Transferred Money Into a Wrong Bank Account? Here’s How to Get It Back
Transferred Money Into a Wrong Bank Account? Here’s How to Get It Back | Daily-Kashmir
Accidentally sent your money to the wrong account while making a transfer or payment? Follow these steps to get your money back (Daily-Kashmir).
Transferred Money Into a Wrong Bank Account? Digital payments have undoubtedly made shopping easier. One is able to transfer and receive money at the click of a button. However, with this ease comes a fear of making a wrong payment DK.
Have you ever credited money to the wrong person and wondered how to retrieve it (Daily-Kashmir)?
Transferred Money Into a Wrong Bank Account?
According to a survey conducted on digital payments in India, in 2020, around 79 per cent of households used some form of third-party digital payment apps, like Paytm and PhonePe DK.
Meanwhile, 52 per cent of households were using the central bank-backed Unified Payments Interface (UPI) platform DK.
With so many people using online payment what are the safeguards one has to protect themselves if they make a wrongful credit DK?
On 29 June 2022, a woman based in Mumbai made an erroneous online transfer of Rs 7 lakh. When she contacted her bank for help, was turned away citing the reason to be an error on her part DK.
The woman then approached the cyber cell, who took all steps to ensure that she got her money back. On 2 July 2022,the payment was reversed DK.
If you find yourself in such a scenario, here are some reliefs you can avail: (Daily-Kashmir)
Approach your bank:
- Immediately reach out to your bank to reverse the payment.
- While making this call to your bank manager or relationship manager, have all the details of the transaction handy – the amount transferred, the time of transfer, and the account details of both the beneficiary as well as the person making the payment. . Along with making a telephonic complaint, you will be required to visit the nearest branch and submit an application detailing the incident.
- In case the wrongful beneficiary is an account holder in the same bank as yours, the process becomes easier.
- Else, your bank will contact the wrongful beneficiary’s bank and initiate a reversal.
- It is important to raise a complaint as soon as the erroneous transfer is made.
Approach the court: (Daily-Kashmir)
What if the recipient refuses to reverse the payment?
If all goes well, the wrongful recipient should reverse the payment. However, there could be a scenario where that does not happen. In such a case, one should be ready to file a civil suit for the recovery of money under the Civil Procedure Code DK.