How To Recover Your Money After a Wrong Transfer for Free in 2023

Have you ever made a bank transfer and immediately regretted it? This could be due to crediting the wrong account, being defrauded, or some other reason. It is important to note that this is not the same as a transaction in which you are debited but the beneficiary does not receive the funds. In that case, see How To Recover Your Money After a Wrong Transfer

We are all extremely cautious when it comes to money transfers. Most of us double-check everything before hitting the send button. However, we are only human, and mistakes do happen. Recover money after a wrong transfer!

One digit here or there, and your hard-earned money is on its way to the wrong account. It is critical to maintain your cool in such a situation. This may appear difficult, especially if large sums of money are involved. Many of us would become flustered and unsure of what to do next!

Keeping this in mind, the following article will cover all essential need-to-know information in the event of a money transfer to the wrong account details and assist you in dealing with the situation as effectively as possible.

How To Recover Your Money After a Mistaken Transfer

Earlier this year, Ugodre, the founder of Nairametrics, tweeted about sending money to an account number in Bank A (we won’t name the bank) only to have the money transferred to another customer with the same identical number in Bank B.

This was quite shocking because NUBAN account numbers issued by the CBN are meant to be unique to each customer, with no two customers having the same account number. However, as a result of the tweet, we now know that some customers have the same account numbers but are with different banks.

As a result, the banking apps may populate the wrong beneficiary and bank, and if you do not double-check before transferring, the money may be sent to the wrong beneficiary.

So, here’s how you can get your money back. Recover Wrong Transfer Money

What leads to Wrong Transfers/Transactions?

They say prevention is better than cure! This is also true in the case of money transfers. After all, they do require a significant number of manual inputs, and even the slightest lapse in concentration can result in incorrect transactions.

As a result, it is critical to pay close attention when entering the recipient’s account number, IFSC Code, and so on. A simple check could save you from a significant loss.

The following example is a classic case of haste leading to waste. We are all preoccupied with our daily lives and do not have time to spare. This, in conjunction with the teeny-tiny alpha-numeric buttons on your smartphone or laptop, can result in money being transferred to the incorrect account number. Therefore, when transferring money, it is critical that you proceed calmly and methodically.

Finally, a faulty money transfer can be caused by a technical error. Computers, too, can make mistakes! However, the likelihood of this occurring is extremely low. And these errors usually resolve themselves immediately, with the money being credited back to your account either immediately or within a few working days.

Different types of money transfers to incorrect account information

Assume you enter some incorrect information during your transaction. There are two possible outcomes in this case. The first is that your transfer fails due to incorrect information, and no funds are deducted from your account. Phew! There was no harm done!

However, if the account details entered are incorrect but valid for the wrong person, the transfer may proceed and the money will be sent to the incorrect recipient. Wrong account money transfers, such as this one, can cause significant financial harm, especially if the transfer amount is large. This is a situation you should avoid at all costs.

How To Recover Your Money Back After You Transfer Money To the Wrong Person

How can I get my money back if I sent it to the wrong person? This is one of the questions we receive from many victims of fraud or people that wrongly transferred money to the wrong account. But, you don’t have to wrong as solutions have come your way.

When you realize you sent money to the wrong account, the first thing that comes to mind is how to get the money back. To begin the reversal process, you must first take some important steps. Recover Your Money After a Wrong Transfer!

The first step in reporting an incorrect money transfer is to notify the bank. You can accomplish this by quickly dialing the customer service number and providing them with all of the transaction’s details. You will be given a request or complaint number.

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You can then notify the customer service team of the incorrect transfer. Thus, ensures that you have written proof of your transactions with the bank. You can also follow up by going to your home branch, speaking with the manager, and submitting a written notice of the incorrect transfer.

Before contacting the bank via either of these methods, make sure you have all of the following information written down: your account name and number, the recipient’s account name and number, the amount involved, the date and time of the transaction, and the reason you want to recall the funds.

Steps To Recover Your Money After a Wrong Transfer

What if you transferred money to the wrong account and the owner blocked you? or are you being duped through your bank account? and then realized you were duped or made a mistake on your part? And the receiving bank is refusing to cooperate? Here is what to do.

Please read and learn carefully.

Many people don’t always know what to do, so today I’m going to share with you what you should do if you discover a page you paid for a service or goods is ghosting you:

1. Write out the Full name and account number of the page or person.
2. Go to the last notification your bank sent you after you made the payment (via mobile app or text) and copy out the “TRANSACTION ID NUMBER“.
3. Go to any branch of the scam artist’s bank (the bank you transferred to), and ask to see the CUSTOMER SERVICE in charge of FRAUD.

While you are there, send an email to SCAMMER’S BANK or the bank you wrongly paid to and copy CBN FRAUD DESK (anticorruptionunit@cbn.gov.ng) and also cpd@cbn.gov.ng
& contactcbn@cbn.gov.ng, this will ginger the bank to take it up fast.

What should you expect from this? Recover Your Money: After a Wrong Transfer

• The account of the perpetrator/suspect will be PUT ON HOLD.
• His BVN will be permanently disabled.
• No account will be opened, nor will he be able to transact banking business in that name, until he clears himself with the bank.

Meaning he/she cannot transfer or withdraw funds until they visit the bank, and when they do, the bank will contact the police, and the suspect, if proven guilty, will sign a waiver allowing the bank to refund your funds.

But can a Bank Transfer be Reversed? Recover Your Money After a Wrong Transfer

After going through all of the steps and filing the wrong transaction complaint, one question remains: can I get my money back from a wrong bank transfer?

As previously stated, funds will be automatically credited back to your account if the account number entered does not exist or is invalid.

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However, if the details are correct and the money is transferred, the recipient is entirely responsible for the funds’ reversal. If the recipient of your funds grants permission for the transaction to be reversed, you should be able to get your money back without too much difficulty.

What happens after you file a complaint about a Wrong Transaction?

If it is an intra-bank transaction, the bank will contact the incorrect recipient and request a reversal. If it is a transfer to another bank, your bank will act as a facilitator, providing you with the bank and branch information for the incorrect recipient.

Then you can go to the bank in person and speak with the manager. You may be required to produce all proofs and communications relating to the erroneous transaction. The bank manager will then contact the incorrect recipient and ask that the credit be re-transferred to you.

How to Avoid Money Transfer to the Wrong Account

Avoiding an incorrect money transfer is quite simple. All you have to do is thoroughly check the details before proceeding with the transaction. When you enter your recipient’s account number and IFSC code into the BOB World mobile banking app, you will be prompted with beneficiary information.

Check these details again to ensure you’re sending money to the right person. Proceed with the transaction only after the details of your recipient match those on the app.

Another wise suggestion is to send a small test amount first. You can double-check with your recipient to see if they received the test amount. If they have, you may proceed to send the remainder of the funds required. This is a good practice to follow and the best way to ensure that your transaction reaches the intended recipient.

For instance, if you need to transfer INR 50,000 to a friend, start off by sending INR 100 first. If they receive INR 100, then you can go ahead and transfer the remaining INR 49,900. Recover money after a wrong transfer!

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It is critical to remember that “the responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the remitter/originator,” according to RBI instructions or guidelines. Furthermore, reversing funds is impossible without the permission of the incorrect recipient.

As a result, when transferring money to anyone, it is critical to exercise caution. A few minutes spent performing a couple of simple checks could save you from losing a large sum of money.

We hope you found this article (How to recover your money after your wrong transfer) useful today. Like and share. Best wishes and happy remittance!

Recover Your Money: After a Wrong Transfer – I hope you found those processes easy and simple!