Starting with the real-life incident that had happened and it’s inspired by the regular life. And we don’t need to get into the names and bank names too seriously but however, teaching to help you learn from his mistake.
A guy named Rohit, he was having a bank account with the union bank. He holds a business too. And for this purpose, they needed to send a whopping amount of 8 lakhs. So what he did just researched and found out the three methods which were RTGS, NEFT, and the IMPS. But he chose the IMPS in this transfer.
And the next thing that happened is the beneficiary account number that is compulsory to be typed or written twice to avoid the wrong account transfer.
And that happened, he sent the full amount to the wrong account and he realized, the third party was not paid that means it was transferred to the wrong address.
This the point where you discover yourself you did something seriously wrong and curse yourself.
Now, what are the possible solutions and measures you can follow to get back your amount as fast as possible?
How to get back the money ?
When you realize and fall into this situation only the customer care and the online methods work at first to help you out –
Contacting through online and phone
- Contact customer care
At first when you discover that the amount has been sent to the other account. Taking to the executive can relieve you especially at night when you have no option to visit the branch they can guide you through. In this article, all the phone numbers of the customer service are given for all the banks.
- Social Media power
Yes, really it has powers as the world are changing and the banks moving towards online customer service to give immediate service to the customer. If you don’t have a twitter account create immediately and tag them with the issue. Now how can you do so?
Write the problem when you have sent the money from @your_bank_name_from_where_you_have_sent and to @the_bank_you_sent_to
Following that the bank will respond back and please do not share information on the account, not even the account number.
- Search online
Search for the “Public Grievance Redressal System” followed by the name of the bank where you have sent the amount. Here, the receiver’s bank will take the request and ask the account owner of their bank to refund the amount.
Contacting offline is the most reliable and believable method every individual thinks of. But this is only possible if it’s within banking hours
- Visiting bank in person
When visiting the branch, make sure you ask the manager and can write a email regarding this problem to the receiver’s bank. If this doesn’t solve contact his higher authority to resolve the problem.
The manager might ask for the digital/paper receipt along with the relevant details that prove it’s in the wrong account number.
- Meet him/her in person
If this is about some huge sum of money, I definitely suggests to meet the person so you can come to an end of trouble. Many times, people reject the proposal for the money back but when you visit them and let them know your pain, they don’t deny.
All these are necessary because a positive consent is required from the receiver that it’s a transfer by mistake and the person is ready to refund it.
- Legal option
However, if I was in this situation I would have tried to sort out without taking the help of law but if the case is too severe as the sum of money is huge, the legal option is only the option to take.
And why people avoid this option is because of the charges that are charged by lawyers are too expensive. After losing so much money they can’t afford to lose more on lawyers, if it’s a true case of wrong account transfer you will surely get this thing done here.
Why this mistake happen ?
The banks gives two fields to type the same beneficiary do you know why ?
Not because of the bank but because of you so that the beneficiary is checked twice before the transfer happens. It’s natural that people only read the last digits and write them without checking the full digits.
While the net-banking transfer option is also available and many banks don’t allow copy and paste into the second field so that the customer cheques the beneficiary before sending. And also this adding of beneficiary takes time so that verification and the service could be stopped before it transfers.
However, if the beneficiary acc number is received in email copy and paste if that allows. Doing so is a clever choice and human error can be avoided.
Computer technical glitch
Many cases had been seen where it was all due to computer glitch and the balance was refunded within 7-8 days. But this happened in the early 20s and not much was harmed.
Computer glitches may either cause due to heavy load on the servers or on a new service that has been introduced, that the code wasn’t checked for any possible bug for every possible situation that is vulnerable for the customers using the service.
How to avoid funds mismatch ?
Please make sure that you phone the beneficiary and repeat the same that you got and confirm if it’s the same. By allowing yourself to do this extra task securing and moving yourself a one step ahead towards a successful fund transfer.
People often read the last digits and forget the entire account digits. But if you read and write twice for the beneficiary you can avoid this problem. Even after the accurate account number, the IFSC creates a problem. Check so to avoid the problem.
It is always a clever decision to test the account’s validation by sending a low amount you can later verify if the amount received. If you want to try this then, go for either IMPS or NEFT with no minimum transaction limit.
Later, either using RTGS or NEFT you can able to send up to 10 lakhs/transfer as specified by the bank SBI. However, there is no maximum limit for NEFT by RBI.
Verify until you’re satisfied
If you have sent the test money and verified the authenticity then you are good to go without verifying. But sometimes it happens that you might be in a hurry either because of personal or professional pressure of transferring the money at once for an emergency.
In this case please check the receiver’s details before you send as that one click can send your hard-earned money to other’s accounts.
Let’s see what RBI Kehta Hai in this case
First of all, in the NEFT transfer, RBI says that it’s the responsibility of the remitter to check the details of the receiver and not to make any error.
RBI also mentions that if it’s a fault of the bank of not transferring the money back to the remitter’s account bank then the bank is liable to pay the full amount with a penalty.
In this case, addressing this issue to the bank’s grievance redressal cell of your respective bank. Even if the issue isn’t solved within 30 days you can lodge a complaint in any listed for the BO under the Ombudsman 2006 Scheme.
And the same for RTGS and the IMPS by NPCI (National payments corporation of India) as mentioned above.
What if i sent money to wrong account using google pay?
Ans- It’s simple just ask the person using the phone number to send the amount politely if they reject apply the methods given above.
What if I sent money to wrong account Paytm?
Ans- Actually it’s difficult as these platforms like google pay, phone pay, and Paytm gave their verdict that they cannot return the money if it’s gone until and unless the account owner wishes to return.
Is it a 100% guaranteed way to get back my money?
Ans- No, actually everything depends upon the account owner whether he/she has no objection in returning the full amount and help the remitter prove the transfer was by mistake.
Can a bank reverse a payment?
Ans- Yes but only when it’s ready to be transferred and not yet transferred like in case of RTGS around that time, you can cancel and receive the payment. But with the IMPS which transfers money immediately, you need to struggle and the money is only refunded with the bank owner’s consent.
How much time it requires to reverse a wrong transfer?
Ans- No there’s no specific time mentioned anywhere however, this actually depends upon the bank owner on how he collaborates. Usually 7-8 days and not even within 30 days.
In that case, you can lodge a complaint if you live in these areas or even near to it, fortunately, this is an online-based complaint submission system.