How to get your money back after a wrong bank transfer

The adoption and use of mobile and internet banking by most people increases the chance of transferring money to a wrong bank account. In this post, we will show you how to reverse transfer or money paid into the wrong bank account.

If you transfer money into an account different from the one you intended to transfer the money, there are steps you can take to reverse such transactions.

Many people who wrongly send money to the wrong account usually seem helpless due to ignorance. They end up losing the money to the account they mistakenly send the money. Also see how to get back your money after online scam.

After reading this post, you will learn how to reverse any wrong transfer to an account different from the one you intended to send the money.

How to reverse transfer to wrong bank account
Below is the process to reverse money wrongly, send to a bank account different from the one you intended to transfer the money;

1) Go to your bank to inform them about the wrong transfer. You can also write or call the customer care line, but we advise you to visit your bank to explain how it happened.

2) The bank on receipt of your complaint will reverse the transaction immediately. Although, this can only be possible if you operate under same bank with the person you wrongly transferred the money to. However, in most cases, before the reverse is made, your bank will first contact the owner of the wrong account if operating under the same bank.

If your bank cannot reverse the money as explained above, then any of following factors is the cause;

You operate different bank with the person, the person you wrongly transferred money to his/her account (inter transfer).
The owner of the wrong account refuses to give consent to enable the bank reverse the transaction.

3) Police will approach the court to place a ban, in the form of ‘post no debit’ on the account of the wrong account holder, and move to arrest the person.

4) The application to the court by motion on notice will contain a supporting such as sworn affidavit and official statement of your account.

5) After obtaining a court order from the court registrar, serve same on the bank. The bank on receiving the certified true copy of the court order will have no choice other than to reverse the transaction.