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Transferred Money To Wrong Bank Account? Here’s How To Get Your Money Back

Transferred Money To Wrong Bank Account? Here’s How To Get Your Money Back

Without the permission of the wrong beneficiary, it is impossible to retrieve the funds.

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Sometimes we can mistakenly transfer money to the wrong account.

That’s not a big deal if the account does not exist, as the transfer will not be successful and the money will be returned to our account.

The problem is when the account number that we entered by mistake exists.

That means there are other people who have received the money.

If the amount is small, perhaps we wouldn’t feel much. But what if the amount runs into thousands?

In fact, there are cases where we can get back the money that was transferred incorrectly.

Here we share the experience of Zarina Jalaludin who, by some sheer misfortune, transferred RM14,011 into the wrong account.

Thankfully, she was able to retrieve it.

Step One

Now that we know it can be retrieved, how do we do it?

According to Zarina, it is important to KEEP CALM. One can easily get panicked especially if the amount involved is large.

Panic, she said, will make you unable to think rationally.

So, take a deep breath and calm down.

If the account number you got wrong does not belong to anyone, then you are safe as you will definitely get the money back.

However, if the account number you got wrong has an owner, this will be a problem and in Zarina’s case, the account has an owner.

Step Two

The things you have to write down are:

  • Account number of the wrong account
  • Name of the wrong account
  • Date and time of the wrong transfer
  • Number of the correct account
  • Name of the correct account

Step 3

Then go to the police station and make a police report.

Don’t forget to enter all the details.

Step 4

Then proceed to the relevant bank to submit an application of wrong transfer along with relevant details.

If it’s a holiday or the bank is closed, the bank will not call the account owner until the next working day.

In Zarina’s case, the incident happened on a Thursday with the following day being a public holiday, hence it was a long wait.

Step 5

Next, the bank officer will contact the owner of the account, the person to who you mistakenly transferred the money.

Zarina said it is not advisable to try and contact the owner of the account on your own, as it could entail a breach of privacy.

Step 6

The owner of the account would likely request an email or documentation to avoid being scammed.

In Zarina’s case, the owner asked the bank to email all the details.

If your luck is good, the owner will return the money without much hesitation because they could face legal action.

Furthermore, there are always honest people who will not take what belongs to others.

If the owner of the account you made the wrong transfer is not trustworthy, the person may not cooperate with the bank.

In this case, it would be more complicated because you have to involve the police.

If the amount is large, you can appoint a lawyer to send a Letter of Demand to the owner.

Step 7

Having faith in difficult times can allow you to find peace.

Zarina said praying to God can lift a heavy burden off oneself.

Always pray that the owner of the account is open minded to return our money. God willing, everything will be made easier.

Zarina Jalaludin on asking for a reversal from the owner of the account.

At the end of the day, it is the money sender’s responsibility to make sure that the correct account number is entered.

Always double-check the beneficiary’s account number and bank before making any payment. 

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