Reason for wrong transactions
- Remitter types wrong bank account number orIFSC code.
- Wrong transactions can also take place due to technical glitches at the bank’s end. If the amount has been credited to the wrong bank account due to bank error or technical glitches, the responsibility of rectifying the error lies with the bank.
According to the Reserve Bank of India’s guidelines, it is your responsibility to provide the correct bank account details of the beneficiary, while making payment. In the case of the wrong transfer, you will be held liable, not the bank or any other person. Without taking approval of the beneficiary, the bank will not be able to reverse money transactions from its end. Indian Money reviews say that banks can only act as a facilitator.
What to do if you transfer money to a wrong bank account?
Inform the bank
If you have typed the wrong bank account number while transferring money and the account number you entered does not exist, the amount will be reversed back to your account automatically. Indian Money Bangalore asks you to cross check the account details before clicking the send button.
In case there is a valid account number, the transaction will take place and the amount cannot be reversed without the beneficiary’s approval. In such a case you need to contact the bank as soon as possible and tell them that the money has been transferred by mistake. If the recipient has the account in the same branch, the bank will contact the recipient on your behalf and request a reversal. If the recipient account is in some other bank or branch, the bank will help you by providing the contact details of the beneficiary or will help you get in touch with the branch manager.
Meet the branch manager and raise a complaint
If the recipient bank account is at some other bank or branch, only the bank where the recipient holds the account can resolve the issue. All you have to do is meet the branch manager personally or send him a mail requesting necessary action to be taken.
Indian Money review Bangalore says that you need to attach the screenshot of the transaction as proof.
How to avoid the wrong money transfer?
As per rules, it is the responsibility of the remitter to provide the correct bank account number and IFSC code. So, you must be cautious while typing the bank account details.
Indian Money review asks you to cross check the account details before clicking the send button.
If you want to transfer large amounts, it is advisable to transfer a small amount first to verify the account.
You must transfer the money only if you are sure that the account details are right.
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