According to regulations, banks are only allowed to refund money to the person who transferred the wrong amount or freeze the mistakenly transferred amount.
Therefore, as soon as the customer discovers that they have sent the wrong amount of money, they must report it to the bank. Then wait for the bank to resolve it with the recipient. Only when the bank has worked with both parties and confirmed the correct amount of money transferred can the money be refunded to the sender.
When transferring money by mistake, customers must report and complete necessary procedures with the bank. (Illustration photo).
In addition, if the bank receives documents from the competent authority, it can also freeze the account. Therefore, if the recipient does not return the money, the sender should report to the police for assistance.
A bank leader explained to VTC News: In case a customer transfers money by mistake, the bank cannot arbitrarily refund based on the request of the sender. Because this will make it possible for many people to take advantage of this to commit fraud in commerce. For example, if the buyer takes a photo of the money transfer to the seller and the goods are sent, but then asks the bank to refund the money because of the mistake, it will cause damage to the seller.
In case the customer makes a mistake when making a transaction at the counter, the bank can stop the transfer order before the money reaches the recipient's account.
However, with online money transfers, refunds can only be made when the bank determines that the money is an error based on the consent of both the sender and the recipient. If the recipient cannot be contacted or the recipient does not agree to refund the money, the bank cannot arbitrarily block or refund the money to the sender.
Current regulations also clearly state that banks will only freeze part or all of an account when there is a document from a competent authority. Therefore, if the recipient is still unable to be contacted or does not voluntarily return the money, the sender must file a civil lawsuit or report to the police for assistance. Upon receiving notice from the police, the bank will then freeze the mistakenly transferred amount.
The process of filing a lawsuit or police investigation may take time, but the person who mistakenly transferred the money will get it back. The recipient who deliberately refuses to return the money may be prosecuted for criminal misappropriation of property.
Therefore, while online transactions are increasingly fast and convenient, they also come with risks. Experts recommend that account holders should check carefully before making payments or transferring money.
With fast money transfer, right after entering the bank and account number, the recipient's name will be displayed automatically. Banks recommend that the sender should double-check the name and account number, especially to avoid mistakes.
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