How to Reverse Money Transferred to Wrong Account Number?

Today, with internet banking option people tend to be more careless while transferring the money. Most of the people recheck the details before initiating a money transfer, but, there are few people who don’t bother to confirm or recheck the details. In such cases, if the details provided are wrong in some way, especially the account number, the money transferred could reach the wrong beneficiary.

Always remember, if the account number provided was wrong and the account number exists, it is going to be a tough process. If the account number does not exist the transferred money would get credited to your account within a day. However, humans do make mistakes and it is easy to blame them for their mistakes, sometimes if we are in their shoes we could make the same mistakes. According to the Reserve Bank of India (RBI), it is the sole responsibility of the remitter to provide the right information while doing a money transfer. The RBI has clearly mentioned that if a wrong money transfer is done and the beneficiary account number is valid or active and the money gets credited to his/her account, then the bank can reverse the money transfer only if the receiver/beneficiary agrees to return it.

Here Are The 4 Things To Do As A Remitter If There Was A Wrong Money Transfer.

• Inform the bank – Once you have realized that you did the money transfer to the wrong account, inform the bank officials immediately, sometimes it takes time for the money to get debited from your account and informing the bank authorities can help them block the transfer if the money is still not debited from the account.
• If the money is already debited from your account, you will have to wait or check with the bank if the account number you provided is valid or not, if the account number is not valid the money transfer would be automatically reversed and credited to your bank account.
• If the account number is valid, the amount would have been credited to the account number you provided, now, you will have to meet and talk to the branch manager or the operation manager in person and raise your concern. PS: your bank branch alone cannot do anything without the beneficiaries consent and his/her bank branch consent. (beneficiary is the account holder to whom you have transferred the money)
• Always document all the conversation with the authorities, it is recommended that you email the bank and get the reply instead of verbal conversation.
• Once your bank and the beneficiary bank branch has initiated the reverse with the consent of the beneficiary account holder, you will have the amount credited to your account within a week or 10 days

Here Are The Procedure Of Reversing The Wrongly Transferred Money

Now there could be a circumstance when the bank authorities and beneficiary might refuse to help you. Here are the procedures you can follow in such circumstances

• If the bank authorities refuse to help you and if you have all the proofs to prove the issue, raise a complaint to the higher authorities with all the proofs and if they are not willing to help you, you can directly raise a complaint with the Banking Ombudsman. The Banking Ombudsman is bound to take action and help you with any complaint you raise with all the proofs attached
• If the beneficiary refuses to provide his/her consent to initiate a reverse money transfer, you as a remitter can move legally. PS: remember that most of the people would agree to reverse money transfer. So, always resort to legal action only if there is no other way.

With all these being said, once you have filed a complaint or if the bank has taken steps to initiate the reversal of your money transfer, keep in touch with the bank authorities. Keep-in-track of the developments. Email the bank and get the details of the developments made on your complaint.

Always remember you are just 1 among the million customers a bank has, it is your hard earned money, it your complaint, keep track of the developments.

Hope this article helped you

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