Will the money transferred to the wrong account be recovered?

November 23, 2019 by No Comments

Incorrect account entry when making a bank transfer is not a rare mistake. If you just entered a non-existent number, it won’t be a big problem. The banking system will catch your mistake and send the money back to your account. The situation is slightly different when you accidentally send money to the wrong person you do not even know. In this case, do you have a chance to get the money back? And can you count on help from the bank?

A common mistake

money cash

Until recently, the money that you mistakenly sent to the wrong account, you could recover, if the person to whom your transfer has shown goodwill. Banks, in turn, covered themselves with professional secrecy and did not want to provide information to whom exactly your money reached.

Because of this, the recovery of money was very difficult and you could only count on the fact that the recipient of your transfer will send it to your account of your own free will. However, if such a person did not realize that they had received an unexpected transfer, or simply decided to keep our money, you could not do anything.

How to get the money back?

To recover the money you have transferred to the account of a random person or institution, you must follow the recommendations below.

  1. Tell the bank or financial institution through which you issued the transfer order that you made your mistake.
  2. The bank now has 3 days to inform the recipient of the transfer of your mistake and the consequences it may suffer if it does not return your money within 30 days. If you and the recipient of the transfer have bills in different banks, then your bank will contact the bank of the person who received your money.
  3. If the person who received your money decides to return it, then they will first go to the bank’s technical account, which will ensure the anonymity of that person. The money will go to your personal account after 1-2 days.

No refund

However, it may happen that the person to whom you sent the transfer by mistake does not return the money within 30 days. In this case, the bank that you informed about the incorrect transfer will provide you with the data of the person who received your funds. Then you have to set up the case in court based on the unjust enrichment of the recipient.

However, you must take into account that the costs associated with the recovery of an incorrectly sent transfer may fall on you. Detailed information related to the procedure of recovering a transfer sent to the wrong account number can be found on the website of the Financial Ombudsman.

System solutions

System solutions

Fortunately, the situation is slightly different now. Last year, the Sejm and Senate adopted certain system solutions to help you if you send a bank transfer to the wrong person.

If you make such a mistake, you should contact your bank for help. Thanks to this, you have a much better chance of getting your money back, and above all you are not left alone.