Transferred Money to a Wrong Account? Here’s How You Can Reverse The Transaction

With the changing trends in technology everything including the banking services has changed a lot and have become much easier. Sending and receiving money through Digital Wallet, NEFT / RTGS, UPI, Google Pay, and many more others have also become a lot easier.

Although these new technologies have helped the common man in availing the banking services easily, there are some shortcomings of using these technologies.

Sent money to wrong bank account?

Here’s how you can recover your money
Although these new technologies have helped the common man in availing the banking services easily there are some shortcomings of using these technologies. Sometimes, people, while sending money through digital payments options, type wrong account number or any detail, asked while making the transaction, due to which the money sent by them is transferred to someone else’s account.

If the bank account number you typed by mistake is not available in the bank data, then all the money will be returned to your bank account. But if the account number is present in the bank’s data, then that money will reach the account of the person to whom you have sent it by mistake. We don’t need to visit a bank to transfer money to someone’s account as this can be done in a fraction of seconds through smartphones or laptops

How can you get your money back?

Immediately call your bank customer care and explain the whole thing. You will have to inform the executive the exact date and time of the transaction, account number, and the account in which money has been transferred mistakenly.

The money will automatically be refunded within 5-6 business days if the bank account to which you have transferred the money does not exist. If not then, you will have to approach your bank and apprise the manager about the wrong transaction. The bank will check the details of the beneficiary and if the person holds an account with the same branch, the bank can request him to return the money.

Sometimes banks can take up to 2 months to settle such cases. The money will automatically be refunded within 5-6 business days if the bank account to which you have transferred the money does not exist.

What if the beneficiary refuses to credit the amount back to your account. In this case, contact your bank and elaborate the matter. If he or she refuses to give your money back choose legal route. The situation becomes more complicated if your bank and your beneficiary’s banks are different and are in different cities

What if the beneficiary agrees to give your money back. If a beneficiary agrees to reverse the transaction, it will take 8-10 working days to get your money back. Else, you have to prove the transaction with exact bank statement, address and ID proof etc.