Our work has been simpler and more efficient as a result of the numerous alternatives for transferring money to various bank accounts. On the other hand, the different digital platforms we use to transfer money can also cause confusion and anyone could accidentally send money to an unntended account.
First and foremost, it is the remitter’s duty to provide accurate and reliable information when sending money. The most important question is how to get the money back, even if you accidentally transferred it to the wrong account.
If your money was transferred to the incorrect account, you may be able to get it back in the following ways:
Step to reverse wrong transaction:
- Inform your branch right away if any of the above events occur, or contact your relationship manager.
- Record the information about the wrong account to which you transferred the funds with extra attention.
- You might need to provide a handwritten application and the information on the beneficiary account in person.
- If the accounts are in the same bank, the bank will act as a facilitator to ask the beneficiary for approval before starting the reverse transaction.
- If the account is owned by another bank, it is best to go to the branch where the beneficiary account is kept and ask to have the transaction reversed.
- According to the Bank of Baroda website, the recipient will be solely responsible for deciding whether or not the money is returned.
According to Bank of Baroda, the bank will automatically start a reverse transaction if the transaction was made to an incorrect and nonexistent account.