What to do if you Transferred Money to Wrong Bank Account ? 

The Reserve Bank of India has shared the annual report of Ombudsman Schemes, 2021-22 report, where it mentioned that the majority of complaints received during the year are related to digital payment and transaction methods.

However, non-reversal of funds due to wrong beneficiary transfer by System Participant (banks) stood at 6.01%. Though we take so many precautions when we transfer money, mistakes can happen. Your hard-earned money will go to the wrong account if one digit is replaced by another.

How do I get my money back if I transferred to the wrong person?
The first thought that comes to mind when you realise you sent money to the incorrect account is how to get the money back. To start the reversal procedure, you must adhere to a few crucial steps.

According to the Bank of Baroda website, “The first thing you need to do in case of an incorrect money transfer is to inform the bank. You can do this by quickly calling up the customer care number and providing them with all the details of the transaction. They will provide you with a request or complaint number.”

You can then send an email to the customer service department detailing the error in the transfer. As a result, you will have written documentation of all communications with the bank. Additionally, you have the option of following up by going to your home branch, chatting with the manager, and submitting a formal notification of the incorrect transfer.

But can you reverse a bank transfer?

Note that if the account number given is incorrect or doesn’t exist, the money will be promptly credited back to your account. “However, if the details are valid and the money goes through, the reversal of the funds will depend completely on the recipient. If the recipient of your funds provides permission for reversal of the transaction, then you should get your money back without much of a hassle,” according to the Bank of Baroda website.

What happens after submitting the wrong transaction complaint?

Bank of Baroda states in its website, “If it is an intra-bank transaction, the bank itself will reach out to the wrong recipient and request the reversal. If it is a transfer to another bank, your bank will act as a facilitator, providing you with the details of the wrong recipient’s bank and branch.” “Then you can personally visit the concerned bank and talk to the manager. You may have to produce all proofs and communications regarding the incorrect transaction. The bank manager will then contact the wrong recipient and request that the incorrect credit is re-transferred to you”, the bank added.