Make a money transfer? STOP! Know This Online Banking Tip First

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This online banking tip is something everyone who transfers money via netbanking should know.

This online banking tip will make your life easier, even if you run into big trouble! Netbanking has overcome the need to queue at banks and visit the branch for almost everything. Netbanking has actually made the entire process of transferring money into just three to four steps on your device. The same goes for opening a new bank account. Digital wallets such as Paytm, Google Pay, BHIM, UPI have also facilitated the transfer of money in small amounts. Now you can send money to other bank accounts without providing additional information such as IFSC code, name, branch name, etc. Everything is in your hands now! However, netbanking has its downsides, especially for those who can get careless!

You can transfer money with just a few clicks through online banking anywhere and making a mistake is also easy. Mistakes can be made when entering the bank account number, which results in the money being sent to the wrong beneficiary. Does that mean you lost your money forever? Hopefully not ! You can always get your money back. .

However, this is where things can get tricky. Without the help of the wrong beneficiary, it is almost impossible to recover the money because once the amount is transferred, it will not be refunded automatically unless you contact the person who received the amount and request a refund. Therefore, it is advisable to verify the phone number or account number twice when paying.

How to recover money if you transferred to the wrong account?

Step 1:
If the beneficiary information required for the money transfer, such as MMID or mobile phone number, is incorrect, the transaction may be automatically rejected.

2nd step:
However, if you made the wrong payment and the money is deducted, call your bank’s customer service number and let them know that you sent money to the wrong recipient account. Write down the date and time of the transaction, as well as your account number and the account the money was sent to in error.

Step 3:
Go to your bank branch and write a request mentioning the details of the bad transfer. Also attach the payment screenshot.

Step 4:
The bank will act as a facilitator, providing you with information about the bank and branch where the funds were transferred. If the accounts are at the same bank, you can check with the recipient and request a refund.

Step 5:
In case the bank branch is different, it will be a good choice to also visit the recipient’s branch and write similar applications and screenshot prints. This can help the bank to call the beneficiary and request the money back.

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