Money is frequently transferred from one bank account to another, or from one bank account to another in a wrong manner. However, UPI, net banking, and mobile wallet have greatly decreased the obstacles associated with banking transactions. You won't have to go to the bank to transfer money to someone's account because you can do it in a matter of seconds using your smartphone or laptop.
If you sent money to the wrong bank account, here's how to get started:
Step 1) Immediately notify your bank and local bank manager, providing them with all transaction details, including the time, the wrong account, and the intended beneficiary's account.
Step 2) The bank can act as a facilitator, directing you to the bank and/or branch where the money was transferred, and you can ask that bank to reverse the transaction. If the beneficiary is a customer of the same bank, the bank may approach them and ask for their permission to reverse the transaction.
Step 3) It's critical to keep track of all your communications with the bank and other banks (if relevant), as well as all transaction-related activity. If the recipient refuses to return the funds, you may have to take legal action, which may cost time and effort.
Getting a case registered ?
Going to court is another way to get your money back. A court case might be initiated against the individual whose account the money was unintentionally sent to if he refuses to repay it. This privilege emerges as a result of a violation of Reserve Bank statutes if money is not repaid. The linker is accountable for supplying accurate information about the beneficiary's account, according to Reserve Bank of India guidelines. The bank will not be held accountable if the linker makes a mistake for whatever reason.
How to avoid losing money in a faulty transaction
1) A customer's responsibility as the remitter is to submit the correct information on the bank's website, including the accurate IFSC code and bank account number. It is preferable to double-check or triple-check before proceeding with a transaction.
2) Before conducting a larger transaction, consider transferring a little amount of money to check that the recipient has received the money (this can be done with a phone call). It's a lot easier to go after the bank for Rs.100 than it is to go after the bank for a few lakhs.
3) Keep the contact information for your local bank's branch ready and keep it for easy access in case there is a mistake and the recipient needs to be alerted as soon as possible, which may aid in the return of cash to the remitter's account.
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