How to get a refund if money is transferred to the wrong account? Know the essential bank rules

Do not panic if money is transferred to the wrong account. Inform the bank immediately so that the reversal process can begin. Filing a timely complaint increases the chances of recovering the funds.

In the era of digital payments, transferring money has become extremely easy, but a small mistake can send funds to the wrong account. If money ends up in another person's account due to an error while entering the account number or IFSC code, you should contact the bank immediately instead of panicking. Filing a complaint promptly allows the process of recovering the funds to start.

Inform your bank as soon as you realize the money has reached the wrong account. You can lodge a complaint via customer care, email, or by visiting a bank branch. It is advisable to visit the branch and speak to the branch manager as soon as possible. When filing the complaint, provide essential details such as the transaction date and time, the amount, your account number, the incorrect account details, and the UTR or Transaction ID. It is also important to keep the complaint number or receipt provided by the bank safe.

Money reached another person's account

If the money has reached another person's account, your bank can initiate the recovery process by contacting the other bank and the account holder. If the recipient agrees to return the funds, the money can be recovered in accordance with the bank's procedures. However, if the account holder refuses to return the amount, the matter can become complicated. In such a situation, legal action may be required following the submission of a written complaint to the bank.

If the bank is unable to credit the funds to the account due to an error in the account number or IFSC code, the transaction may fail in some cases, and the money could be returned to your account. However, this depends on the transaction circumstances and the banking system. If the amount has been successfully deposited into a valid bank account, recovering it may take time.

Exercise caution while making online payments

Double-check the account number and IFSC code before sending money. Do not rush when making a payment to someone new. Before sending a large amount, you can verify the details by transferring a smaller sum first. Always check the recipient's name when sending money via UPI, and save the correct details of people you transact with frequently. If money is sent to the wrong account, preserve the UTR or Transaction ID, SMS, and bank statement, and immediately lodge a complaint with the bank.