How to Reverse a Mistaken Bank Transfer

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How to Reverse a Mistaken Bank Transfer

Have you ever transferred money to someone’s account by mistake? Have you also had challenges trying to reverse? Well if that is true in your case, then this article is for you. It is always frustrating when in the course of trying to transfer money to someone, and you mistakenly send it to another person. This article presents you with tips on how to reverse a bank transfer by mistake.

What Is a Mistaken Bank Transfer?

A mistaken bank transfer is the transfer of money from one’s account to a wrong account my mistake. It’s is different from an unauthorized bank transaction where someone gets hold of your personal bank information to carry out transactions with your account, like withdrawals etc. Bank transfers by mistake can be caused by various factors which are presented below;

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Causes of Mistaken Bank Transfer

Mistaken Bank is contingent on two possible factors which are;
• Wrong input of account number.
• System error (fault from your bank)

How to Reverse A Mistaken Bank Transfer

There are various banks transfers that are carried out mistakenly, and so we will give you tips on how to reverse them, they are;

Non-existing Account Transfer

This is when one sends money to a non-existing bank account. Here you don’t need to stress yourself in going to the bank, the money will simply reverse automatically, as far as the account number it was sent to does not exist.
It is so far the easiest way to reverse a mistaken bank transfer.

Transfer to an Unknown Beneficiary Account
In this category, you have mistakenly transferred money to the wrong account of which you know the owner of the account. Here too, you won’t need to go to the bank at first, all you just need to do is to call the beneficiary of the wrong account you sent the money to, to transfer the money back to you.

For clearer understanding, imagine you were trying to transfer money to your uncle’s son who bears the same initial as your uncle. For example, your Uncle’s name is Christian Michael Edet, and his son’s name is Christian also, and you mistakenly send it to your uncle instead of the son, you can just simply call him immediately to inform him of the error and request that he transfer the money back to you.

Unknown Beneficiary

Here, you don’t know the owner of the account that the money was wrongly transferred to, all you need to do is immediately rush to your bank to lay a complaint so that they can help you recover your money by simply freezing the beneficiary account on the condition that compulsory information like the amount, time of the transaction, date of transaction, transaction ID, account and account number, must be presented to prove that it is your account.

After the unknown account has been frozen, the bank will now make efforts to contact the owner of the unknown account but if he refuses to comply after the bank has made contact with him or her and if he refuses to comply and return the money, the bank will freeze his account; but if he accepts that it was a mistaken transaction and signs the required documents that will authorize the bank to reverse the transaction and refund your money, then your money will be reversed back to you.

He can also reverse the transaction by simply transferring the money back to your account, by so doing, the bank will unfreeze his account.

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Summary

By simply following the above ways on how to reverse a mistaken bank transfer, I am sure you will not have issues in reversing a Mistaken Bank Transfer, also you an as well avoid it by making sure you always confirm the account number before going ahead with the transaction.

IGBAJI U.C.
IGBAJI U.C.https://igbajiugabi.com
Igbaji Ugabi Chinwendu, from Cross River State, Nigeria. As a Business Educator, he is profoundly interested in teaching and managing business. Started blogging 2010 and officially 2013. He holds the esteemed positions of Chief Executive Officer (CEO) and Director at Freemanbiz Communication and Writers King LTD, demonstrating his leadership and expertise in the field.

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