Whenever we intend to send money to another party, we often leverage a bank transfer method. It could be a wire transfer, online bank transfer, check deposit, or ACH transfer. Whichever transfer method you adopt, you’ll have concerns about several things like its speed, safety, and effectiveness. One of your primary concerns, however, will be the success of the transfer. Will the transfer go through, or will it be delayed? Can a bank transfer be canceled?
A bank transfer can go wrong due to several reasons, such as wrong account number, IBAN, SWIFT, a mistake by your bank, legal issues, insufficient balance.
Transferring money to another party is a straightforward process. Banks have devised several means to ensure that individuals find it easy and convenient to transfer their money. But, regardless of the simplicity that comes with initiating a bank transfer, some transfers don’t end up getting to the intended beneficiary. Sometimes they get delayed, prompting the sender to contact their bank, who initiates a trace. While sometimes, they fail. If you don’t understand what it means for a bank transfer to go wrong, or you aren’t sure if it’s possible, read on.
What Is the Safest Way to Transfer Money From One Bank to Another?
Can Bank Transfers Go Wrong?
With the technological advancement in this present age, the possibility of a bank transfer going wrong seems farfetched. What could make a transfer go wrong? If indeed a bank transfer can go wrong, how do you ensure that yours doesn’t? As we progress, I’ll offer you insights into these questions. Afterward, I’ll reveal if, indeed, a bank transfer can go wrong or not. Before we get into the thick of things, let’s look at what a bank transfer is.
What Is a Bank Transfer?
A bank transfer is a general term. The general term describes a wide range of credit transfers, such as cash payments, giro-payments, and wire transfers to local banks. These transfer options are the most prevalent form of cashless consumer payments in most countries within the European Union and Asia-Pacific.
Customer will generally make a bank transfer through one of the following methods:
- Online banking
- Phone banking (also regarded as telebanking)
- Mailing a payment
- Visiting the bank and completing the payment form in person
Having understood what a bank transfer is, I think it’s high time you understood the possibility of a bank transfer going wrong.
A bank transfer can go wrong for several reasons. These reasons are categorized into two: mistakes on the sender’s end, or due to the bank error.
For instance, if you want to send, say, $ 8,000 to your spouse and when entering their account number, you mistakenly entered 3 instead of 6. In that case, the transfer would be sent to the wrong account number. If the account number is active, you have successfully sent $8,000 to the wrong individual. That is one of the many ways in which transfers go wrong.
Entering a wrong IBAN, SWIPE, or other important transfer detail may also affect a transfer. For this reason, it is always advised that you crosscheck the details before you proceed to make the transfer, as recovering money sent to the wrong account may be impossible with some transfer methods.
If, while making a transfer, your name was flagged for one reason or the other, there is a likelihood that the transfer may not go through, especially if you are embroiled in cases like fraud, money laundering, etc.
What to Do When Bank Transfer Goes Wrong?
When a bank transfer goes wrong, there is nothing you can do at your end. You’ll have to involve your bank as they are the ones who provided the means to facilitate the transfer. Your bank should tell you what happened and probably rectify the issue if it can be corrected.
To determine the actual location of your money, a bank can initiate a trace. However, it would be best if you kept in mind that some transfer methods aren’t flexible. For instance, if you mistakenly send money to an individual via wire transfer, recovering your money may be impossible unless the issue was from the bank.
How to Avoid Issues With Bank Transfer?
One of the leading causes of bank transfer issues is entering incorrect details. Many people often make the mistake of entering wrong information, be it the recipient’s bank account, the address or full name, IBAN, SWIFT code, etc.
That said, the best way to prevent issues with a bank transfer is by crosschecking the details entered while making the transfer. Check it over and over again to be sure that you entered the correct details. In addition, ensure you have enough funds in your account before thinking of initiating a transfer. Contact your bank to find out their rules and regulations regarding a transfer, including their cutoff time.
Below I have highlighted the cutoff time for some prominent banks in the United States. Ensure you make a transfer before this cutoff time. If the cutoff time of your bank is not highlighted below, contact them to find out.
Internal Transfers:
| Bank Name | Internal Transfer Cutoff Time |
| Bank of America | 10:45 p.m. local time |
| BB&T | 9:00 p.m. ET |
| Capital One 360 | 10:00 p.m. CT |
| Chase | 11:00 p.m. ET |
| Citibank | 10:30 p.m. ET |
| PNC Bank | 10:00 p.m. |
| SunTrust | 12:00 p.m. |
| TD Bank | 11:00 p.m. ET |
| US Bank | It varies based on the type of account |
| Wells Fargo | 8:00 p.m. PT |
How Much Money Can You Transfer Without Being Reported?
How Can I Get My Money Back From a Wrong Transaction?
Wrong transactions happen daily, and they are often caused by several factors. Sometimes, it could be because the sender entered the wrong name, IBAN, SWIFT code, or even the recipient’s account number. Several things could make a transfer go wrong, and when the unfortunate incident happens, you’ll surely want to get your money back. But is this possible? If yes, how?
If you made a wrong transaction, the best way to get your money back is by contacting your bank. However, have it in mind that sometimes, your bank might not be of help, especially in a situation where you mistakenly transferred the money to the wrong account.
There are several ways to prevent the occurrence of a wrong transaction, and one of them is by ensuring that you crosscheck the recipient details carefully before making a transfer.
