Misdirect payments are a common mistake, and often occur when people get just one digit wrong. In the world of internet banking millions of electronic payments are made every day, but a slip of the finger and the wrong sort code or account number . Just contact your bank straight away to let it know about the mistake.

As per the Reserve Bank of India’s guidelines, it is the responsibility of the remitter to provide correct beneficiary account number and details while making payment. Hence in case of wrong transfer to an account , only the remitter is responsible and liable, not the bank. Bank can only act as a facilitator. Bank’s also cannot reverse money from its end without approval from the beneficiary.

The easiest way to get back wrongly transferred money, is when the account number is invalid or does not exist, the money is transferred back to the remitter automatically. The other way to get the money wrongly transferred is to send a written letter to the bank. In case the remitter and the beneficiary are in the same bank. In case the account was transferred to a wrong account with another bank then contact the Branch Manager of the wrong Beneficiary and explain the situation in a written letter. The manager could then contact the wrong beneficiary and request for re-transfer of wrong credit to the remitter.

REMEDY

In case a wrong beneficiary fails to return the money back, then a written complaint must be lodged immediately with the money back, then a written complaint must be lodged immediately with the concerned Banks. Then a lawyer can be engaged to provide a notice to the wrong beneficiary, requesting that the money be transferred back. If he or she refuses to give the money , even after a legal notice, then a legal case can be initiated, though it’s a expensive and time-consuming route for resolution. Hence, its best to employ a legal route, only if sum involved in large enough to warrant the legal expense and time.

EASY PRECAUTION

Banks normally ask you to type the account number twice , if you happen to commit a mistake in typing, the mismatch in the two numbers will not allow you to proceed further. Then, if the IFSC code is correct, it will ensure that the intended bank and branch are at least coordinated. If you want to transfer a large sum of money online, you can do a ‘test’ transfer. Once you received a conformation, you can check then safely transfer the rest.