Nowadays, money is frequently transferred from one bank to another bank account via mobile banking. This can also happen in the case of banking fraud. With the launch of new apps such as UPI, net banking, and mobile wallet, money transfer has become safe compared to the earlier transaction methods. Read How to get money back if you paid via Bank Transfer to know more.
How to get money back if you transfer it to another account
Sometimes, one unintentionally transfers the money to another bank account. In this case, you are advised to take the immediate steps mentioned below to save your money. The steps are that can followed in case of wrong transfer of money.
Inform the bank immediately
As soon as any such thing happens, the first mandatory step is to inform the bank about the transaction. Call the customer service and inform them of every detail and to know more read How to get money back if you paid via Bank Transfer. The bank can ask about the details and the information from the email, provide full details and note the transaction’s date and time.
Money transferred to own bank account.
If the money is transferred to another bank account with the incorrect bank number or IFSC code, the amount will be deposited back into your account. But, in case this does not happen, inform the bank immediately and meet the branch manager and try to determine where the money has gone.
If transferred to another bank account
If the money has been transferred to another bank account, recite How to get money back if you paid via Bank Transfer as recovering the funds may take longer. Banks may take two months to resolve the dispute. The bank will contact the person in whose account the money has been transferred and, with his consent, will return the funds to your account.
Register a Case
Another option of getting your money back is to move to court. If the person who has received the amount from your bank account refuses to return it, you can summon him from the court. This is a long process, and to know more about the transfer, read How to get money back if you paid via Bank Transfer. The non-transfer also leads to the violation of the Reserve Bank laws. Also, read What to Do If Order Not Delivered?- Genuine Information for safe online deals.
Instructions by the RBI
When you transfer money from one bank account to another, you get notified by a message that says if the transaction is incorrect, please send this message to this phone number. The RBI has asked the banks to take action as soon as feasible if they have accidentally transferred money to another bank account. To know more about RBI rules, read How to get money back if you paid via Bank Transfer. It is the responsibility of the bank account to transfer money from one account to another account and resolve the grievance of the customers while looking into the matter.
Attempts are taken to make banking facilities more accessible continuously. The banks are continuously trying to resolve the issues. It is also advisable to follow the bank rules given by the RBI to help the smooth flow of the transactions. Visit the link provided to know about the details of the bank transfer rules. To know more about bank rules, read How to get money back if you paid via Bank Transfer.