How to reverse transaction to a wrong bank account?

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How to reverse transaction to a wrong bank account? (Photo by rupixen.com on Unsplash)
How to reverse transaction to a wrong bank account? (Photo by rupixen.com on Unsplash)

New Delhi : With everything becoming digital, chances of committing a mistake in bank transaction have also increased. Though the life has become a lot easier when it comes to transferring funds from one account to other with the help of services like UPI, netbanking, Paytm and others, but some people believe that it has also increased the complications.

For instance, if you end up transferring money to a wrong account, how will you recover it? Does the bank have the power to credit the amount back to your account? Well, the answer is that the banks have no right to reverse the amount unless beneficiary allows the transaction.

“The most important thing to understand is that if a transaction has been made, the bank cannot reverse it from its end without approval from the beneficiary. Bank can only act as a facilitator”, a leading portal quoted Adhil Shetty, CEO & co-founder, Bankbazaar.com as saying.

How to get the money back?

Immediately call your bank customer care and explain the whole thing.  You will have to inform the executive the exact date and time of the transaction, account number, and the account in which money has been transferred mistakenly. The money will automatically be refunded within 5-6 business days if the bank account to which you have transferred the money does not exist.

If not then, you will have to approach your bank and apprise the manager about the wrong transaction. The bank will check the details of the beneficiary and if the person holds an account with the same branch, the bank can request him to return the money. 

The money will automatically be refunded within 5-6 business days if the bank account to which you have transferred the money does not exist.

What if the beneficiary refuses to credit the amount back to your account

In this case, contact your bank and elaborate the matter

If he or she refuses to give your money back choose legal route

The situation becomes more complicated if your bank and your beneficiary’s banks are different and are in different cities

What if the beneficiary agrees to give your money back

If a beneficiary agrees to reverse the transaction, it will take 8-10 working days to get your money back.

Published : Monday, March 15, 2021 06:16 [IST]
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