How To Reverse A Wrong Bank Transfer Within 24 Hours

Have you ever sent money through a bank and then instantly wanted to reverse it? Money transfers from one account to another frequently end in mistakes. The sender or receiver may have been careless or made a mistake for this to happen. The most frequent error is when the sender enters the wrong account number, name, or bank.

The NUBAN account numbers used by the CBN are unique to each user. But as we now know, some customers do share the same account number with multiple banks. It is the same for all banks in the world (Be it – USA, UK, Canada, China, India, Nigeria, South Africa, Kenya and so on) as the central banks of countries allocates a unique set of bank account numbers to every bank account holder.

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The beneficiary and bank information on the banking apps may be entered incorrectly. Money could be delivered to the wrong recipient if you do not double-check before transferring.

If bank transactions are made in error and not corrected, you could find yourself in a lifetime of debt and suffering. The bank might not take this mistake seriously as it is your fault.

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How to Reverse a Wrong Bank Transfer

I am aware of how irritating it might be to inadvertently send money to the wrong individual. If you wish to undo an incorrect bank transfer, here are the best ways to do it.

1. False financial transfers (Invalid Account Transfer)

The funds will automatically be restored to your account if the account number you credited does not exist. This is the simplest approach to undo an incorrect bank transfer. There is no need for you to visit the bank.

Your money will be returned to you as long as the receiving account number is invalid. This is unquestionably the simplest method for undoing an incorrect bank transfer.

2. Transfer To A Known Beneficiary

If you accidentally transferred money to a friend or relative saved to your beneficiary list, you can easily retrieve cash using this method. Here, the money is transferred to a close relative or acquaintance rather than the original recipient.

For Example: You want to send cash to your relative Isaac the sum of $100 (₦5,000) but the money was accidentally transferred to your uncle, who also goes by the name Isaac and you did not pay attention to other details.

If you are aware of the beneficiary, you can get in touch with them instantly and explain the situation to them and ask for a refund. I have no doubt that they would not refund the money back.

If the process is taking too long, attempt to contact your bank or financial institution as soon as you realize what went wrong so they can assist you in getting your money back.

3. Transfer To An Unknown Beneficiary

This is a situation where the money was a total stranger and not delivered to the intended person or a relative.

If the beneficiary is unknown to you or the account is active and unknown to you, you should get in touch with your bank right away by phone or letter. Following receipt of your complaint, they will look into the situation and work to get you your money back.

You should be aware that the bank’s customer support department will need the amount sent, the recipient’s name, the recipient’s account number, the date, the time, and the transaction ID in order to look into your request.

The bank will only place a 48-hour (2-day) hold on the recipient’s account if you can provide them with sufficient information. Your bank will only have 20 days during this period to look into the matter, get in touch with the person, and alert his bank to take appropriate action.

You get your money back if he acknowledges that the transaction was made in error and authorizes a formal reversal by completing the necessary paperwork to instruct the bank to do so.

He can also unblock his account by providing you the required funds to resolve the issue. If he will not give your money back, you will have to file a lawsuit.

There is no error if the unintended beneficiary declares that the funds in his account belong to him and not to you. The best action is to take him to the police or charge him to court.

You will require proof in the form of your identification card, bank statement, address, transaction messages, transaction ID, and the intended beneficiary’s testimony. It is important to document your complaints.

The law also mandates that banks maintain a copy of the written complaints procedure. The thief who tries to steal your money will have no chance if you submit a lawsuit with all these proof.

If you triumph, the thief will have to pay a theft fine. The transaction will be reversed and your account repaid once you give the bank a copy of your court order or indemnification form.

If the person you unintentionally send money to rejects it, you should be aware that the bank cannot reimburse your money.

How to Prevent a Mistaken Bank Transfer

Sending money to the wrong person by error is a very painful error. Avoiding unintentionally sending money to the wrong individuals is really simple. These are the finest techniques for preventing unintentional money transfers, in case you did not know.

1. Verify thoroughly

Before completing the transaction, verify the account number once more or twice. The bank is not required by law to confirm all the information for you.

2. Use an electronic payment code.

Every time you make an electronic payment, you are protected. These are the simplest techniques for preventing and undoing an erroneous bank transfer. Make sure your e-payment code is active whenever you wish to send or receive money.

3. Use your bank app

Before completing every transaction, bank apps let you verify the information. Use your bank app to make the process much easier if you do not feel comfortable making transactions using USSD codes.

4. Use Escrow Services

Using an escrow provider for major transactions is one of the greatest ways to prevent this scenario. It might be a good idea to employ an escrow service from one of the numerous companies that offers such services if you are using a bank account to receive payments from clients. When a transaction involves two parties (a seller and a buyer), an escrow service acts as a middleman and holds all cash until it can verify that each party has received the items specified in their contract (if any).

I belong to a group where we usually employ the use of of escrow for our payment and it is easier and safer.

In conclusion, checking the beneficiary’s account number and IFSC code thoroughly is important before sending any payment. Any form of error can be avoided by careful verification. Immediately ask your bank to look into the situation for a transaction reversal if you believe you accidentally sent the payment to a wrong account. Although the sum that has been transferred cannot be reversed, except you o through some processes as stipulated in this post.

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