What to Do if You Mistakenly Transferred Money to a Wrong Account?
What to Do if You Mistakenly Transferred Money to a Wrong Account?
Money transfers from one bank account to another have become quite simple, but there have also been some challenges.
Errors are inevitable for everyone in the world. Many people, as we all know, use mobile banking applications, USSD codes, or even going to the bank on a regular basis to complete financial transactions.
Unfortunately, we frequently hear about people transferring funds to the incorrect bank account. Several people lose faith that they will not receive their money back. That’s why I want to talk to you now about how you can get back your money. which is why I’d want to talk to you today about how to get your money back if you transfer money to the wrong bank account.
Did you transfer money to a wrong bank account?
If you transferred money to the wrong account by mistake, follow these instructions.
In this scenario, the first step is to notify the bank as soon as possible, either by writing, phoning the customer service line, or directly visiting the bank to explain the issue. Ideally, one should go to the bank in person and explain the situation verbally.
Once the bank has been informed of the situation, the bank should quickly reverse the funds to the transferor or the account into which they were supposed to be paid.
Moreover, after the bank receives the transferor’s complaint, it must respond swiftly to rectify the error. This will be accomplished by the bank reverting the funds to the transferor as soon as possible. This is only feasible if both the transferor and the owner of the incorrect account have bank accounts with the same institution.
In this case, all the bank needs to do is either notify the erroneous account’s owner or reverse the funds to the transferor without the agreement of the wrong account’s owner.
If the bank is unable to reverse the incorrect payment as described in the previous two stages, the third step will be required. This might be done for a number of reasons.
The following factors include:
(1) Where the client and the wrong account owner do not use the same bank;
(2) if the owner of the wrong account refuse to give consent for the customer to reverse the money;
(3) if the owner of the incorrect account has moved the money back into another account.
In any circumstance referred to above, you will have to present a move on notice to the court in order that the money be reversed to the transferor (you) by an order from the court.
Read>>> First Bank Transfer Code – How to Use First Bank Transfer Code | USSD Code 2021.
What to do if you transferred money to a wrong account?
Nevertheless, when the holder of the wrong /false account has moved the money to a separate account and has withdrawn the money, the customer will have to inform the police who will approach the courts to place a lien on the account of the false holder as a post no debit.
The move by notice request to the Court includes a supporting affidavit, in which the you (claimant) should identify his/her account number, the bank name, the bank of the wrong/incorrect account holder, the transferor’s account statement and the incorrect account holder.
The last stage is for the transferee to receive from the court registrar a certified genuine copy of the court order then to serve it on the bank.
The bank will have no choice other than to reverse the money back to the transferee after obtaining the certified genuine copy of the court order.
Can you reverse a bank transfer?
In general, banks can only reverse a mistaken payment with the permission of the recipient. In order to recover the payment, your bank and the recipient’s bank must work together.