Online money transfers have become very common these days with Unified Payments Interface (UPI), Paytm, net banking, and other payment systems easing the burden for banking transactions.
However, there are two sides to every coin. On one side, online transactions have made banking facilities easier, while on the other side, it has its own disadvantages, given the recent frauds that were reported during the pandemic.
For instance, if someone unintentionally transferred money to the wrong person’s account, then it becomes an issue as the banks cannot reverse it unless the beneficiary allows it to proceed.
But the situation can still be resolved. For that, the person needs to immediately call the customer care number of the bank and explain the whole thing. The person will be required to inform the executive about the exact date and time of the transaction, the account number, and the account in which money has been transferred mistakenly. The money will automatically be refunded within 5-6 business days if the bank account to which you have transferred the money does not exist.
However, if the bank account exists, the person will have to approach your bank and apprise the manager about the wrong transaction. The bank will check the details of the beneficiary and if the person holds an account with the same branch, the bank can request him to return the money.