Money Transferred to Wrong Account? 2 Ways to Get Back
Imagine a scenario – you hold an account with State bank of India (SBI) and make an online transfer to two different persons with account in SBI and HDFC respectively. But after sometime you realize that the account number you’d entered was wrong i.e. you had entered additional zero in the end during SBI transfer and the same in the beginning in case of HDFC. What will you do in such a tensed situation, will you get your money back?
With e-transfers methods such as NEFT, RTGS, NECS and ECS becoming the most preferred as they are easy to use, and are time saver, secured and fast; more and more users are using this method of payment instead of visiting the bank personally and standing in long queues. But with the ease of payment, comes a small risk as mentioned above when money is accidentally transferred to an unintended recipient.
There are two ways to get money back when it is transferred to wrong account irrespective of the bank where the sender/recipient hold an account – SBI, HDFC, ICICI bank etc.
- Intimating Bank: When money transferred to wrong account but within the same bank as yours, then the first action to be taken is informing the bank as soon as possible. Do this via E-mail and carry out all the future communications on E-mail only because this can help you as a proof whenever required. On your behalf, bank will then inform the recipient requesting reversal of the transaction. If the beneficiary accepts bank’s request then money will get credited into your account in 3-5 working days. But this is fine with the intra-bank transfer i.e. both the sender and a receiver hold account in the same bank (SBI to SBI or HDFC to HDFC).
- But what if the beneficiary holds account at some other bank? In such case, you should personally visit your bank and contact the branch manager to look into the matter at the earliest. The manager on your behalf will then contact the other bank and request them to carry out further communication with the beneficiary. In this case, if the beneficiary is a genuine person and allows the bank to reverse the transaction then you should get your money back in 7-10 working days. If your bank manager does not co-operate then you should visit the beneficiary’s bank along with all the transaction statement, your ID and address proof. And the bank manager will take the further action.
- Entered incorrect account number but that account number does not exist: In this case you don’t have to worry much. Money will be automatically reversed into your bank account.
- Complaint to higher authority: It is a very common scenario when despite of your efforts bank authority does not act swiftly or take no action. In such cases, you have complete right to report the matter to the highest authority.
- Legal Case: If in both the above cases, the receiver denies the reversal then sender has to take a legal route which is a time consuming process involving many formalities which includes lawyer’s fees etc. Also the beneficiary might also claim that the sender owes him money which has been returned this time. And it is you who will be required to prove that the money was transferred accidentally.
Additional reading: Options to recover money when sent to incorrect mobile number using Paytm.
RBI guidelines on money transferred to wrong account:
According to the Reserve bank of India, it is the senders responsibility to link and transfer money correctly by cross checking the account number and name of the beneficiary. Banks will not be held responsible. Also, the bank account number is what matters and other details such as beneficiary’s name and the bank’s IFSC code is just additional information. Verification of these two details should be done by the bank but it is not a rule.
So while making any online money transfer spend a minute more before clicking on the final submit button. Extra precaution taken today will ease you off from the future trouble.
Hi, I am Nikesh Mehta, owner and writer of this site. I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at nikeshmehta@allonmoney.com.
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Sanjay Saha
I transferred sbi to sbi upi through 16/10/2017 15:41 Rs. 3000. But account number was wrongly entered. How can I get refund.
AllOnMoney.Com
Dear Sanjay, sad to hear about the incorrect transfer. Was the money debited from the account? I would recommend you to directly contact SBI as it is a intra-bank transfer, they will track the recipient. And please do it today itself due to upcoming Diwali holiday, as bank would be closed. Keep all communication in written when contacting the bank. Hope this helps.
mahesh
helo sir 2500 from my sbh account transferred to hdfc bank accidentally . how can i get refund sir
AllOnMoney.Com
Dear Mahesh, Sad to hear about this. Please contact both the banks immediately and explain the whole story. You will definitely get your money back. Do share final outcome, whenever you have time. Thank you.
raghavendra
Transferred money to wrong account from Kotak Mahindra bank to ICICI bank. But. after transferring amount I informed my bank wrongly transferred.when I checked with ICICI bank they are telling request should come from Kotak Mahindra bank. Even I got call from the beneficiary that he informed ICICI bank to reverse the transaction. after one or two days I tried to raech him. I am getting switched off.
