Know What Happens If You Accidentally Transfer Money To Wrong Bank Account
By Lokmat English Desk | Published: October 18, 2021 02:09 PM2021-10-18T14:09:21+5:302021-10-18T14:09:21+5:30
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Currently there is a lot of emphasis on digital payment. There has been a huge increase in digital transactions during and after the Corona Crisis. Money transactions are now facilitated through digital wallets, NEFT / RTGS, UPI, Google Pay, BHIM app and other services.
All of these mediums are the easiest way to send or receive money. This has made it easier to transfer money, but there are also mistakes made by customers in doing so. Most of the time, when the bank account number is typed incorrectly while transferring money, the money is transferred to the wrong account. So what to do if money is transferred to wrong account? What are the rules of Reserve Bank of India (RBI)?
Inform your bank immediately
If money is accidentally transferred to another person's bank account, first notify your bank by phone or email. Also, it is best to see the branch manager as soon as possible. Only the bank to whose account the money has been transferred can solve the problem.
Call your bank's customer care center and tell them everything. If the bank asks for all the information via e-mail, send the complete details of the transaction. This will include the date, time of the transaction, your account number, where the money was sent, its account number.
Meet the branch manager
If the bank account to which you have transferred money, the account number is incorrect or the IFSC code is incorrect, the money will be credited to your account automatically. If the money is not credited to the account, go to your bank and meet the branch manager. Let them know the full story of this wrong transaction. Try to find out which bank account the money went to.
If the money has been transferred to another bank account by mistake, it may take longer to get the money back. Sometimes banks can take up to 2 months to settle such cases. You can find out from your bank which city, which branch, which account the money has been transferred to. You can withdraw money by talking to that branch.
Can file a case
In most cases where money is transferred to another's account by mistake, the recipient is willing to return the money. If he refuses to return the money, you can sue him. You have the right to take legal action on your behalf in such cases. If you want, you can file a complaint with the bank and take legal action.
The RBI has directed that if money is accidentally deposited in another's account, your bank will have to take immediate action. The bank will have to make arrangements to return the money from the wrong account to the correct account. Currently, after transferring money, a message comes on mobile and mail that if the transaction is wrong, send a message to this phone number. You can also file a complaint.
