What happens during an accidental transfer of money to the wrong bank account?

Wrong Money Transfer

Are you worried because you just accidentally transferred money to the wrong bank account? Need not worry because there is a solution to every problem. Accidental money transfers are prevalent and might happen due to technical glitches or human error. However, reversing wrong money transfers can be difficult but not impossible.   

With technology taking a toll over the world globally, things are changing rapidly. Now while transferring money, you get a message pop up showing whether your funds transferred to the specified bank account or not. Reserve Bank of India has advised different banks to take all the mandatory steps where the money is deposited into someone else’s account by mistake. The banks are responsible for returning your money. 

How accidental wrong money transfers can occur 

You might be aware of the fact that today, Online money transfers have become quite common. However, a miss at any point can create a lot of damage to you financially. Wrong money transfers not only happen from the wrong account number, but it can also occur if the wrong IFSC Code is specified. RBI has advised all the banks clearly that a payment through NEFT should be carried out based on account numbers.  

Are you under stress? Remain stress-free because in such a case you are required to approach your bank with the written document and request them about the wrong money transfer. The bank can assist you in contacting the other person and assist you in connecting with the branch manager. 

Complete guideline for senders for fund reversal

Nothing is impossible as there are some of the guidelines that you need to follow if you ever make a wrong money transfer to an unknown or incorrect account number: – 

  1. Notify the bank about the incident – If you have done an accidental money transfer, notify your bank as soon as possible. In case your money is not transferred to someone else’s account, your bank can immediately block the ongoing fund transfer. 
  2. Connect with the branch manager – if your money already has been transferred to the wrong bank account of a different branch, then the only bank in that particular branch is responsible for solving your issue. To revert the change, you need to follow the criteria. Visit the bank or branch and meet the branch manager or operational manager. Narrate to them about the incident that happened. Initiate the email request to the concerned bank to take mandatory actions. 
  3. Register your complaint – At any point in time, your branch or the manager is not assisting you in sorting out the incident, followed by a repeated appeal to file a charge against your bank to the higher authorities. 
  4. Take action, legally – In case of accidental money transfers, the bank has all the rights to take legal action against the payee who does not agree to revert funds.

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Therefore, while transferring funds to any bank, make sure you check all the details twice to be double sure. If you commit a mistake and an accidental money transfer happens, some steps can help you get out of the situation. It only depends upon the circumstance, as it becomes tedious to get the funds reverted. You can also do a test transfer with a small amount of money to check and only then transfer a large number of funds.

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