Transfer of funds to a wrong account. Any remedy?

[King Belieal]

Someone just made a mistake and transferred some huge sum of money to a wrong account. The person is devastated because that was his business capital. Is there any remedy to get back the money from the wrong account?

 

[Suba]

The best way if someone makes a mistake transferring a large amount of money is to go to the bank where they created the account and meet customer service, the bank will conduct a search and contact the recipient to immediately return the wrongly transferred money, if the person does not return or use the money then they will be subject to criminal law (in my country etc.),

 

[Kross]

I might not really know how it works. But it is not really a straightforward thing in my country. It all depends on the discretion of the person that has the wrong account.

The best way if someone makes a mistake transferring a large amount of money is to go to the bank where they created the account and meet customer service, the bank will conduct a search and contact the recipient to immediately return the wrongly transferred money, if the person does not return or use the money then they will be subject to criminal law (in my country etc.),

 

[Suba]

I might not really know how it works. But it is not really a straightforward thing in my country. It all depends on the discretion of the person that has the wrong account.

Country rules vary. In my country, many people have been convicted for receiving mistakenly transferred money and immediately using it to pay for all their needs. They were unable to return the money and ended up in prison.

 

[Starmix]

That account holder must go to the bank so the money will be processed back to his account. It is crucial if the money was already spent by the wrong owner.

 

[Springtime]

The sender should immediately contact the bank about the mistake and request the bank to contact the recipient to refund the money.

 

[Suba]

The sender should immediately contact the bank about the mistake and request the bank to contact the recipient to refund the money.

Are there any rules or sanctions in your country if the recipient of a wrong transfer does not return the money to the sender, or even uses the money for shopping.

 

[eLdavis]

This should not really be much of an issue, but in Nigeria? It's a different story. The whole process might be stressful.

 

[magnus2022]

This should not really be much of an issue, but in Nigeria? It's a different story. The whole process might be stressful.

He may spend more than the money he mistakenly transferred to recover it. Nigeria is a very funny place to exist

 

[Springtime]

Are there any rules or sanctions in your country if the recipient of a wrong transfer does not return the money to the sender, or even uses the money for shopping.

It may involve a lot of procedures to proof that the money was wrongly sent because the recipient may say that the sender regrets sending the money for some reasons. Once the money was sent, the money belongs to the recipient.

 

[Suba]

It may involve a lot of procedures to proof that the money was wrongly sent because the recipient may say that the sender regrets sending the money for some reasons. Once the money was sent, the money belongs to the recipient.

So in your country there are no legal regulations regarding money transfer errors, the recipient is lucky if the transfer is wrong because the money can be his, so when sending money we have to double check to avoid mistakes, especially for new account numbers and the destination bank.