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Here’s how to recover money transferred to wrong account

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Nowadays people are more and more opting for digital transactions, and money is frequently shared from one account to another. In this case, making a mistake is obvious, one might end up sending money to the wrong account or become a victim of banking fraud. UPI, net banking, and mobile wallet have greatly decreased the risks associated with banking transactions and made money transfers easy and efficient with the use of only a cell phone. However, issues can still arise regarding money transfers.

If you ever find yourself in a situation where you by mistake send money to an incorrect number or account, follow the instructions below to get a refund.

Immediately inform the Bank

It is important to notify your bank as soon as you learn about the incident. Call the bank’s customer care to inform them everything that has happened. If the bank asks for all the details through mail, then provide the same that includes the date and time of the transaction, and your and the counter-party’s account number.

Money Refund to own bank account

In case the transaction made to another account number has an incorrect number or an wrong IFSC code, then the money will automatically get deposited into your account. However, if this is not the case then it is advisable to meet the branch manager of your bank’s branch and let him know the details of the incident. Try to find out where the money has gone, as if the transaction is made to one of the branches of the same bank as yours then the refund will be quicker.

Transferred to another bank’s account

If the money has been transferred to another bank’s account, the refund is likely to take longer. It might even take up to two months for the banks to resolve such disputes. Contact the bank to know, which bank branch in which city and to which account has the money been transferred to. The bank will notify the bank of the person on whose account the money has been transferred to. That person’s bank will then ask the account holder to return the money to its actual owner.

Register a case in case the wrong account refuses to return money

In case the person, whose account has had money sent to it by mistake, refuses to return the money you can file a case against him/her. If the money is not refunded, it will be the violation of Reserve Bank laws. According to Reserve Bank of India norms, he linker is responsible for providing accurate information on the beneficiary’s account. The bank will not be held liable if the linker makes a mistake for whatever reason.

RBI norms for banks

When we make any transaction, our bank notify us through an sms. In the message the bank also provides a toll-free number to address if any issue arises. Especially, if the transaction was not made by you, you can call on the number to get the details. According to the RBI guidelines for the banks, if money is accidentally put to another account, your bank might take necessary actions as soon as feasible. The bank is responsible in transferring funds from the incorrect account to the correct account.

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