Whenever we talk about transfer of money online the foremost question which arises on the mind is that what will happen if money is wrongly deposited in wrong Bank account. One generally think that it is possible and very easy to get the money back easily but the fact is that it’s not that easy to get the money back. Such cases involves huge complications and involves a time taking process.In short if someone commit this mistake of transferring to wrong account then the money transferred wrongly can be debited by the bank back only after the person who has recived gives permission to bank to do so. Bank officials will provide you with that person contact details such as his name, his account number, his IFSC Code, his mobile number and also his residential address and now it depends upon on you as to how you deal with that person and make him ready to give permission to bank to debit the amount back from his account. Unless he gives the permission to the bank, your money cannot be debited from his account by the bank. In some cases the receiver just withdraw the whole money as he comes to know the wrongly credited amount in his account then in that case if he agrees to return the money then he has to visit the branch personally with the money he withdrew as wrong amount and deposit in your account.
Various mistakes done by which money is transferred to wrong account
Nowdays its convenient to transfer money from one account o another through medium of NEFT and RTGS. These are the two common medium of transferring money from one account to another account. So, the common mistake which people does while filling the NEFT Slip or applying directly from Online Banking is that they fill wrong account number of the beneficiary ( the person who is to receive money from you) or fill wrong IFSC Code of the receiving Branch .Such mistake arises when the remitter ( the person who is transferring money) is in hurry in filling NEFT/RTGS entries in the slip and do not recheck the entries filled by him again in the slip and submits the form for processing into the next step.
Both Account number and IFSC Code needs to be correctly written in the NEFT/RTGS Slip in order to avoid these chance of money transfer to wrong account.
The chance of this type of wrong transferring is mostly common in NEFT rather than with basic banking transactions (such as deposit and withdrawal from one’s account) where all entries are checked by the cashier before final processing of the transaction i,e such as matching and ensuring account number matches with the payee name.
Reserve bank of India have clearly stated to all account holders that in an electronic fund transfer, the transaction is carried out on the basis of the account number only and the beneficiary’s name has little relevance there thus there is maximum chances of money being to transferred to wrong account.
What can you do in such cases?
If one bychance enter a wrong account number of the beneficiary (receiver of money) and if the number you entered does not exist, the amount will automatically be credited back to your account. However, if the account number you entered by mistake does exist, the transaction will take place and it cannot be reversed back. If this happens with someone then in such case, firstly approach your bank (where you applied for NEFT/RTGS transfer) with a written request and convince them that you made that blunder mistake of transferring money to wrong account. If the person to whom the money has been wrongly as also the customer of the same Bank then the Your Bank would help you in providing his contact details by which you can request him to give permission to the bank to re-debit from his account transferred. The Bank certainly will help you in convincing the person on your behalf.
In other case if the person who has wrongly received the money is customer of another bank apart from your bank then in that case the bank can give the contact details of his Bank and Branch and also help you to connect with the Branch Manager of the Receiver Bank but can’t convince the person who received money by mistake in his account to return the money back on your behalf.
Steps to be followed after such mistake occurs:
- Inform the bank immediately : If one commits this mistake of transferring to wrong account number then he should immediately inform the Bank official immediately after commiting such mistakes. If the money is still not transferred to the beneficiary’s account, your bank can block that transaction.
- Meet the branch manager in person: If the funds have already been credited in the wrong beneficiary account of a different branch or bank then only the bank where the beneficiary holds the account can sort it out. You will have to meet the operations manager or the branch manager of your branch and send a letter in written or e-mail a request to the branch concerned to take immediate actions for reversing the amount back.
- Filing complaint: If your branch or the wrong person beneficiary’s branch concerned is not helping you in this matter even after repeated requests or Branch visits, you can raise a complaint against the bank with their Top- Level Management of the bank.
- File Legal case: In case if the wrong beneficiary refuses to return back your money even after several requests then you can file a legal case against him for fraud. But all expenses incurred in the filling case will be ultimately borne by you and not the bank. Sometimes you have to move from one city to another city for legal the case in this issues. Besides this for a reversal of funds, the bank can take a legal call on the account holder, or automatically debit the wrongly deposited money from his account. Legal option is considered as the only last options available in case if others steps doesn’t work.
Suggestions to avoid wrong transfer of money in future:
- Firstly, when you are writing the account number in the respective place where you are supposed to write account number then do check your account number twice and thrice or the best part is just copy your account number from your Bank passbook.
- Secondly, never fill the entries relating to account number and IFSC Code in hurry. Just be patient and filled all entries slowly and calmly.
- After doing the transaction do confirm for its status whether successful or failed.
- If any mishappening happens immediately report it to the bank officials.
Thanks reading the article……..