When transferring money to another individual, there are chances that you might make a mistake. You could make the mistake of moving the money to the wrong account. Or you could make the mistake of entering the wrong IBAN, SWIFT code, or name of the recipient. Whatever the reason for the mistake is, you would want to rectify it and get a refund. But is it possible to get a refund if a transfer goes wrong? If yes, how do you go about it?
If you made a wrong transaction, the first step to take is to contact your bank. If the money were mistakenly sent to a nonexistent account number, your money would be transferred back to your account. However, if the account number is active, there is a 50/50 chance of getting your money back.
Mistakes are a no-no when making transactions. However, regardless of how careful we are, we make mistakes that result in wrong transactions. When we eventually discover our mistakes, we often go all out to ensure that the mistakes are rectified and our money is returned. But, doing so isn’t as easy as it seems. Recovering money sent to a wrong account number, for instance, is not as easy as disputing a debit card transaction. In this article, I’ll explain the necessary steps required to recover money sent to the wrong account, including ways to handle wrong transactions.
How Long Does It Take for a Wire Transfer to Be Returned?
How to Refund Wrong Transactions?
Whenever we send money to an individual, we often expect it to go through seamlessly. But, sometimes, such isn’t the case. There are several things that could cause your transfer to go south. And when these transfers don’t go the way we want them to, we often seek solutions.
Is it possible to refund a wrong transaction? If yes, how do you go about the process? I’ll answer those questions later in this article. But, before we proceed, let’s look at what a mistaken bank transfer is.
What Is a Mistaken Bank Transfer?
A mistaken bank transfer occurs when an individual transfers money to the wrong account, unlike an unauthorized transaction that happens when an individual uses your bank information to transfer or withdraw money from your bank account without your knowledge or consent.
A mistaken bank transfer is like an accident that happens from mistakes when inputting your payee details like account number, name, etc. This is one issue that several people face worldwide.
Sending money from one bank to another involves entering digital details. However, accidents may happen. A mistake as minor as entering a wrong number when filling out the recipient details or even selecting the wrong payee from your contact list can result in a wrong bank transfer.
This is why it is essential to crosscheck all details closely before transferring any funds. So, what do you do when you make a mistaken bank transfer?
Reasons for Mistaken Bank Transfer:
There are several reasons why mistaken bank transfers occur. Sometimes the mistake is from your end, and other times it is from the bank’s systems. If you feel like you have sent money to another individual mistakenly, these are some of the reasons why it happened.
Human Error:
This is one of the most common reasons for a mistaken bank transfer. By simply inputting a wrong account number or beneficiary, your money is sent to the wrong bank account.
Technical Errors:
Technical errors are often a result of a mistake in the transaction from the bank’s end. This is caused by tech glitches in the bank servers, network errors, or memory overload.
These factors may affect the transaction process and cause it to be sent to the wrong account. However, once these issues are discovered, the bank would proceed to rectify them.
Ways to Reverse a Wrong Bank Transfer:
I know how frustrating it is to send money to another individual mistakenly. Transferring money to another individual by mistake is a serious issue that needs to be tackled with wisdom.
If you want to reverse a mistaken bank transfer, there are the best ways to go about the process.
Fallacious Transfers:
If the account number you sent the money to doesn’t exist, the money will automatically be returned to your account. This is the simplest way to reverse a mistaken bank transfer. You don’t have to visit the bank for anything. Provided the account number on the receiving end doesn’t exist, your money will be returned to you, just like that.
Known Beneficiary:
This is another way to recover your money after you made a transfer by mistake. Here, the fund sent is not to the intended party but a close relative or friend.
If you know the beneficiary, you can easily reach out to the person, narrate what happened, and request a refund immediately. I am pretty sure that they will understand and return your money. But, if the process is taking too long, don’t hesitate to involve your bank.
Unknown Beneficiary:
This is a complicated way of reversing a mistaken bank transfer. Here, the money is not delivered to the intended or a relative but a stranger. You have just sent money to another individual somewhere.
In this case, you’ll have to act fast. First off, report the matter to your bank. After confirming that you actually made a wrong transaction, your bank will try to resolve the issue. They will act as facilitators and may approach the unintended on your behalf if the transfer is intra-bank. It may request a reversal of the transaction. If the individual agrees, you’ll get your money. If they don’t, there isn’t much that your bank can do.
How Long Does It Take to Refund Wrong Transactions?
Wrong transactions are not quite common. However, they happen. You could mistakenly transfer money to a stranger after entering the wrong details of the intended beneficiary. Or your bank could make a mistake that results in a wrong transaction. Whichever the case may be, if a wrong transaction occurs, you’ll want a refund. If your request for a refund is approved, how long will it take?
There is no specific timeframe for a refund associated with the wrong transaction. The time depends on your bank, the individual you mistakenly transferred the money to, including the circumstances surrounding the transaction.
The best way to ensure that you don’t fall victim to a wrong transaction is by crosschecking the recipient’s details over and over again before making a transfer.
