Netbanking Tips! Get Back Money transfer to wrong bank account

How to Get Back Money transfer to wrong bank account net banking

In this trick we will help you with the guide to Get Back Money transfer to wrong bank account. Here we show you how to get your money back after transferring to the wrong account; check net banking tip if you effected a money transfer to wrong bank account.

Get Back Money transfer to wrong bank account

According to the Reserve Bank of India rules, the remitter is responsible for providing the correct beneficiary account information while making a payment. This means that once a transfer is done, reversing it is nearly impossible without approval from the beneficiary. Yes, you read that right! This is why users should check the beneficiary details at least twice before making a transaction. However, in some cases, mistakes do happen which means that people might accidentally lose money. (Get Back Money transfer to wrong bank account)

Here is how to start the process if you transferred money to wrong bank account: (Get Back Money transfer to wrong bank account)

Step 1:
Inform your bank and your local bank manager immediately, and provide them with all the details of the transaction including the time, the incorrect account and the intended beneficiary’s account.

Step 2:
The bank can act as a facilitator and point you towards the bank and or branch where the money might have been transferred, and you can request a reversal of the transaction from that bank. If the recipient is from the same bank, the bank might approach the recipient and attempt to reverse the transaction after gaining their approval.

Step 3:
It is important to maintain a proper log of all your communication with the bank and other banks (if applicable) and all of the activity that was related to the transaction. If the recipient refuses to transfer the money back, you might have to pursue the legal route that might take time and effort.

How to prevent losing your money in a wrong transaction: (Get Back Money transfer to wrong bank account)

1) As the remitter, a customer is responsible for entering the correct information on the bank’s website, by using the correct IFSC code and the correct bank account number. It is better to verify twice or thrice before performing a transaction.

2) It is better to try and transfer a small amount of money to verify that the recipient has received the money (this can be done with a phone call) before making a larger transaction. Pursuing the bank to retrieve ₹100 is a lot easier than trying to get back a few lakhs.

3) Keep the contact details of your local bank’s branch handy and save them for easy access in case a mistake occurs and the beneficiary can be notified as soon as possible, which might help in the transfer of the funds back to the remitter’s account.

lso ReadTech Guide! Here is Step by Step Guide of How to Activate Windows 10

A small initiative to make the Internet a Better place for everyone. There are useful, tricks and tips related to Technology. Which we wish to educate all through blogs. So that they could make their life easy. If you have any feedback or suggestions, please drop us an email. If you wish to publish your blogs, do let us know.