Please advice what should be my next Course of action.
raghavendra
transaction done through IMPS
AllOnMoney.Com
Dear Raghavendra, in such a scenario, I would advise you to approach both the banks. If possible, try to get other contact details of the beneficiary and reach him. Alternately try reaching him via social media, if you know more details of the person.
aasiya
Hi yesterday i have tranfered money from BOM to BOB but unfortunatey i missed one zero from account number at the time of adding beneficiary now i transfered money to that account is there any way to get money back
AllOnMoney.Com
Please contact your bank immediately and carry transaction details. Please post what your bank replies, so that it will help others.
R Rajesha
Hi i am rajesha(959194003) working in apollo cradel hospital marathalli,
my concern is i had to claim my pf amount of my previous company from PF office which is located in Richmond circle bangalore.
i received the amount from employer contribution as per the msg got for PF office by mentioning my acc number,
The pension amount which i was supposed to receive as per the acc number mentioned in the msg sent by PF is not received,
when i re checked the msg this time the acc number was wrong which they have sent and not able to reach them to alert for the authorized person who does this data entry work in back end,
plaese give me information do i get this amount if yes wht is the process
Harinder
Hlo sir my sister recieved a call from fake company which offer the job to him bt condition is that she pay 8000 as security money that will refundable she deposit that money in that account which is sbi bank account number bt now that company switched off there mobile number….is it possible that amount will comes back i hav a reciept of that transaction…plz reply soon i hav lost 8000 rs…
AllOnMoney.Com
Dear Harinder, please get in touch with the bank and get more contact details of the account holder.
ASHOK AGARWAL
HAD INITIATED A ONLINE RTGS/NEFT TO A SUPPLIER BUT DUE TO OVERSIGHT HAD MENTIONED A WRONG ACCOUNT NUMBER OF ABOHAR IN PUNJAB INSTEAD OF COIMBATORE BUT OTHER DETAILS WERE CORRECT THRU RATNAKAR BANK LIMITED KOLKATA TO AXIS BANK LIMITED.NOW THE WRONG RECIEPENT HAS NOT BEEN REFUNDING THE AMOUNT OF RS;111000/- APPROXIMATELY BACK TO ME STILL AFTER REPEATED REQUESTS DIRECTLY THRU MY BANKERS AS WELL AS THRU AXIS ALSO.
COMPLAINTS TO RATNAKAR/AXIS AND THE BANKING OMBUDSMAN HAS ALSO NOT YIELDED ANY RESULTS SINCE LAST 6 MONTHS.NEED HELP.
samadhan ghogare
Yesturday i have transfrd some amount to my sister a/c but unfortunatly this was transfrd on wrong a/c.
That persone has withdrowll this amount from his a/c and now in his a/c no balance is availble.
In this transaction i have lost my 11700 rs in sbi.
So is there any solution to reverce this amount in my bank a/c?
AllOnMoney.Com
Hello Dear, Please contact SBI as soon as possible. They should help you in getting your money back.
pandiyan
i am sent for the money uk job processing 5times icici bank mubai ,mathiya pradeah indore,hydrabad begumpet branch totaly above 6lachs that person wrong person how can me get for my money please help and refund money
dipak
Hi
When added Beneficiary account I add wrong IFSC code but account number is right
at a time I don’t know beneficiary IFSC code so I search IFSC code on net and unfortunately city have to offices and I select wrong one
now I transfer money via NEFT form HDFC bank to indusind bank
money is debited from HDFC bank account and definitely it is not deposit in beneficiary’s Indusind account now what I have to do to get money back and were can be money
it is deposited in other persons account or situated as uncleared amount at wrong bank
also guide what I have to do and where to contact