Did you transfer money to the wrong account? Do this immediately to get back your money

Mobile banking allows customers to have access to banking services from anywhere, anytime. Banking facilities like UPI, net banking, mobile wallets have made it easy for people to make transactions within few seconds. Because of these facilities, you don’t have to go to banks in order to transfer money to someone’s account. Mobiles have replaced banks and pockets have replaced the address of the bank. But sometimes, we unknowingly transfer money from one bank account to the wrong bank account. The same happens in banking fraud also. Well! You can get your money back if you follow below given process.

Certain technologies have made banking facilities easier and accessible to customers. But advantages are always followed by some disadvantages. Let’s suppose, how will you react if you accidentally transfer your money to some wrong account? What will you do to get your money back? Maybe, you have done this mistake already. Don’t worry, you can get your money back.

The moment you realize that you have transferred your money to the wrong account by mistake, then the first thing that you have to do is inform your bank without wasting time. Make a call to customer care and narrate the whole story to them. If they ask you to mail them about the issue then give full details of the transaction done in the mail. Also, don’t forget to mention the date and time of the transaction, your account number and the account to which the money has been transferred.

In case you have transferred money to some invalid account then the money will automatically come back to your own account. In case you don’t receive the



amount, then visit your bank branch, meet the manager and tell him/her about the issue. If a transaction has happened to the wrong account number or the IFC code is wrong, then you will get your money easily in your account.

In case you have transferred money to another wrong but valid account, then it may take some time to get your money back. Sometimes, it takes months to settle such cases. You can get the details from your bank that in which branch of the city your money has been transferred. You can collect these details on the basis of the information that you will give about the wrong transaction. In order to return the wrongly transferred money, the bank will ask for permission from the owner of the account.

If the account holder refuses to give your money, then you can file a legal case against the person in whose account the money has been transferred to get your money back. However, in such cases, this right comes in the context of a violation of Reserve Bank rules. According to the guidelines of the Reserve Bank of India, it is the linker’s responsibility to give correct information about the beneficiary's account. If the linker makes these mistakes, then the bank is not responsible for it.

Nowadays, you receive a message when you transfer money from one bank account to another. Also, it is mentioned in the message that ‘if the transaction is wrong then please send this message to this number. RBI has instructed the banks that if something like this happens then the bank will have to take action as soon as possible. Therefore, the bank will be responsible for returning money from the wrong account to the right bank account.