Home Featured Opps! Sent Money To A Wrong Account? Here’s What You Can Do To Get Your Money Back

Opps! Sent Money To A Wrong Account? Here’s What You Can Do To Get Your Money Back

by Shatakshi Gupta
Published: Last Updated on

With the advent of online banking transferring money from one bank to another bank account has become so easy. There has been an increase in digital transactions due to the presence of many payment apps like PhonePe, Google Pay, Paytm, Amazon Pay and many Internet Banking apps. However, many times while transferring money to a bank account we wrongly enter the mobile number or account number, this leads to the amount being transferred to the wrong account. Today, we will tell you about what should you do in such a situation.

Immediately report the wrong transaction

If by mistake you have transferred money to another person’s bank account, first of all, inform your bank about it by phone or email. It would be better if you meet the branch manager at the earliest.  Understand that only the bank in whose account you have transferred the money can resolve this issue. Inform your bank in detail about the transaction made by mistake.  This includes the date and time of the transaction, your account number and the account number in which the money was transferred by mistake, etc.

Also read: Be vigilant, Follow These 7 Tips For Secure Online Banking

Legal recourse

In most cases where the amount is transferred by mistake, the receiver is ready to return the money. But if he refuses to return the money then you can file a case against him. You also have the right to take legal action on your behalf in such cases. You can take legal action by registering a complaint with the bank. According to RBI guidelines, if money gets deposited in someone else’s account by mistake, then your bank will have to take action as soon as possible. The bank will have to make arrangements to return the money from the wrong account to the correct account.

 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. But if it is not the case, then go to your bank branch and meet the branch manager. Tell him about this wrong transaction. Try to find out in which bank account the money has gone.  If money has been transferred to another bank account by mistake, it may take more time to get the money back.

 Sometimes banks can take up to 2 months to settle such cases. You can find out from your bank the details of the account in which your money has been transferred.

Also read: Bad Bank: A Solution To India’s NPA Problem Or A Preposterous Idea?

Prevention is always better

 Although you will get your money back by taking legal action for this you will have to go through a very cumbersome process. So, to avoid such a situation keep the following points in your mind while making any online payment.

  • While transferring money, check the receiver’s bank account number twice.
  • While entering the bank account number in a hurry, you can get your money transferred to the wrong account even if a single digit is misplaced. So, always fill account number very carefully.
  • Try to add an account beneficiary before sending money, so that you can make frequent transfers without any mistakes.
  • For the first time, start sending money to another’s account with a small amount, so that if the money goes to the wrong account, then the loss is minimal.

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