Accidentally Transferred Money Online to Someone Else’s Account? Don’t Panic and Do This Immediately
In the age of instant digital payments, transferring money is just a few taps away. Whether it’s UPI, IMPS, or net banking, the process is designed for speed and convenience. But what happens when that very speed causes a mistake – like sending money to the wrong bank account?
If you’ve ever accidentally transferred money to someone else’s account, don’t panic. Here’s a quick guide on what steps to take to increase your chances of getting your money back.
Act Fast: Contact Your Bank Immediately
The first and most important step is to notify your bank as soon as you realize the mistake. You can either visit the branch or call customer care. Provide the bank with essential details such as the transaction ID, date and time, amount transferred, and the incorrect account number.
Once informed, the bank will register your complaint and give you a request number or complaint ID. You can also email the bank with all relevant details if visiting or calling isn’t feasible.
The bank will then reach out to the account holder who received the funds by mistake and seek their permission to reverse the transaction. Yes, the bank needs their consent before pulling the money back.
What If They Refuse to Return the Money?
If the recipient refuses to return the money, you can escalate the matter legally. As per Indian law and RBI guidelines, keeping money that doesn’t belong to you – received due to a banking error – is not only unethical but also illegal. You can lodge a formal complaint and even pursue legal action to recover your funds.
Tips to Avoid Mistakes in Future Transfers
A little caution can save you a lot of stress. Here’s what you should keep in mind:
- Always double-check the account number and IFSC code before confirming a transfer.
- When using UPI, verify the phone number twice.
- Use the name verification feature during UPI or IMPS transfers to ensure it matches the intended recipient.
Final Thought
Digital transactions have made life easier, but with great convenience comes the need for extra caution. The next time you make a payment, take those extra five seconds to verify the details. And if a mistake happens, don’t worry—timely action and proper documentation can help you get your money back.
