Transferred money to wrong account? How to get your money back

New Delhi: Today, the digital platform has made banking easier but it has its own drawbacks. Through net banking, in just three or four steps we can transfer money to our bank accounts, wherever we want. With digital wallets, NEFT/RTGS, UPI, Google Pay, BHIM, and other such services can make bank transactions easily. We can now skip long queues at banks and ATMs as Internet banking has made it possible to do transactions at any time, anywhere.

It has become extremely easy to send and receive money online. This has become extremely convenient, but during this process, we make mistakes. But how do we get our money back if you have made the mistake of sending it to the wrong account?

Nowadays, without additional details like IFSC code, name, branch name, etc, you can even send money online to another bank account. Sometimes, we make a mistake while entering the bank account number. By mistyping the wrong account number, we send money to the wrong beneficiary. But if the mistyped bank account doesn’t exist, the money will be sent.

What are the RBI rules?

According to RBI, “Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the remitter/originator. While the beneficiary’s name shall be compulsorily mentioned in the instruction request, and carried as part of the funds transfer message, reliance will be only on the account number for the purpose of affording credit. This is applicable both for transaction requests emanating at branches and those originated through the online/ internet delivery channel. The name field in the message formats will, however, be a parameter to be used by the destination bank based on risk perception and/or use for post-credit checking or otherwise.”

What this means is that it is the money sender’s responsibility to make sure that the correct account number is entered.

But mistakes do tend to happen, we are human after all. If you have transferred the amount to the wrong account and the account details are invalid, your money will automatically return to your account.

But what will happen if the account number is valid and the transaction is a success?

“Banks should put suitable disclaimers on the funds transfer screens in the online / internet banking platform and funds transfer request forms advising customers that credit will be effected based solely on the beneficiary account number information and the beneficiary name particulars will not be used therefor,” according to RBI notification quoted above.

The RBI notification further states that, “banks are generally expected to match the name and account number information of the beneficiary before affording credit to the account.”

So, if you accidentally transfer money to the wrong bank account, you can request a reimbursement from your bank by informing them of the RBI guideline from October 2010. However, it depends on the recipient to provide permission for reversal of transaction.

How to get your money back?

If the beneficiary details required for making a remittance (such as MMID, mobile number) are wrong, there is a high possibility of the transaction being rejected. If you are remitting money using an account number, do check the account number you are transferring the money to, as the amount will be credited on the basis of account number only, stated the State Bank of India’s (SBI) website.

In case of wrong transfer, inform your bank immediately that you have transferred the money to the wrong beneficiary account, call the customer care number. Make a note of the transaction’s date and time, as well as your account number and the account to which the funds were mistakenly transferred. You might be asked to visit the branch.

Visit your bank branch, submit a written application for the wrong transfer along with details. Attach the screenshot if necessary.

The bank will act as a facilitator and provide you with details of the bank and branch of the account where the money has been transferred. If it is in the same bank, you can check with the recipient directly and ask for a reversal.

If it is in a different bank, it is better to visit the branch of the recipient and discuss the same along with written, e mail communication and screenshots. In such circumstances, the beneficiary’s branch may call the incorrect beneficiary and request that the incorrect credit be re-transferred to the remitter.

Can bank transfer money without the permission of the wrong beneficiary?

Without the permission of the wrong beneficiary, it is impossible to retrieve the funds. The procedure is complicated, but he or she must admit that a mistake was made on his or her account and that the bank must cancel the transaction and restore the funds to the sender.

It is vital to double-check the beneficiary’s account number and IFSC code before making any payment. It can assist in avoiding any type of blunder of sending money to the wrong account.

Online Transaction Safety Tips

  • Avoid hackers calls or emails, don’t engage with unknown person
  • Keep Net Banking PIN and passwords secret
  • Change passwords periodically
  • Don’t share bank details over the phone
  • Do NOT use public computers for online banking
  • Do not click on links embedded in emails or text message
  • Report lost cards immediately