What to do if you send money to a wrong account?

HI FRIENDS,

Money online transfers become very common now a days with Unified Payments Interface (UPI), net banking, and other payment systems. 

Online transactions made banking facilities easy but it has its own disadvantages like many recent frauds that were come into notice. 

What if someone unknowingly transferred money to the wrong account then it becomes an issue as the banks cannot reverse it unless until the beneficiary allows it to proceed. 

What to do if you send money to a wrong account?

• The account holder should immediately call the customer care number of the bank and explain the whole thing.
• The account holder required to inform the bank representative about the same date and time of the transaction, account number, and the account in which money has transferred by mistake.
• Amount will be refunded within 5-6 business days if the bank account to which you have transferred money not exist.
• The person will have to approach your bank and inform the manager about the wrong transaction.
• Bank will check the details of the beneficiary and if the person holds an account with the same branch then the bank can request him to return the money.

THANK YOU FOR READING.