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Money was transferred to someone else’s account by mistake, so know what is the rule of withdrawal

Sometimes it happens that you have gone to deposit money in the bank and due to your mistake that money goes into someone else’s account. One such case came to light in the capital Lucknow when a person resident of Gomtinagar here who was a person.

There is also a professor in the college, had gone to put money in the bank, but due to some manipulation in the account number in the form, the money went to someone else’s account. Although after a long run and written studies, his money came back but he also got a lesson.

Since nowadays the trend of transferring money from NetBanking, Mobile Wallet has become very high. Most of the people use these methods for money transfer. But the truth is that this facility is as easy as it is risky. Even a small mistake, for example, increasing a zero and feeding a wrong number can lead to transfer of money to another account.

If the beneficiary or the bank to which the money has gone does not approve the other bank, then it is difficult to return the money. In this situation even your bank cannot do anything as it only acts as an intermediary. This can happen to you at any time, so today we tell you what is the rule of refund.

 If the money is transferred to the wrong account, immediately call the bank branch and talk to the manager. If you have entered the wrong account number and that account is not in any bank, then the money is automatically returned. If the account is in any bank but has been transferred to it by mistake, then immediate action will have to be taken.

Give all the evidence to the bank to prove that the money has gone to the wrong account. If money has been transferred due to the misunderstanding of a similar name, then give all the information related to that name and account number etc. to your bank. The bank should email its complaint for quick action.

It is not the bank’s fault when money is transferred to the wrong account as it only acts as an intermediary. If there is a wrong transfer between two different accounts of the same bank, the bank can send a request for reversal of the transaction. The bank account to which the money has been transferred will be refunded if it allows reversal. Money can be returned within 7 working days. If the money has been transferred to another bank, then you will have to go to that branch and meet the bank officials.

What to do in such a situation if the bank refuses

It may happen that the wrong account to which the money was transferred may not return the funds to you. In such a situation, getting the money back is a difficult task. The person in whose account money has gone has to believe that money has come in the account. If that person accepts this, then you may have to submit ID proof, address proof and some documents to his bank.

Despite this, if that person refuses to give the money, then he will have to file a case against him. The situation gets worse when your bank and the beneficiary bank are separate. It all depends on whether the person is ready to return the money or not. If she refuses, the situation may get complicated.

Right to file a case

Another way to get your money back is legal. If the person in whose account the money has been transferred by mistake, refuses to return it, then a case can also be filed against him in the court. However, in case of non-refund of money, this right comes in the context of violation of RBI rules.

What is RBI’s guideline

It is the responsibility of the linker to provide correct details of the beneficiary’s account as per RBI guidelines. If, for any reason, the bus linker makes a mistake, the bank will not be responsible for that.

There is a clear instruction of the Reserve Bank that before transferring money, you must check the account number and IFSC code. If both of these are correct then the question of wrong transfer does not arise. The name may be the same, but the account number may not be the same, that too if the IFSC code is correct. If money is transferred by mistake, immediately report it to your bank and request for reversal. Always file a written complaint which can be on paper or via email.

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