News for those doing digital transactions: You have not accidentally sent money to someone else’s bank account; So know what to do to get the money back?
- In today’s time digital wallets, UPI, BHIM apps, and other services are easily transacting money.
- RBI’s guidelines are that in such a situation, the bank will have to make arrangements to return the money from the wrong account to the right account.
The functioning of the bank has become very easy with Digital Banking. Especially with the advent of UPI, it has become very simple to send or order money from anywhere.
A one-digit error occurred and your money was transferred to the wrong account. Due to a lack of information, people do harm in such cases. With some easy steps, such money can be recovered.
What to do if you deposit money into the wrong account?
First of all, inform the bank about this
If by mistake you have transferred money to another person’s bank account, first of all, inform your bank about it by phone or email. It would be better if you meet the branch manager at the earliest. Understand that only the bank in whose account you have transferred the money can resolve this issue. Inform your bank in detail about the transaction made by mistake. This includes the date and time of the transaction, your account number, and the account number to which the money was transferred by mistake.
Please check your message and email
Wherever you transfer money, then you get a message and email to deduct money from your account. After transferring money, definitely check the message and email, so you can know immediately whether the money has gone to the wrong account. If you have sent money somewhere else by mistake, then inform your bank without delay, for this the customer care of the bank can be called. The bank may ask you for all the information regarding this via email. Attaching all the proofs in the email, all the information like transaction number, amount, from which account money was deducted, in which account money went by mistake, transaction number, amount, from which account money was deducted, in which account money went by mistake, Specify the date and time of the transaction, etc.
can take legal action
In most cases where the amount is transferred by mistake, the receiver is ready to return the money. But if he refuses to return the money then you can file a case against him. You also have the right to take legal action on your behalf in such cases. You can take legal action by registering a complaint with the bank. RBI guidelines that if money gets deposited in someone else’s account by mistake, then your bank will have to take action as soon as possible. The bank will have to make arrangements to return the money from the wrong account to the correct account.
can get the money back
If the bank account to which you have transferred the money, the account number itself is wrong or the IFSC code is wrong, then the money will automatically come to your account, but if it is not so, then go to your bank branch and meet the branch manager. Tell him about this wrong transaction. Try to find out in which bank account the money has gone. If money has been transferred to another bank account by mistake, it may take more time to get the money back. Sometimes banks can take up to 2 months to settle such cases. You can find out from your bank in which branch of which city the money has been transferred to which account. You can withdraw the amount by talking to that branch.
This rule of RBI is helpful
RBI has taken necessary measures for such a situation. If you make a payment or send money to someone, then in the message of deducting money from the account, it is necessary to ask whether you have done this transaction by mistake. It is also necessary to provide a number or email in that message, if the money has been transferred by mistake or has gone to the wrong account, then immediately complain on that number or email. This is the easiest way to get the money cut by mistake. This process also takes less time
Keep these things in mind while making online payments –
- While transferring money, check the receiver’s bank account number again.
- While entering the bank account number in a hurry, a misplacement of even a single digit can result in your money being transferred to the wrong account.
- Add the account beneficiary before sending money, so that you can make frequent transfers.
- For the first time, start sending money to another’s account with a small amount, so that if the money goes to the wrong account, then the loss is minimal.