Have you at one point in life mistakenly transferred money to a wrong bank account. If this has ever happened to you before, you will agree with me that the person will be confused on what to do and lots of thoughts running through his head. One wrong transaction can make you run from banks to banks and you may start to ask yourself if it is possible to get your money back. Can the bank reverse my money back instantly? The bitter truth is that banks will not reverse the money unless they get approval from the beneficiary. It is, therefore, important to be very careful and double-check whenever you are transferring money to a bank account.
An unauthorized transaction happens only when someone else could access your bank details without you knowing about it but a Mistaken transaction can only happen when you did a transaction to a wrong account number; putting in the wrong information which could be as a result of human error where you mistakenly typed a wrong account number or error due to discrepancies in the account number or technical error from the bank.
WHAT SHOULD I DO
You need to act fast by trying all means to inform your bank or your account manager about the wrong transaction you just carried out. The chances of you getting your money largely depend on how fast you can contact or get to your bank and you can also visit the beneficiary bank immediately, this might also work in your favor. You can also get to them through their official e-mail addresses, WhatsApp lines, and Phone lines instantly in order to have the issues resolved as quickly as possible. After calling the bank, you can also mail them at the same time regarding the matter in details to the bank for the sake of better communication.
Research has confirmed that some banks only send auto-responders to messages, and do not handle complaints immediately. Since time is not on your side, you might need to call them instantly or getting to their nearest branch office if possible.
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Before contacting your bank, ensure you have all the details concerning the transactions which will include your account name and account number, recipient’s account name and number, the amount involved, the date you carried out the transaction and time of the transaction, and the reason you want to recall the transaction back. Your Bank can also be of assistance by providing you the phone number or the branch name of the unintended recipient.
It is important you state reasons you want to recall the transaction, could it be you mistakenly transferred into a wrong account, you made a transfer under duress, or you have been defrauded. You must be able to convince the bank with all the necessary details that show that transaction was truly done to a wrong beneficiary’s account.
Immediately this is done, your bank will have to contact the beneficiary bank to place a hold on the amount in question with respect to the transaction. That is why you need to act fast because if you are not fast enough, the beneficiary could withdraw all the money in his account before the bank place holds on the transactions. However, if the money is already withdrawn, and the amount under contention is no longer inside his account, at that point the bank will place hold any available amount in the beneficiary account pending the time the transaction issue is resolved.
It is also important you do a follow up on the situation from time to time because it is not an issue that will be resolved instantly and it is your hard-earned money.
In case the transaction was between two different banks, the bank may approach the recipient on your behalf and request a reversal of the transaction. But if your bank did not take that step it means you will have to go to the beneficiary bank yourself and meet the bank manager in order to get the issue resolved.
If the beneficiary agrees, the transaction will be reversed within one to two working weeks.
What if the wrong recipient refuses to refund the cash?
The fact remains that you cant get your cashback without the knowledge of the incorrect beneficiary. The beneficiary has to accept that the wrong transaction was made and after he has accepted, he needs to contact his bank or visit his bank on your behalf. To preserve a record of your complaint, always attempt to mail the matter in information for higher communication.
But If he or she refuses to offer your money back then you can take the case up legally to court but the case is complicated if your bank and the beneficiary bank are in different states. At this point, You may need to involve a lawyer depending on the amount in question. Also, the account is then added to the watchlist by the bank for subsequent transactions, or completely closed, depending on the gravity of the allegation.
If the beneficiary agrees to your money back then it takes 7-14 working days to get your cashback. Otherwise, you need to show proof of the transaction with the help of a bank statement, home address, and a valid means of identification evidence, etc. No recovery is feasible is the beneficiary contests the reversal and refuses approval.
Note: For us to be on the safer side , it’s important we check over and over again on the beneficiary account name, account number and the bank we are sending money to before carrying out the transaction to avoid sending the money to a wrong person. Do not give out your bank detail to unknown callers or internet fraudsters asking for your BVN, date of birth, your ATM pin, Your passwords, or the serial number on your ATM bank to avoid stories that touch the heart.