Have You Transferred Funds To The Wrong Account? Here’s All You Should Know - Viral Bake

Have You Transferred Funds To The Wrong Account? Here’s All You Should Know

In today’s world, mobile banking and internet banking has made the fund transfer process easier from one account to another or vice versa. Now, money transfers are being done quickly and easily using a cell phone. In certain circumstances, if you have transferred funds to the wrong account. In such a scenario, you may also get a refund. Now, the question is “how”?

We have discussed the steps, how it works.

Source: Medium

Inform the Respective Bank Immediately 

As soon as you discover that you have transferred money to someone else’s bank account by mistake, simply notify the respective bank. You can call customer service and let them everything about the incident. In case, if the bank needs information, provide full details of the transaction through email. Also, make a note of the transaction’s date and time, and account details to which you have transferred the amount.

How to do if transferred to another bank account?

If you have the amount to another bank account by accident, recovering funds might take longer. In certain situations, banks take up to two months to resolve the issue. You can get in touch with your respective bank to know the bank branch to which you have transferred the money. Also, you can request to reclaim your funds by contacting that branch.

Also Read: Have You Parked Money In Bank FDs? This Could Be The Reason To Worry!

Register a case immediately

Another option for recovering your money is to go to court. If the individual refuses to refund it then you can raise a court complaint against him. However, if money is not refunded in such a situation, it arises as a result of a violation of Reserve Bank laws. The Reserve Bank of India norms says that the linker is responsible for providing accurate information on the beneficiary’s account. If the linker makes a mistake for whatever reason, the bank will not be held liable.

RBI instructions for banks

Nowadays, users are informed after a successful banking transaction. It also says that if the transaction is incorrect, please send this message to this phone number. Moreover, the Reserve Bank of India has given instructions to banks that if money is accidentally transferred to someone else’s account, the bank must take action as soon as feasible.

Singh Vivek

With over 5 years of writing obituaries for a different organisation, I have a uniquely wry voice that shines through in my newest collection of articles.

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