. Mention the details like date and time of the transaction, your account number, account number of the beneficiary. It is better to attach a screenshot of the transaction proof.

2. Raise a complaint: If the first option doesn't work or the branch takes it long to refund your money in your account, you can always raise a complaint with the branch where the receiver holds the account. The bank can not withdraw money from their customers' account themselves but they can let the customer know and ask them to transfer the money back into your account. It is to be noted that the branch will not share information about its customers. It can only ask the beneficiary to send you the money back.

3. Legal action: In case the beneficiary refuses to send your money back which you accidentally transferred into his/her account, the last resort would be legal action. Most of the times the beneficiary agrees to transfer the money back. In case the beneficiary does not permit reversal of money, the bank can take a legal call and file a case on the account holder. You can initiate a legal action from your end as well.

We always must be careful while making any transaction as these types of mistakes can cost you a lot of money. Always make sure to double-check and cross-verify the details of the beneficiary. It is advised to send a small test amount first to check whether the beneficiary is receiving the amount, before sending a large amount.

It is also advised that you take basic precautions and safety measures to ensure that your money is safe in your bank account. With rising cases of online fraud, it has become imperative that you take adequate digital safety measures.

By following these simple measures, you can dramatically reduce your chances of falling prey to online banking frauds.

Online Transaction Safety Tips

  • Avoid hackers calls or emails, don't engage with unknown person
  • Keep Net Banking PIN and passwords secret
  • Change passwords periodically
  • Don't share bank details over the phone
  • Do NOT use public computers for online banking
  • Do not click on links embedded in emails or text message
  • Report lost cards immediately

Also Read: Online banking fraud: 7 tips to ensure fraudsters can't swindle your money

Also Read: Online banking fraud alert: HDFC says fraudsters stealing money via UPI banking; all you need to know

 

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