The past decade has seen an influx of newly introduced money transfer options. Thanks to technology, you don’t have to queue at the bank to make a transaction. However, with choice comes a certain amount of risk and while online banking is mostly a safe and secure solution, mistakes can always happen.
So you want to transfer funds to a bank account instantly and you have entered and verified all the required credentials on the Digital Gateway page. But what if you enter wrong details, for example, wrong account number of the recipient. Except for some systems like UPI, other methods of transferring money require manually entering the details of the recipient.
Here’s what you can do if you’ve initiated a money transfer to the wrong bank account:
How to initiate the process of reversing a transaction:
– Immediately contact your bank and your local bank manager and inform them about every detail of wrong transaction initiated by you- time, account and desired account of the beneficiary.
The bank will guide you as a facilitator and provide the branch details of the bank where the money went. You can ask that bank for transaction reversal. If the amount went from the same bank to the wrong recipient, the bank can also contact that person and ask permission to attempt to reverse the transaction.
It is prudent and recommended to keep a personal record of all communications with the bank(s) in connection with the transaction. Be prepared to take the legal route if the wrong recipient refuses to return the money you transferred by mistake.
How to prevent wrong transaction:
As a remitter, a custodian is responsible for entering correct details on the bank’s website such as IFSC code and bank account number. It is always and highly advised to verify two or three times after entering the details and before transacting.
– It is better to transfer a smaller amount first, if possible, to ensure that the money is being transferred to the intended recipient before making a larger transaction. It is much easier to withdraw 10 rupees from the bank than a few thousand or lakhs.
– Save your local bank branch’s contact details for easy access. So if any mistake happens, the bank can inform the beneficiary at the earliest and it is always helpful to get the money back in the remitter’s account.
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