Have You Made A Mistake And Sent Money To The Wrong Bank Account? Here’s How To Recover Your Money.
It’s incredibly easy to make a transfer to the wrong account if you’re not careful. This can be both painful and time-consuming to recover from. Some people never fully recover from their mistakes. A wrong transfer reversal might sometimes save your life.
When banks and account holders were few, having the same account number at two different banks with different owners was highly unlikely. However, today’s reality is that the same bank account in bank B also exists in bank A, but with different owners. As a result, when making that transfer, you need to SHINE YOUR EYES.
This article will explain what to look out for to avoid making an erroneous/wrong transfer and also give a quick guideline on how to quickly get your money back in no time.
There are some things you must do EACH time you are trying to make a bank transfer to another individual/company. Here’s a quick list of what you must look out for:
- Verify account number
- Confirm the beneficiary bank
- Re-confirm account name
- Be sure about the amount
These four things are very essential to your successful transaction. There’s no shame in trying to double-check any of this information with the intended beneficiary, because if they aren’t credited within the next few minutes, they will be furious.
How to Recover Money After Making a Wrong Bank Transfer
We aren’t perfect, to be sure. Mistakes happen, and a mistake with money transfer in Nigeria, unfortunately, could be a big one. However, reversing a wrong transfer is not impossible.
When trying to recover money, time is of the essence since it becomes extremely difficult if the wrong recipient withdraws funds before action is taken.
If you just did any of these below, chances are that you have made an erroneous/wrong bank transfer.
- Mistyped the intended beneficiary’s account number
- Selected the wrong bank
- Entered wrong amount
So, here’s a step-by-step guide to getting your money back once you’ve realized your error:
- You should contact your bank as soon as possible. If you know your account officer, make a distress call to explain your problem and provide the transaction’s vital details (wrong beneficiary, date, time, amount, bank, source account).
- When your bank receives your complaint, immediately contacts the beneficiary’s bank and informs them of the transaction’s details.
- When the beneficiary’s bank receives the mail or calls from your bank, it places a LIEN on the beneficiary’s account for the exact amount. (A “lien” is a legal term for placing a hold on something.) As a result, the lien amount is the sum that the bank has placed on hold. That sum is frozen, and the beneficiary is unable to access it.
- The beneficiary’s bank contacts him or her and requests a consent letter to reverse the wrong credit to the sender.
Three things can happen from here.
- It’s fine if the beneficiary agrees to grant consent via email, text, phone call, or writing. The money will be returned to you by the beneficiary bank.
- If the beneficiary refuses to consent to a reversal for whatever reason, you can seek an injunction from a court ordering the beneficiary bank to “force debit” the account and return the funds to you.
- If the recipient withdrew the money before the lien was placed by his or her bank, and the account was not sufficiently supplied to cover the erroneous inflow, you will have to wait until another credit is received and the lien traps it. The banks are powerless to intervene. The beneficiary bank will simply have to keep attempting to contact the customer in order to fund the account and grant approval for a reversal-bear in mind that the bank cannot threaten the beneficiary, use force, or disclose their personal information to you.
Always be cautious while transferring money, especially if the sum is large. Reversing a wrong transfer might be a difficult undertaking at times. You may not be fortunate enough to have an honest beneficiary who will just return the funds.