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Transferred Money to Wrong Bank Account by Mistake? Steps to Know to Get it Back

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From saving your local bank branch’s contact details for easy access to other tips you must know to get your money back when you transfer money to a wrong bank account by mistake

There has been an influx of newly-introduced money transfer options over the last decade. Thanks to technology, it is not mandatory for you to queue at the bank to make a transaction. However, with choice comes a certain amount of risk and while online banking is mostly a safe and secure solution, mistakes can always happen.

So you want to instantly transfer funds to a bank account and you have entered all the required credentials on the digital gateway page and verified as well. But what if you put in the wrong details, for instance, the wrong account number of the receiver. In exception of certain systems like UPI, other modes of transferring money require the recipient details to be manually entered.

Here’s what you can do if you have initiated a money transfer to the wrong bank account:

How to initiate the process of reversing transaction:

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- Immediately contact your bank and your local bank manager and inform them of every detail of the wrong transaction initiated by you- time, account and the intended account of the beneficiary.

-The bank will guide you as a facilitator and provide the details of the branch of the bank where the money went. You can ask for a transaction reversal from that bank. If the amount went to the incorrect recipient from the same bank, the bank can also approach the individual and seek permission to attempt a transaction reversal.

- It is sensible and recommended to keep a personal record of all the communication with the bank(s) regarding the transaction. Be prepared to take a legal route, in case the wrong recipient refuses to return the money mistakenly transferred by you.

How to prevent making a wrong transaction:

- As a remitter, a patron is accountable for entering the correct details on the bank’s website such as the IFSC code and the bank account number. It is always and highly advised to verify twice or thrice after entering the details and before performing a transaction.

- It is better to first transfer a small amount, if possible, to ensure that the money is getting transferred to the intended recipient before making a larger transaction. It is much easier to retrieve Rs 10 from the bank compared to a few thousands or lakhs.

- Save your local bank branch’s contact details for easy access. So if a mistake happens, the bank can notify the beneficiary at the earliest and it is always helpful to receive the money back to the remitter’s account.

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first published:October 18, 2021, 15:59 IST