Making a money transfer? STOP! Know this online banking tip first

This online banking tip is something that everyone who does money transfers through netbanking should know.

Have you made payment to the wrong bank account number? Know how to get your money back. (Bloomberg)

This online banking tip will make your life easy, even if you get into big trouble! Netbanking has overcome the need to stand in queues in banks and visiting the branch for almost everything. Netbanking has in fact, turned the whole money transfer process into just three to four steps on your device. The same applies to opening a new bank account too. Digital wallets such as Paytm, Google Pay, BHIM, UPI have made transferring money in small amounts easier too. You can now send money to other bank accounts without providing additional information such as the IFSC code, name, branch name, and more. Everything is in your hands now! However, netbanking has its drawbacks, especially for those who may get careless!

You can transfer money with a few clicks via online banking anywhere and making a mistake is easy too. Mistakes can be made while typing the bank account number, which leads to the money being sent to the wrong beneficiary. Does that mean you have lost your money forever? Luckily, no! You can still get your money back. .

However, here is when things can get tricky. Without the help of the wrong beneficiary, it is almost impossible to get the money back as once the amount is transferred, it won't be refunded automatically unless you reach out to the person who received the amount and request a refund. Hence, it is advisable to check the phone number or account number twice while making the payment.

How to get money back if you transferred to the wrong account?

Step 1: If the beneficiary information required for money transfer such as MMID or mobile number is incorrect, the transaction is likely to be rejected automatically.

Step 2: However, if you made the wrong payment and money is deducted, call your bank's customer service number and advise them that you sent money to the wrong beneficiary account. Note down the date and time of the transaction, as well as your account number and the account to which the money was mistakenly sent.

Step 3: Visit your bank branch and write an application mentioning the details about the wrong transfer. Do attach the screenshot of the payment too.

Step 4: The bank will serve as a facilitator, providing you with information on the bank and branch where the funds were transferred. If the accounts are in the same bank, you can check with the receiver and request a refund.

Step 5: In case the bank branch is different, it will be a good choice to visit the branch of the recipient too and write similar applications and screenshot printouts. This can help the bank to call the beneficiary and to request to transfer the money back.