Tuesday, January 31, 2023

Here’s how to get your money back if you transferred your money to the wrong bank account

Social NewsHere’s how to get your money back if you transferred your money...

Making mistakes when transferring money is common and it is not a big deal if the account does not exists. Such transactions will not be successful and the money will be returned to our account.

However, it will be a problem if the account that we entered by mistake exists. In such incidents, this means that someone had received your money.

There are actually ways for you to get your money that was incorrectly transferred back, but this will depend on whether it is worth the hassle for you.

Facebook user Zarina Jalaludin, who recently had went through this sheer misfortune, took to her Facebook to share how she managed to retrieve her money.

According to Zarina, it is important to keep calm and think rationally before you act. Here’s what you should do if you want to retrieve your money.


Step 1

Zarina said it is important for you to keep a record of the details of the transaction which you had wrongly made. She also shared the things that you should write down are:

  • Account number of the wrong account
  • Name of the wrong account
  • Date and time of the wrong transfer
  • Number of the correct account
  • Name of the correct account

Step 2

After you got the details recorded, go straight to the police station and lodge a police report.

Keep in mind to share the details of the incorrect transaction as this will later help the bank to identify the transaction.

Source: The Star

Step 3

Following that, proceed to the relevant bank to submit an application of wrong transfer along with relevant details.

If it’s a holiday or the bank is closed, the bank will not call the account owner until the next working day.

In Zarina’s case, the incident happened on a Thursday with the following day being a public holiday, hence it was a long and painful wait for her.

Step 4

The bank office will contact the owner of the account who you mistakenly transferred the money to, on your behalf.

At this stage, Zarina said it is not advisable for you to try and contact the owner of the account on your own, as it could entail a breach of privacy.

Source: The Star

Step 5

The owner of the account may likely request an email or documentation as evidence to avoid being scammed.

In Zarina’s case, the owner asked the bank to email all the details.

Zarina said if luck is on your side, the owner will return the money without much hesitation because they could face legal action. In addition, she said that there are always honest people out there who will not take what belongs to others.

In some cases where the owner of the account you made the wrong transfer is not trustworthy, they may not cooperate with the bank.

Under such circumstances, it would be more complicated because you have to involve the police. If the amount is huge, you can appoint a lawyer to send a Letter of Demand to the account owner.

Step 6

Lastly, have faith in the account owner being an honest person.

“Always pray that the owner of the account is open minded to return our money. God willing, everything will be made easier.” Zarina said.

Nonetheless, it is also the money sender’s responsibility to make sure that the correct account number is entered.

Hence, always double-check the beneficiary’s account number and bank before making any payment. 

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