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How To Claim Money Transferred To Unknown Bank Account?

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Have you encountered the situation where you mistakenly transferred your hard-earned money to a wrong unknown account, and now you don't know how to claim or bring that amount back? If this ever happened to you, you may know what it feels like to be in the situation.

 

It is important to have an idea of how you can claim the amount, but sometimes in the worst-case scenario, it becomes hard to grab information about where and what you do in a panic situation. Mistakes can happen to anyone. It doesn't matter whether you are an expert or any simple common man. Having an idea of the problem and the solution could help you to avoid such a situation.

You should be aware that if the account number you provided does not exist, your funds will be immediately transferred to your account. If the account number does exist, you must take action right away.

There could be 3 situation in which you could face the wrong transaction, there are:

There could be 3 situation in which you could face the wrong transaction, there are:

Manual - You have typed wrong account details while the transaction

Typo - There is a typo in your account or bank's IFSC code, or both had a typo

Bank - Sometimes banks make technical mistakes that lead to the wrong transaction

The Quick Actions
 

The Quick Actions

Now, what should you do to claim your money? There are a few things you should do but soon after you made the wrong transaction in the wrong unknown account.

Before coming to any conclusion check whether the account details you provided is correct or not. In case it is wrong, take the quick action mentioned below.

1. If you make a mistake with a transaction, notify the bank and the appropriate management right away.

2. Provide the bank account information to demonstrate that you sent the funds to the incorrect account.

3. If the funds were credited to an account of an unintended recipient with the same name as your intended beneficiary, you will need to show documentation that the transfer was conducted in error.

4. Write a brief email to the bank regarding the situation for improved communication.

5. The bank just serves as a conduit and can supply you with information such as the unwanted branch's name and phone number.

6. Keep track of the condition or the status of development in the case since it is your hard-earned money.

7. If the transfer is intra-bank, the bank may contact the beneficiary on your behalf. It may ask for the transaction to be reversed.

8. The transaction will be reversed within 7 working days if the beneficiary agrees.

9. If the recipient is from another branch, you must physically visit the branch to discuss the situation with the bank manager.

What if the wrong account beneficiary refuses to return the amount?

What if the wrong account beneficiary refuses to return the amount?

In the worst-case scenario, it might be possible that the wrong account beneficiary refuses to return the amount that you transferred without your consent. In this situation, it would face struggle. The procedure is difficult, but to start the procedure beneficiary must need to accept that a mistake was made in his or her account. Then you must contact your bank and explain the situation in full. You may also be required to submit identification, address, and other information as requested by the bank.

Things You Should Know

Things You Should Know

Before making any transaction to any bank account or any other payment, always cross-check the details you have or provided by the beneficiary. The beneficiary's account number and IFSC number should be right. This will help you to avoid any wrong transactions.

In any case where you transferred the amount to the wrong account number, inform the respective bank about the matter and wring a detailed email to the bank manager.

Story first published: Monday, December 13, 2021, 11:54 [IST]
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