alexa

Search in Indianmoney's WealthPedia

Home Articles IndianMoney Review : File Complaint On Money Transfer To Wrong Bank Account

IndianMoney Review : File Complaint On Money Transfer To Wrong Bank Account

IndianMoney.com Research Team | Posted On Wednesday, December 12,2018, 04:58 PM

5.0 / 5 based on 2 User Reviews

IndianMoney Review : File Complaint On Money Transfer To Wrong Bank Account

 

 

With the help of online banking, transferring money from one bank to another is quite easy and can be done at just the click of a button. A single mistake while transferring money can lead to a lot of problems. If you type the wrong bank account number or IFSC code, the amount will be credited to someone else's bank account.

When you transfer money to a wrong bank account, there will be a lot of questions going through your mind like; Will I get back the money? Will banks help me do this? How to contact the recipient? What are the procedures involved? In this article, IndianMoney review will tell how to file a complaint if you transfer money to a wrong bank account.

Want to know more on Savings bank account? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

SEE ALSO: NPS EEE Tax Free Status

IndianMoney Review:  File Complaint On Money Transfer To Wrong Bank Account

Reason for wrong transactions

1. Remitter types wrong bank account number or IFSC code.

2. Wrong transactions can also take place due to technical glitches at the bank's end. If the amount has been credited to the wrong bank account due to bank error or technical glitches, the responsibility of rectifying the error lies with the bank.

IndianMoney Review:  File Complaint On Money Transfer To Wrong Bank Account

According to the Reserve Bank of India’s guidelines, it is your responsibility to provide the correct bank account details of the beneficiary, while making payment. In the case of the wrong transfer, you will be held liable, not the bank or any other person. Without taking approval of the beneficiary, the bank will not be able to reverse money transactions from its end. IndianMoney reviews say that banks can only act as a facilitator.

What to do if you transfer money to a wrong bank account?

1. Inform the bank

If you have typed the wrong bank account number while transferring money and the account number you entered does not exist, the amount will be reversed back to your account automatically.

 In case there is a valid account number, the transaction will take place and the amount cannot be reversed without the beneficiary's approval.  In such a case you need to contact the bank as soon as possible and tell them that the money has been transferred by mistake. If the recipient has the account in the same branch, the bank will contact the recipient on your behalf and request a reversal. If the recipient account is in some other bank or branch, the bank will help you by providing the contact details of the beneficiary or will help you get in touch with the branch manager.

SEE ALSO: List Of Private Banks in India

2. Meet the branch manager and raise a complaint

If the recipient bank account is at some other bank or branch, only the bank where the recipient holds the account can resolve the issue. All you have to do is meet the branch manager personally or send him a mail requesting necessary action to be taken.

IndianMoney review says that you need to attach the screenshot of the transaction as proof.

3. Take legal action

If the unintended beneficiary refuses to give back your money, taking legal action against him can help recover the amount.

SEE ALSO: Personal loan in India

How to avoid the wrong money transfer?

1. As per rules, it is the responsibility of the remitter to provide the correct bank account number and IFSC code. So, you must be cautious while typing the bank account details.

2. IndianMoney review asks you to cross check the account details before clicking the send button.

3. If you want to transfer large amounts, it is advisable to transfer a small amount first to verify the account.

4. You must transfer the money only if you are sure that the account details are right.

Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on IndianMoney review and complaint portal IamCheated.com.

You May Also Watch:

Iframe Content

Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.

Be Wise, Get Rich

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
CIBIL Meter
Get It now!
Attention!

This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.