If you accidentally transferred money to someone else's account, here's what you can do to get the money back.
Nowadays, transferring money from one bank account to another has become very convenient. Be it UPI, net banking, or mobile wallet, all these have reduced the difficulties related to banking transactions to a great extent. Under normal circumstances, you do not need to visit a bank to transfer money to someone's account. This can be done in a second through smartphones.
But as technology has made banking facilities easier, there have been some difficulties as well. Like if you accidentally transferred money to someone else's account, then what will you do? How will you get that money back? This mistake must have happened to you at some point in time. So, let us tell you how to get the money back from another account by default.
1. Call your bank
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As soon as you know that you have accidentally transferred money to someone else's account, immediately inform your bank. Call customer care and explain the whole thing. Also, mention the date and time of the transaction, your account number, and the account in which money has been transferred by mistake.
2. Contact your bank manager
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If the bank account to which you have transferred the money does not exist, then the money will automatically be refunded. But if not so, then you have to approach your bank to tell the manager about the wrong transaction. Here, the bank will check the details of the beneficiary and if the person holds an account with the same branch, the bank can request him to return the money.
If money has been transferred to another bank account by mistake, it may take longer to get it back. Many times, banks can also take up to 2 months to settle such cases.
3. Legal action
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For a wrong beneficiary who does not allow the reversal of money, legal action can also be initiated from your end, if you have the required details of the wrong beneficiary.
4. Always provide the correct beneficiary account number
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Notably, in the event of a non-refund of money, this right is in the context of a violation of Reserve Bank of India (RBI) rules. According to RBI rules, it's the responsibility of the remitter to provide the correct beneficiary account number and other details while doing the payment.
5. RBI guidelines
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RBI has instructed banks to take the necessary steps in case the money gets deposited in someone else's account by mistake. The bank is responsible for returning your money from the wrong account to the correct account.
6. Bank can facilitate the reverse transaction
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It is being said that if a transaction has been made, the bank cannot reverse it from its end without approval from the beneficiary. Bank can only act as a facilitator.
