Transferred money to wrong account? Here`s how to recover it

New Delhi: In mobile banking, money is frequently transferred from one account to another or vice versa. However, this can also happen in the case of banking fraud. Actually, UPI, net banking, and mobile wallet have greatly decreased the obstacles associated with banking transactions. Money transfers can now be completed quickly and easily using only a cell phone.

However, money is frequently transferred to the incorrect number in this situation. In this scenario, you may also be eligible for a refund. Let us know how it works.

Many attempts are undertaken on a continuous basis to make banking facilities more accessible. However, there have been some issues with 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.

Inform the bank immediately 

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 from the e-mail, provide full details of 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 the incorrect transaction occurred in one of your own bank's branches, it will be quickly credited to your account.

If transferred to another bank account 

If money has been transferred to another bank account by accident, recovering the funds may take longer. Banks might sometimes take up to two months to resolve such disputes. You can find out which bank branch in which city transferred the money to which account by contacting your bank. 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.

Register a case immediately

Another option for getting your money back is to go to court. If the individual whose account has had money sent to it by mistake refuses to refund it, a court complaint might be initiated 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.

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