Banking Tips: How to get a refund if you send money to a wrong account
Banking Tips: How to get a refund if you send money to a wrong account

The wrong transaction is a nightmare for everyone. But here is good news that unintentional cash transactions to the wrong account have solutions. If you ever come across such a situation here are solutions on which you can count upon:

Step 1: Inform your bank!

As soon as you realize wrong transaction is carried from your side, inform the bank through mail or phone call. If that doesn’t help, contact your bank manager to regain the transferred amount. Make sure that you submit the date, time of the mistaken transaction, your account number and the wrong account number to which the cash was transferred.

While drafting the complaint to your bank it is necessary to mention that you need a refund. This will help the bank to ask the other client to refund the money which was mistakenly transferred to his/her account. The screenshot of the false transaction would add more weight to your complaint. Note that without consent of the account’s owner no amount could be credited to his/her account and the owner’s identity is subject to remain confidential according to the zee business report.

Step 2: Legal procedure!

Stepping towards the court would be the ultimate step if you want your money back. This will only happen if the person refuses to refund the wrongly transferred amount. You can request your bank to file a case against the incorrect account holder. According to the Zee Business report, in the norms laid by Reserve Bank of India (RBI), it is the duty of the victim’s bank to arrange a refund.

Here are some preventive measures to avoid wrong transaction:

• Be very alert and attentive while transacting the money.

• Do not transact a huge amount, check the money is rightly credited by transferring a small amount.

• Verify the account holder’s details before transferring money.

• Transfer the account once you are assured about the accuracy of the details.

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