How to recover money transferred to a wrong account number
Modernisation has been taking over the world for over a decade now.
You can transfer money to your friends and business partners without going to the bank.
Recently, we noticed some issues faced by many people when transferring money to another bank account.
We have seen a lot of cases where people sent money to the wrong beneficiary, like in the case below, where one man is complaining how he is unable to recover the money he sent to the wrong account number.
This man below narrated how he mistakenly sent money to a wrong bank account
I am having the problem now. In my case, I had transferred $90,000 to the wrong recipient in the same bank (Access Bank) since February 5, 2020.The account numbers are the same except for the last digits (8 & 9) The transaction was from Fidelity Bank. I followed up immediately through my bankers (Fidelity). Till date, I have not gotten any positive response. I had even contacted the CBN from where I was able to resend my complaint through my bankers and to demand from them to register my complaint with a unique reference number which I would use to escalate the complaint by forwarding it to the CBN if it was not resolved after 72 hours. So, tactically, my bankers(Fidelity) acknowledged my mail after three weeks without any reference in order to prevent my ability to escalate it to CBN.
If you read the story, you will realize how difficult it is to reverse a money transfer gone wrong.
In this blog post, I will be showing you how you can easily get back your money after a wrong bank transfer.
You MUST retrieve the money now by following the instructions and procedure I am about to give you. It may take some time.
It’s heartbreaking to see people losing their hard-earned money because of a slight mistake.
By following the measures below, you MUST get back your money.
How to retrieve money sent to the wrong bank account.
We normally believed that two people could not have the same account number, but after a series of observations and investigations, we noticed that two or more people can now have the same bank account number. The only thing that will differentiate them now will be their account name or bank account number.
This is why it’s very important to check everything thoroughly when sending money to someone’s bank account.
You should check and cross-check the account number, account holder name, and bank account name.
When you notice that you have mistakenly sent money to a wrong bank account, maybe you made a mistake in the account name, account number, or bank name, the first step to take is to consult your bank.
How fast you tackle this issue will determine how stressful the whole retrieval process can be.
Consult your bank and notify them of a wrong bank transfer. Write down the account number, account holder name, and bank account name of the person who you mistakenly sent the money to. If you couldn’t get the beneficiary’s account details, your bank can provide them for you though.
In your bank, state everything you can; the amount sent to the beneficiary’s account, the exact time and date of the transaction, and account details of the beneficiary if you have it.
Your bank will look into the issue and tell you the next procedure to follow.
At the end of this guide, I will show you how to take legal action to recover the money you sent to the wrong bank account.
One should endeavor to read this till the end as all the information provided here will be helpful to anyone who made a wrong bank transfer.
If the beneficiary is using the same bank as you, the next step will be easy. But if it’s another bank, you have to visit the bank.
For a very serious and urgent issue like this, I recommend that you go to the bank on your own because the response you receive from those contact details such as email, WhatsApp, or customer service may be a response from a ROBOT.
At the beneficiary’s bank, provide them with all the possible details, like the exact time of the transaction, the amount involved, and the account number of the beneficiary.
To avoid prolonged cases, all these things should be done within a few hours.
If you spend much time before consulting the bank, the person may do any of the following:
- They spent all the money as 70% of the money transferred was never retrieved.
- transferring the money to another bank account.
- Use the money to pay off a bank loan or other bills.
- Withdraw the money completely.
This is the reason why you have to be as fast as you can when you notice this issue.
If your proof is convincing at all, the beneficiary bank should now take the next action.
How to reverse money back to your account.
The next thing now is to reverse the money back to your bank account.
If you’re using the same bank as the beneficiary, it will be less stressful than if it is a different bank.
The bank will notify the beneficiary either through phone call or SMS. The beneficiary will be summoned to the bank to give them permission to reverse the money.
Legally, no bank has the permission to reverse the money back to you without the account owner’s consent.
The bank can reverse the money back only if you have a legal document like a court order.
At the end of this article, I will show you how to go about the legal process.
If the beneficiary gives the bank consent to reverse the money back, the money will be sent back to you, but in most cases, they usually claim that the money is theirs, or they may tend to withdraw the money from the account immediately.
