Mumbai: The Reserve Bank of India recently in the annual report of Ombudsman Schemes, 2021-22 said that the majority of complaints received during the year are related to digital payment and transaction methods. The RBI said, however, the non-reversal of funds due to wrong beneficiary transfer by System Participants (banks) stood at 6.01%.
Even as you take so many precautions while transferring money, mistakes can happen. Your money can by mistake go to the wrong account if one digit is replaced by another.
Here’s How to Get Money Back
To begin the reversal procedure, you must adhere to a few crucial steps. As per the Bank of Baroda website, “The first thing you need to do in case of an incorrect money transfer is to inform the bank. You can do this by quickly calling up the customer care number and providing them with all the details of the transaction. They will provide you with a request or complaint number.”
After this, you can send an email to the customer service department detailing the error in the transfer. With this step, you will have written documentation of all communications with the bank. Moreover, you will also have the option of following up by going to your home branch, chatting with the manager, and submitting a formal notification of the incorrect transfer.
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Can money transfer be reversed?
The Bank of Baroda said if the details are valid and the money goes through, the reversal of the funds will depend completely on the recipient. “If the recipient of your funds provides permission for reversal of the transaction, then you should get your money back without much of a hassle,” according to the Bank of Baroda website.
Next step after submitting the wrong transaction complaint
Bank of Baroda further added that it is an intra-bank transaction, the bank itself will reach out to the wrong recipient and request for the reversal. “If it is a transfer to another bank, your bank will act as a facilitator, providing you with the details of the wrong recipient’s bank and branch.”
