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Sunday, January 10, 2016

Money Transferred to Wrong Account? 2 Ways to Get Back


Imagine a scenario – you hold an account with State bank of India (SBI) and make an online transfer to two different persons with account in SBI and HDFC respectively. But after sometime you realize that the account number you'd entered was wrong i.e. you had entered additional zero in the end during SBI transfer and the same in the beginning in case of HDFC. What will you do in such a tense situation, will you get your money back?

With e-transfers methods such as NEFT, RTGS, NECS and ECS becoming the most preferred as they are easy to do, time saver, secured and fast, more and more users are using this method of payment instead of visiting the bank personally and standing in long queues. But with the ease of payment, comes a small risk as mentioned above when money is accidentally transferred to an unintended recipient.

There are two ways to get money back when it is transferred to wrong account irrespective of the bank where the sender/recipient hold an account – SBI, HDFC, ICICI bank etc.

    1. Intimating Bank: When money transferred to wrong account but within the same bank as yours, then the first action to be taken is informing the bank as soon as possible. Do this via E-mail and carry out all the future communications on E-mail only because this can help you as a proof whenever required. On your behalf, bank will then inform the recipient requesting reversal of the transaction. If the beneficiary accepts bank's request then money will get credited into your account in 3-5 working days. But this is fine with the intra-bank transfer i.e. both the sender and a receiver hold account in the same bank (SBI to SBI or HDFC to HDFC). But what if the beneficiary holds account at some other bank: In such case, you should personally visit your bank and contact the branch manager to look into the matter. The manager on your behalf will then contact the other bank and request them to carry out further communication with the beneficiary. In this case, if the beneficiary is a good person and allows the bank to reverse the transaction then you should get your money back in 7-10 working days. If your bank manager does not co-operate then you should visit the beneficiary's bank along with all the transaction statement, your ID and address proof. And the bank manager will take the further action.
    2. Legal Case: If in both the above cases, the receiver denies the reversal then sender has to take a legal route which is a time consuming process involving many formalities which includes lawyer's fees etc. Also the beneficiary might also claim that the sender owes him money which has been returned this time. And it is you who will be required to prove that the money was transferred accidentally.

RBI guideline on money transferred to wrong account:

According to the Reserve bank of India, it is the remitter's responsibility to link and transfer money correctly by cross checking the account number and name of the beneficiary and banks will not be held responsible. Also, the bank account number is what matters and other details such as beneficiary's name and the bank's IFSC code is just additional information. Verification of these two details should be done by the bank but it is not a rule.

So while making any online money transfer spend a minute more before clicking on the final submit button. Extra precaution taken today will ease you off from the future trouble.

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