What to Do When You Have Sent Money to the Wrong Account?

There's nothing more annoying than when you accidentally transfer money to the wrong account. Unfortunately, there are always times when you misdirect your payments, it is inevitable.

The real question is, what should you do about it? The mistake isn't an easy one to reverse. Take a look below to learn the steps to reclaim your payments as well as some ways to prevent this mistake from occurring!

Effective Steps to Reclaim Your Misplaced Payments

When you've sent money to the wrong account, it would be great if it is a simple matter of calling the person up and asking for it back, but it isn't. Certain methods can be taken to ensure you have the best possible chance of getting your money back, check them below:

  • In the event that you had money transferred to the wrong account, you need to alert your bank immediately. The moment you notice the number is wrong, it is a race between when the money gets processed and found by the incorrect person and your swift reaction.

  • Record the entire process as you go. First of all, note the incorrect account number you used. You also need to keep track of every person you talk to, what they say, and the progress you make.

  • Your bank should contact the incorrect recipient within 1-2 working days. The next step will depend on the cooperation of that recipient.

  • If the incorrect recipient chooses to dispute the mistaken fund transfer, the bank will investigate the situation for 20 working days and notify you of their findings.

  • If your bank is able to retrieve the lost money, problem solved! If not, you will have to decide whether or not to take the matter to court.

  • If your lost funds are below £10,000, you can choose to take the matter up in small claims court. If it is more than that, you will need to get legal help before you take any more steps.

Again, if you have sent money to the wrong account, make sure you take the matter up with your bank as soon as possible. It is considerably more difficult to get you money back if the incorrect recipient has already spent it!

There are also times when you are not at fault. If the money transferred to the wrong account number was the fault of your bank, you have a much better chance of getting it back. Even if the bank is not able to get it from the incorrect recipient, they will be obliged to refund you for your loss anyway.

How to Avoid Such Problems From Happening?

There is no need to worry about the above steps if you can avoid having trouble in the first place. If you have already sent money to the wrong account, then you have no choice. However, for those of you that have yet to make this mistake, take a look at the tips below to reduce the chances of it ever happening!

  • Send your money is small lots - You can send a small portion first and then confirm if it arrives with the correct recipient. When you've made sure that it ended up with the right person, you can send the rest.

  • Ask the recipient for the details twice - It is equally possible that your recipient has made a mistake in the information they gave you. Make sure you ask them to check their own information and send it to you twice. This will fully minimize the risk of an error.

  • Double-check and triple-check your information - Errors in the account number are easily avoided if you look through it digit by digit. You should also check the rest of the information just to be safe.

The Note

When you have sent money to the wrong account, alert your bank at once and follow the steps to have the best shot at retrieving your lost funds without incident. If you wait too long, your chances at getting it back will shrink.

Make sure you take the necessary steps to minimize the chances of making an error when sending money. There's no sense in fixing a problem than can be prevented in the first place!