How To Get Your Money Back If Transferred To A Wrong Bank Account?

Money transfers from one bank account to another are extremely simple, with almost instant transfers taking place over the internet.

But what if you transfer money to the wrong bank account? It happens, and it is a major problem that necessitates immediate action by the person concerned because the money will not return on its own. Here’s a netbanking tip for those who accidentally transferred money to the wrong bank account.

Inform the bank immediately
Notify your bank as soon as you discover that you have accidentally transferred funds to someone else’s account. Call customer service and explain everything that occurred. Provide full details of the transaction that resulted from the error if the bank requests all of the information from the e-mail. Take down the date and time of the transaction, as well as your account number and the account to which the funds were mistakenly transferred.

Transfer to personal bank account

If the bank account to which you transferred funds has an incorrect account number or IFSC code, the funds will be automatically deposited; however, if this is not the case, Visit the bank branch and inform the branch manager about the erroneous transaction. If the error occurred in one of your own bank’s branches, it will be credited to your account as soon as possible.

Funds transferred to a wrong bank account

If money was accidentally transferred to another bank account, it may take longer to recover the funds. It may take up to two months for banks to resolve such disputes. Find out which bank branch in which city transferred the funds to which account by contacting your bank. You can also contact that branch to try to get your money back. The bank will notify the person whose account money was transferred by mistake based on your information. The bank will seek permission from that individual to return the funds that were incorrectly transmitted.

RBI instructions for banks

When you transfer money from one bank account to another, you now receive notification. It also says to send this message to this phone number if the transaction is incorrect. The RBI has also instructed banks that if money is accidentally transferred to someone else’s account, your bank must take action as soon as possible. The bank is responsible for transferring funds from the incorrect to the correct account.

How to Avoid Losing Money in a wrong transaction

1) A customer is responsible, as the remitter, for entering the correct information on the bank’s website, including the correct IFSC code and bank account number. It is preferable to verify twice or three times before proceeding with a transaction.

2) Before making a larger transaction, try to transfer a small amount of money to verify that the recipient has received the money (this can be done with a phone call). Pursuing the bank for rupees 100 is much easier than attempting to recover a few lakhs.

3) Keep the contact information for your local bank’s branch handy and save it for easy access in case an error occurs and the beneficiary needs to be notified as soon as possible, which may aid in the transfer of funds back to the remitter’s account.