What if money is transferred to someone else's account by mistake?

By | July 24, 2018

What if money is transferred to someone else’s account by mistake?

What if money is transferred to another person’s bank account by mistake? Can that money be recovered? If you are looking for an answer, first of all, it is important that you have transferred the money in whose account by mistake. If he is your relative then money can get back. But it is difficult to recover the lost money in an unknown account. However, before transferring the amount to someone’s account, you have to go through the process of adding beneficiary. Here, the account holder’s account is filed twice for you. Therefore, the probability of mistake is greatly reduced, but there are some cases when money has been transferred to someone else’s account.

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Banking experts say that if you have made such a mistake then do not worry. You should contact your bank directly and make them aware of the whole issue and ask for help. The bank will contact the person whose money has been transferred in the account and will help you get your money back. If the person receiving money is not ready to return the money, then the path will not stop. A court can file a lawsuit against him and it is only late, but the money can be recovered.

The guide lines of the Reserve Bank of India clearly have written that if you make a mistake in writing the account number at the time of online transfers, then its bank will not be responsible at all.

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