Have you ever come across a situation where you accidently transferred your money to some other wrong bank account? If yes, we are here to guide you with the solutions that would help you rectify your mistakes easily.
Let us begin with what exactly does transferring money to a wrong bank account means?
In the world of Internet Banking, millions of account holders exist and there are high chances of confusion in these numbers despite all the account numbers are different from one another. Just a small movement of your finger on the number pad and whole meaning of your account number gets changed. So, it is quite natural to send money to some unknown account when you lose your consciousness.
The Banks consider only the account number and a sorted code before transferring the money from one account to another. There is no track record of the recipient name so chances of wrong transactions are high and in the worst cases, your money transaction can’t be reversed automatically.
In the case, you mentioned an account that eventually doesn’t exist, then your money will get automatically transferred to your account but if does, then the things can be a bit difficult and go out of your hands.
So what should you do when your money gets stuck in a situation like this?
The very first step that you should take here is to contact your bank right away and inform them about your recent mistake. No doubt, banks can not interrupt in the transaction process but the system can surely figure out an appropriate way to stop or sort the transaction process. It is always a better idea to pen down your mistakes and give the details to the banks in advance because if you know your mistakes in advance, the bank will get clear idea and directions to proceed with the transaction mistakes.
What should you do when you realize your mistake after some time?
You are lucky that you are reading this content in the year 2016 because if you had done such sort of mistake in the year 2014, then there was nothing planned out by the banks at that time but in the year 2016, if your mistake is genuine and you are able to give strong evidence then the bank contact the recipients bank and sends a request to reverse the transaction from the recipients account and back to the original sender account. In this case, if the original recipient is genuine and he agrees to the wrong transactions then the money can return to the sender’s account within 20 working days.
So, the extract of this content is that in any case, the recipient will be contacted to clarify the matter as quickly as possible. This solely depends on the recipient who received your money and his or her willingness to repay it.
The main reasons for such a big mistake from money sender’s end can be his or her negligence or any technical glitch.