What happens if you transfer money to the wrong account?

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Representative image. News18

These days, monetary transactions have been simplified a lot. With the advent of online banking, we can send and receive money in seconds. Online payment portals like Google Pay, UPI and BHIM also contributed to faster transactions. But sometimes, this ease can also lead individuals to make mistakes if they are not careful enough. One may end up accidentally transferring money to the wrong account by filling in the wrong details. If you accidentally sent money to the wrong bank account, you can request a refund from your bank. However, it depends on the receiver to authorize the cancellation of the transaction. According to the Reserve Bank of India (RBI), it is the responsibility of the sender to ensure that the account number entered is correct. But mistakes are inevitable. Luckily, there are steps you can take to get your hard-earned money back in your account.

What happens once the transaction has been made to the wrong account?

First, if the recipient’s details, such as Mobile Money Identification Number (MMID) and phone number, are incorrect, the transaction will most likely be rejected. But if the account details turn out to be valid, the money will end up in the unintended account.

If such a thing happens, follow the given steps:

Step 1: Notify your bank of the unexpected transaction and call customer service. Also, write down the date and time of the transaction, and the recipient’s account number along with yours.

Step 2: Visit your branch and submit your request for the wrong transaction.

Step 3: Your bank will provide you with the details of the bank where the beneficiary has his account. If the accounts belong to the same bank, you can check directly with the beneficiary and request a cancellation. In the case of different banks, go to the recipient’s branch to inform them of the problem. The agency can call the unexpected beneficiary and ask for the re-transfer of the amount.

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