Transferred money to the wrong bank account? To make matters worse the person has refused to be contacted or return the money.
Stay calm, your money isn’t gone, and you can and will get it back.
One could also be in a position where money has been stolen or illy gotten from you i.e coerced to make a transfer. Relax, with this guide, getting your money back is assured.
Various Ways to Get Your Money Back
Get to Your Bank
First off, try mailing or reaching the customer care of your bank issuing the transfer but we both know they’d never attend to you in time. As such, it’s better to get to the closest branch of your bank as quickly as possible.
The sooner you get there, the higher your chances of resolving this quickly. Kindly fill out the wrong transfer form thus providing all the info required by the ban to follow through on your case.
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What Happens After Informing Your Bank of the Wrong Transfer
Intra and Inter Transfers
If it was an intra-transfer (your wrong transfer went through to a bank account using the same banking service as yours) then reversal would be done easily. However, if it was Inter Transfer (A different banking service), it can quickly become very complicated.
The bank will then proceed to contact the recipient of the issue and ask for his or her permission to issue a reversal. The person now has to authorize it.
In the case that the person refuses to authorize it and it was an intra-bank transfer, the bank can always handle that. Where it becomes difficult is if it’s an interbank transfer and that brings us to our next sub-topic.
Go to the Receiving Banking Service
Now this part of this guide is necessary when it’s an inter-bank transfer. 70%-80% of the time your bank contacting the second party bank about the issue won’t always end in your favor.
This might be as a result of un-cooperation from the receiver’s end or sluggishness from the second-party banking service.
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This is what you need to do to get results immediately;
- Write out the Full Name and account number of the person.
- Find the notification of the wrong transaction.
- Locate the transaction ID and write it down also.
- Head to any branch of the person’s bank.
- Proceed to the “Fraud” section of the bank’s customer service department and inform them.
- Also, mail the receiver’s bank about the issue.
- To get faster results, email anticorruptionunit@cbn.gov.ng and contactcbn@cbn.gov.ng also. Make sure to include the details of the transaction you’ve written down in the email.
What Happens When You do This
The receiving account of the wrong transfer will be placed on temporary hold and the BVN of the account will be blocked permanently. This means the person will be unable to do any transaction on any of his or her accounts until the issue is resolved.
Furthermore, the person will be unable to open any new account or do any banking transaction of any kind until the person visits his or her bank to resolve the issue. Once the person does so, the Banking personnel of that bank will then coerce such person to sign a waiver agreeing to the reversal of your wrongly done transfer through the police or security personnel thus refunding your money.