For most of us, the aspect of money transfer has never been easier than it is today. Thanks to the digital age, we are now able to send money across anyone, anywhere in the globe in just a few taps on our phone or a few clicks of our computer. But what’s on the other side of the coin? That’s right-the possibility of sending money to the wrong account has also increased because of this convenience. It does not matter whether you’re using the traditional bank transfers or any of the popular apps like UPI, PhonePe, or Google Pay; a minute error in typing an account number will be enough to create panic.
Here’s a detailed guide on what to do if your money has been transferred to a wrong account, how to recover it from the bank, and where to raise a complaint for a wrong transaction.
What Triggers Wrong Money Transfers?
Before starting with the solutions, it’s important to understand why money might get transferred to some wrong account:
Incorrect Account Details: This probably is the most common cause. Getting the wrong account number or IFSC code while doing a bank transfer can easily result in money landing somewhere else in somebody’s account.
Wrong UPI ID: UPI transactions are quick but require the right UPI ID. Thus, if there is an error in spelling of the UPI address, your amount might just reach the wrong account.
Mistakes in Phone Number while using UPI/Payment Apps: Most payment apps such as PhonePe or Google Pay associate transactions with phone numbers. If the number is incorrect, money might end up in the wrong person’s pocket.
Bank Application Errors: Even if a transfer works perfectly on paper, technical snafus or human mistakes when applying for a bank account transfer may send your money the wrong way.
What to Do Immediately If You Sent Money to the Wrong Account
Okay, you’ve transferred money to the wrong account. Don’t freak out. There are a few things you should do:
- The moment you realize that there was a wrong transaction, call the support of your bank or that payment app you are using, such as PhonePe or Google Pay. For example, you make a wrong UPI transaction. You can get help in submitting a complaint against a wrong transaction through the UPI app as well.
- Call your bank’s customer service or go to the nearest branch.
- Elaborate on the situation, which would include the transaction details, such as the recipient’s account number, UPI ID, or phone number.
- Inquire if reversing the UPI transaction or retrieving funds is feasible from the wrong account.
- Prepare All Needed Information
Be able to offer all needed details when approaching the bank or in a complaint form:
- Reference number of the transaction
- Transaction date and time
- Wrong account details or UPI ID
- Details of the right payee (if any)
- Wrong Transfer of Money Application
- In making the application formal, you are expected to file a written application. The wrong transfer of money application shall include,
- Explaining in detail: why you are complaining
- Transaction reference and sum
- Your account and the wrong account details
- Formal application to have the amount reverted
Here is a Sample Template that you can use,
Subject: Application for Wrong Transfer of Money
To,
The Branch Manager,
[Bank Name],
[Branch Address]
Date: [DD/MM/YYYY]
Dear Sir/Madam,
I am writing to inform you that by mistake, the amount of [Amount] was paid to an incorrect account number [Incorrect Account Number] on [Date]. The correct account details of mine are [Correct Account Number] and [IFSC Code].
I kindly request you to assist me with regard to getting this transaction reversed and depositing this amount back into my account. My Transaction ID is [Transaction ID].
Thank you for your prompt attention to this matter.
Your Account No.
Your Contact Information
File complaint for incorrect UPI transaction
If you applied a UPI-based application, such as PhonePe, Google Pay or Paytm, then file a complaint regarding an incorrect UPI transaction. Most of the apps have in-built support features through which you can:
- Go to Help or Support.
- Tap on UPI wrong transaction complaint.
- Mention transaction details and ask for reversal.
- Contact the Wrong Beneficiary
- If you know the wrong recipient or know him, it may be possible to contact him. A polite request may solve your problem real fast.
- Await Response from the Bank
- Once you lodge your complaint, the bank will investigate. If the account holder is cooperative and still in possession of that money in their bank account, he or she can request the bank to reverse the transaction.
However, if the receiver is not cooperative or has spent the money, then there is nothing legal that your bank can do for you without a court order from a court of law. In this situation, a court will have to intervene.
Legal Action (If Necessary)
If the wrong recipient refuses to pay back your money, you’ll have no choice but to engage in litigation. Report the case by filing a report at the police station and submitting all the necessary documents so your money can be recovered.
How to Get Money Paid into the Wrong Account
Recovery of your money depends on several conditions:
Time of Discovery: If you report the error soon, there is a greater chance of recovering the money because the bank may even freeze the wrong account.
Recipient’s Cooperation: In case the recipient is willing to pay it back, then there is an easier process.
Bank’s Policy: Each bank has its unique ways for the reversal of a wrong transaction. They may expect you to submit certain forms or undergo multiple processes before you can initiate a reversal.
If the wrong recipient is using the same payment app, retrieval becomes much easier.
UPI Transaction Reversal Procedure
For UPI payments, apps like PhonePe or Google Pay have specific options for reversing payments:
- Tap Transaction History in the app.
- Select your transaction and tap Report an Issue or Help.
- Submit your complaint along with all your transaction details.
- The majority of platforms through UPI provide a window of 48 hours to investigate such complaints.
Reverse UPI Transaction: Is It Possible?
One of the most common questions is whether it can be reversed; can I reverse a UPI transaction? Yes, but with immediate action on your part, the reversal of a UPI transaction is possible.
Most of the UPI platforms allow the user to apply for reversal; however its success would depend upon:
- Whether the money is still available in the wrong account
- Whether the recipient is willing to return the money.
As per the rules given by the NPCI, the bank of the payer shall be allowed to reverse the transaction if such a complaint comes from the payer to the payer’s bank within 48 hours of that transaction.
If You Do Not Act Fast
If you do not raise an issue concerning the wrong transaction in time, then the following complications begin:
- The recipient may be able to spend the money.
- Cross-bank transfer will make it quite hard to trace the funds.
- Law procedures are tough and much time-consuming.
Extra Caution: Verify the details before sending
No one should have to deal with that stress. So, always ensure to verify account or UPI details before making a transaction.
FAQs
1. Money gets transferred to an incorrect account?
Immediately call your bank or contact number from the app.
Share details of the transaction and request a reversal or file an application for a wrong transfer of money.
2. Can I get my money back if I mistakenly send it to the wrong account?
Yes, but the process is different. You may recover your money if you report it within suitable time and the recipient cooperates otherwise legal process can be involved
3. How to lodge a complaint for an incorrect UPI transaction?
Most UPI apps like PhonePe or Google Pay have in-app options to report issues. Go to the Help section, select the wrong transaction, and file a complaint with all details.
4. How do I apply to my bank for recovery of wrong transfer of money?
Address the bank formally mentioning all the transaction details and asking it to reverse the transaction. You can either approach your nearest branch of the bank or contact their customer service by emailing to get this done.
5. How long does it take to retrieve money when it is wrongly transferred via a UPI transaction?
Generally, the reversal will take around 2-7 working days; however, the sooner the wrong recipient shows cooperation in the reversal process and the more the case is less complicated, the better.
6. Can the reverse UPI transaction be done automatically?
No, you need to lodge a complaint and it depends how soon you are acting.
7. If the recipient refuses to return the money?
Your bank cannot force the recipient to return the money. You need to involve the police or take legal recourse.