The answer is yes it can be recovered if the customer follows the instructions correctly.
Because, according to the law, transferring money to the wrong account must be returned in order. If you arbitrarily use the money when someone else mistakenly transferred it to your account, you will be administratively fined from 3 to 5 million VND, and in severe cases, you will be imprisoned from 1 to 5 years.
How to get back money transferred to the wrong bank account
This is the case where the recipient mistakenly belongs to the same bank as the sender. The steps are as follows:
Step 1: Go to the nearest bank branch/counter, provide the transaction receipt proving the money transfer to the wrong account and ask the bank staff to help process it.
Step 2: You need to provide your ID card, bank card, documents such as money transfer receipt, transfer time, account number and money transfer content for the bank to check and verify the transaction.
Step 3: The bank will use the information you provide to check and review the transaction. If the information provided is correct, the bank staff will contact the recipient and request a refund of the amount to be transferred.
According to the law, money transferred to the wrong account can be recovered. (Illustration photo).
The bank will notify the account holder of the information that the customer has mistakenly transferred money into the account. Next, the bank can proceed to block the account of the mistakenly transferred account holder and return the money if there is still money in the account.
In case the mistakenly deposited amount has been withdrawn and spent by the account holder, the bank will request the account holder to return it. If the account holder who received the mistakenly deposited amount refuses to return it, the bank will notify the customer to initiate legal proceedings.
If after being locked or frozen, the mistakenly transferred money still exists in the account of the person who transferred the money, the bank will proceed to return the money to the person who transferred it by mistake.
How to get back money transferred to another bank account
When transferring money to the wrong account of another bank, the process is similar. The sender also needs to go to the nearest transaction point of the bank where the account is registered, provide invoices and transfer receipts. Bank staff will contact the bank and the beneficiary of the wrong account on behalf of the customer. However, the waiting time is somewhat longer than contacting a bank in the same system.
How long does it take to get money transferred to the wrong account back?
The time it takes to get back the money transferred by mistake depends on the process of contacting and communicating with the wrong recipient. In cases where money is transferred to the wrong account and the recipient is willing to transfer the money back, the account holder can usually get their money back after 5-7 days. However, there is still a maximum time limit of 10-15 working days.
In case the recipient intentionally does not return the money and is forced to take the matter to court, it may take several weeks to several months to get the money back.
In cases of transferring money to the wrong account number or wrong recipient name, it usually takes up to 7 working days for the bank to verify the transaction and return the money to the account owner.
Note to avoid transferring money to the wrong account
Transferring money to the wrong account causes anxiety and frustration for customers, and the process of contacting to get the money back is not easy. Therefore, to limit this situation from happening, customers need to pay attention to the following when making a money transfer transaction:
When entering the beneficiary account number, you need to enter it accurately and carefully to avoid errors. Before transferring money, you need to check the beneficiary information including: Full name, account number, beneficiary bank name and amount to be transferred.
When you need to transfer a large amount of money, split it into several transactions to limit risks. In addition, you can go directly to the transaction counter for support with money transfer.
Save the beneficiary name on the account after the first successful transaction. Next time, just select from the list without having to re-enter from the beginning.
Choose reputable banks with upgraded application management systems, fully retrieving beneficiary account information with just the account number, this will limit the risks that may occur. At the same time, with large banks, the customer support process when there is a risk of transferring money to the wrong account is also resolved professionally and quickly.
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