Money transferred to wrong account,steps to get money back

The Annual Report of the Ombudsman Scheme 2021-22 by RBI Highlights Complaints Related to Digital Payment Solutions

Money transfers must be done with great caution.

The Reserve Bank of India (RBI) recently issued the Annual Report of Ombudsman Scheme 2021-22 and most complaints lodged this year involved digital payment and transaction modes; while people typically take precautions during transfers, mistakes still happen and money can go missing with just one incorrect entry into accounts.

How Can I Retrive Money Transferred to an Incorrect Account

Once making an accidental transfer error, the immediate focus must be to find ways to retrieve their funds.
Follow these steps if you make an accidental transfer of funds to an incorrect account: If this occurs, immediately call your bank’s customer care number and report what happened. They should provide you with a complaint/request number as well as feedback in exchange for details about what transpired.

Email the bank’s customer service department directly and report any erroneous transfer transactions; this way you will have written documentation of your interactions.

Alternately, another approach would be to visit the bank branch where your transfer originated and speak directly with its manager; submit an official notice regarding what occurred, as well as filing an official complaint about any irregular transactions that may have taken place.

Can Money Be Refunded Back Into My Account?

Bank of Baroda

Bank of Baroda ensures that any funds lost through incorrect or nonexistent account numbers will be immediately returned back to you, though recipients may need to authorize reverse transactions before their money can be recovered easily by this bank.