Sometimes, we make a mistake in entering the bank account number. By typing the wrong account number incorrectly, we send money to the wrong beneficiary
Day By Day, digital platforms have made banking easier but have their own flaws. With Net Banking, in just three or four steps, we can transfer money to our bank account wherever we want. With Digital Wallet, NEFT / RTGS, UPI, Google Pay, BHIM, and other such services, bank transactions can be done easily. Now we can avoid long queues at banks and ATMs because internet banking has made it possible to transact anytime, anywhere.
Sending and receiving money online has become extremely easy. This has been proven to be extremely convenient, but we make mistakes during the process. But how can you get our money back
What You Have To Do if you made the mistake of sending it to the wrong account?
Currently, you can send money online to any other bank account without any additional details like IFSC code, name, branch name etc. Many times we make a mistake in giving the bank account number. We send money to the wrong beneficiary by typing the wrong account number incorrectly. But if you do not have the wrong typed bank account, the money will be sent.
Also Check – How To Protect Yourself From fraud on UPI Apps
What are the RBI rules?
According to RBI, “Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the remitter/originator. While the beneficiary’s name shall be compulsorily mentioned in the instruction request, and carried as part of the funds transfer message, reliance will be only on the account number for the purpose of affording credit. This is applicable both for transaction requests emanating at branches and those originated through the online/ internet delivery channel. The name field in the message formats will, however, be a parameter to be used by the destination bank based on risk perception and/or use for post-credit checking or otherwise.”
What this means is that it is the money sender’s responsibility to make sure that the correct account number is entered.
But mistakes do tend to happen, we are human after all. If you have transferred the amount to the wrong account and the account details are invalid, your money will automatically return to your account.
But what will happen if the account number is valid and the transaction is a success?
“Banks should put suitable disclaimers on the funds transfer screens in the online / internet banking platform and funds transfer request forms advising customers that credit will be effected based solely on the beneficiary account number information and the beneficiary name particulars will not be used therefor,”
According to RBI notification Mentioned above.
The RBI notification further states that, “banks are generally expected to match the name and account number information of the beneficiary before affording credit to the account.”
So, if you accidentally transfer money to the wrong bank account, you can request a reimbursement from your bank by informing them of the RBI guideline from October 2010. However, it depends on the recipient to provide permission for reversal of transaction.
How to get your money back?
If the beneficiary details required for remittance (eg MMID, mobile number) are incorrect. The transaction is highly likely to be rejected. According to the State Bank of India (SBI) website, if you send money using the account number. Then check the account number to which you are transferring the money. As the money is deposited on the basis of the account number only. Will go In case of wrong transfer, immediately inform your bank that you have transferred money to wrong beneficiary account. Call the customer care number. Note down the date and time of the transaction as well as your account number. And the account to which funds were transferred by mistake. You may be asked to visit a branch.
Visit your bank branch, submit a written request for wrong transfer with details. Attach screenshot if necessary.
The bank will act as an assistant and give you the details of the branch of the bank and the account where the money was transferred. If it is in the same bank, you can check directly with the recipient and ask for the reverse.
If it’s at a different bank, it’s best to go to the recipient’s branch and discuss the same topic, including writing, email contacts, and screenshots. In such cases, the beneficiary’s branch may call the wrong beneficiary and request that the wrong credit be re-transferred to the remitter.
Can money be transferred to the bank without the permission of the wrong beneficiary?
Recovery of money is impossible without the permission of the wrong beneficiary. The process is complicated, but he has to admit that there was a mistake in his account and the bank will have to cancel the transaction and recover the money from the sender.
It is important to double check the beneficiary’s account number and IFSC code before making any payment. This can help you avoid any mistake of sending money to the wrong account.
Online Transaction Safety Tips
- Avoid hackers calls or emails, don’t engage with unknown person
- Keep Net Banking PIN and passwords secret
- Change passwords periodically
- Don’t share bank details over the phone
- Do NOT use public computers for online banking
- Do not click on links embedded in emails or text message
- Report lost cards immediately