If one is not overly careful, it is very easy to make a transfer to a wrong account. All you need to do wrongly is misplace just one number or choose the wrong bank. This can be painful as well as it’s tedious to recover. Some don’t even fully recover from the mistakes. A wrong transfer reversal could be a life saver sometimes.
When banks and account holders were fewer, it was a highly unlikely to have the same account number in two different banks with different owners. But today, that is the reality – the same bank account in bank B also exists in bank A, but with different unrelated owners. So you need to SHINE YOUR EYES when doing that transfer.
This article will explain what to look out for to avoid making an erroneous/wrong transfer and also give a quick guideline on how to quickly get your money back in no time.
How to Avoid Making Wrong Transfers
There are some things you must do EACH time you are trying to make a bank transfer to another individual/company. Here’s a quick list of what you must look out for:
- Verify account number
- Confirm the beneficiary bank
- Re-confirm account name
- Be sure about the amount
These four things are very essential to your successful transaction. There’s equally no shame in trying to re-confirm any of this information from the intended beneficiary because they will likely not take it easy with you if they don’t get credited within the next few minutes.
How to Get Your Money Back After Making A Wrong Bank Transfer
Well, we are not perfect. Mistakes happen and, sadly, a mistake that involves money transfer in Nigeria could be a big one. A wrong transfer reversal is not, however, impossible.
Time is of great essence in trying to recover the money, as it becomes extremely difficult if the wrong beneficiary makes a withdrawal before action is taken.
If you just did any of these below, chances are that you have made an erroneous/wrong bank transfer.
- Mistyped the intended beneficiary’s account number
- Selected the wrong bank
- Entered wrong amount
So here is a step-by-step flow on how to recover your money once you realise your mistake:
1. You contact your bank immediately. If you know your account officer, put a distress call through as well explaining your situation and giving the vital details (wrong beneficiary, date, time, amount, bank, source account) of the transaction.
2. Your bank, on receiving your complaint, immediately contacts the beneficiary’s bank with the details of the transaction.
3. The beneficiary’s bank, on receiving the mail/call from your bank, places a LIEN of the exact amount on the beneficiary’s bank account. (A lien means putting a hold. So, the lien amount is the amount which the bank has put a hold on. That amount is frozen, and the beneficiary can’t withdraw the fund)
4. The beneficiary bank contacts the beneficiary and asks for a consent letter to reverse the wrong credit to the sender.
Now from here, three things can happen.
- If the beneficiary agrees to give consent via email/text/call/writing, that is fine. The beneficiary bank will reverse the money to you. This is the best thing that could happen.
- If the beneficiary refuses to give consent for a reversal for some reason, you can go ahead to get an injunction from a law court instructing the beneficiary bank to ‘force debit’ the account and reverse the money to you.
- If the beneficiary already withdrew the money before his/her bank places the lien and the account is not sufficiently funded up to the erroneous inflow, you will have to wait till another credit goes into the account and the lien traps it. There’s not much the banks can do. The beneficiary bank will just have to keep trying to contact the customer to fund the account and give consent for a reversal – note that the bank cannot threaten the beneficiary, use any form of force on them, or release their personal information to you.
Always be careful when making your transfers, especially if the amount is huge. Wrong transfer reversal can be an impossible task sometimes. You may not be lucky to have an honest beneficiary who will simply hand the money back.