If the beneficiary fails to appear in the bank or refuses to give the bank permission to reverse the funds,
The bank will put a hold on the account to restrict him/her from using the money until everything is settled. This is why you need to be very fast when solving this issue to avoid an outcome like; the person has withdrawn the money, or the person has withdrawn all the money and closed the account.
If the wrong beneficiary has around $2000 in the account and the money you mistakenly sent is $500, the bank will put a hold on the account in such a way that the owner can not withdraw the last $500 in the account.
Putting a hold on the account doesn’t mean that the bank will reverse the money; it’s just to restrict the user from spending or withdrawing the money from the bank.
If, after everything, the user still refuses to give consent to the bank, this is when you have to involve a legal practitioner.
Check below to see the procedure to follow on the court.
How to legally get your money back after a wrong bank transfer.
According to Samuel Okorie, a Nigerian-based practitioner, below is the legal procedure to follow when you mistakenly transfer money to a wrong bank account or when you get scammed and you need your money back.
Samuel Okolie is a Lagos-based legal practitioner (lawyer).
If you are a Nigerian and the amount of money involved is large enough that you want to take legal action, you can contact this lawyer at 08066756987 or through his email address email@example.com
In any of the aforementioned scenarios, the transferor will have to file an application to the court by way of motion on notice, praying for an order of court to reverse back the money to the transferor. However, with respect to where the wrong account holder has transferred the money into a different account or has withdrawn the money, the transferor will have to contact the police, who will in turn approach the court to place a lien, in the form of posting a debit on the account of the wrong account holder.
The application to the court by way of motion on notice will contain a supporting affidavit, wherein the transferor (claimant) will state his/her account number, the name of the bank, the bank of the wrong account holder, and the statement of account of the transferor and the wrong account holder.
The fourth and final step is for the transferor to obtain a certified true copy of the court order from the court registrar and then serve the same on the bank.
The bank, on receiving the certified true copy of the court order, will have no option but to reverse the money back to the transferor.
Legal action should be your last procedure to follow when retrieving your money back from a wrong beneficiary.
The procedure to follow to avoid sending money to the wrong bank account.
You have to be very careful when sending money to someone online, as any slight mistake may land the money in another person’s account.
The steps below are the procedures to follow in order to avoid the mistake of sending money to the wrong bank account.
- Check and cross-check the account details before issuing the transfer.
- If the amount involved is huge, send a little sum of money to fully verify whether you are dealing with the real account before transferring the whole amount (e.g., if you want to send $20,000, send $2 first to make sure the account is OK).
- Do not send money to someone without confirming the account holder’s name, bank account number, and bank account name.
Getting your money back after a wrong transfer can also be archived by calling the wrong beneficiary on the phone and pleading with the person to refund the money to you.
If he insisted, you have to let the person take some of the money because, in either way you follow, you must spend a huge amount of money, especially when you want to tackle it using legal procedure.
Some frequently asked questions about getting your money back after a wrong bank transfer and their possible solutions
Frequently asked questions on how to recover your money after a wrong bank transfer
Check below to see some of the questions and the answers to them.
What happens if I accidentally send money to the wrong account?
If you accidentally send money to the wrong account, you have to contact your bank immediately, or else the owner of the wrong account may withdraw the money and even close the account if it is a huge amount of money.
How do I reverse money sent to the wrong account number?
Once you notice that you have sent money to the wrong account number, the first thing to do is to consult your bank as soon as possible to reverse the money back to you.
You can only reverse the money back when the owner of the wrong account number gives the bank permission to do so.
Can a bank reverse a transfer?
A bank can reverse a transfer, but in the case of a person who mistakenly sent money to a wrong account number, the bank will not reverse this money without getting a go-ahead approval from the beneficiary.
The only time the bank will reverse the money you mistakenly sent to someone is after you have completed the legal procedure as I explained above.
Can you cancel a bank transfer once it’s sent?
You cannot cancel a bank transfer once it is made.
Once the money leaves your bank account, you can not cancel the transfer unless there is an error in the bank’s system. That is the only time the transfer can be cancelled.
This is the procedure to follow in order to get your money back after a wrong money transfer.
You can ask questions below in the comment section I will be happy to help you with a solution to follow regarding this topic.
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