Transferred money to wrong account? Here’s how to get it back

New Delhi: Money is often transferred from one bank account to another, or from one account to another. This can also happen in the case of bank fraud. However, UPI, net banking, and mobile wallet have greatly decreased the obstacles associated with banking transactions. You won't have to go to the bank to transfer money to someone's account this way. This work is completed in a pinch using only a mobile phone.

Many innovative technologies have been implemented to make banking more convenient. However, issues arose as a result of this. What would you do, for example, if you transferred money to someone else's account by mistake? I'm not sure how I'm going to get that money back. You must have done something similar at some point in your life. You can get your money back if you unintentionally moved it to another account.

Notify your bank as soon as you discover that you have moved money to someone else's account by mistake. Call customer service and tell them everything that happened. If the bank requests all of the information contained in the e-mail, provide detailed details about the transaction that resulted from the error. 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.

Transfer to own bank account 

If the bank account to which you have transferred money has an incorrect account number or an incorrect IFSC code, the money will automatically be deposited into your account; however, if this is not the case, go to your bank branch and meet with the branch manager. Inform him of the erroneous transaction. Attempt to determine where the money has gone. If this erroneous transaction occurred in one of your own bank's branches, it will simply appear in your account.

If transferred to another bank account 

If money has been transferred to another bank account by wrongful means, recovering the funds may take longer. Banks might sometimes take up to two months to resolve such disputes. You can also try to reclaim your funds by contacting that branch. The bank will notify the bank of the person whose account money has been transferred by mistake based on your information. The bank will ask that person's consent to return the funds that were incorrectly transmitted.

Get a case registered

Another option for getting your money back is to go to court. If the person to whose account the money was accidentally transferred refuses to return it, a court case can be filed against him. However, if money is not refunded, this privilege arises as a result of a violation of Reserve Bank laws. According to Reserve Bank of India norms, the linker is responsible for providing accurate information on the beneficiary's account. If the linker makes a mistake for whatever reason, the bank will not be held liable.

RBI instructions for banks

Nowadays, you get a notice when you transfer money from one bank account to another. It also says that if the transaction is incorrect, please send this message to this phone number. The RBI has also given banks instructions that if money is accidentally put in someone else's account, your bank must take action as soon as feasible. The bank is in charge of transferring funds from the incorrect account to the correct account.