How to get money back when transferring to the wrong account within the same bank
In the case of transferring money to the wrong account within the same bank, the sender can retrieve the money by following these steps:
Step 1: Go to the bank’s branch and request assistance from the staff.
Step 2: Provide relevant information including ID card/passport, transaction proof of the mistaken transfer.
Step 3: The bank staff will verify the information and contact the account holder who received the money to request a refund. There are two possible scenarios:
– If the recipient hasn’t used the transferred amount: The bank will freeze the recipient’s account and return the money to the sender.
– If the recipient has already used the money: The bank will issue a formal request and specify a maximum time frame for the recipient to refund the money. If the recipient fails to refund within the specified time, the bank will notify the sender to take legal action according to the relevant laws.
Users need to visit the bank branch and provide evidence of the mistaken transfer to retrieve the money
How to get money back when transferring to a different bank account
In the case of transferring money to a different bank account, the process of retrieving the money is similar to the previous section. The sender needs to visit the branch of the bank where the account is held and provide relevant documents. The bank staff will contact the receiving bank and the account holder to assist in retrieving the money. However, the processing time will be longer compared to transferring within the same bank.
How long does it take to retrieve money transferred to the wrong account?
The time required to retrieve money transferred to the wrong account depends on various factors, especially the communication process with the recipient. If the recipient is cooperative, the refund process can be expedited, typically taking 3-7 working days. The maximum time frame for retrieving the money is 10-15 working days. If the refund is not received within this period, the sender can proceed with legal action, which may take several weeks to months to resolve.
The process of transferring to a different bank account takes more time
Legal regulations regarding transferring money to the wrong account
The legal regulations related to transferring money to the wrong account for the parties involved are as follows:
– Article 579 of the Civil Law 2015 stipulates that an individual who possesses someone else’s property without legal basis must return that property to the rightful owner. If the rightful owner cannot be found, the individual must hand it over to the competent state authority for handling (except in cases specified in Article 236 of the Civil Law 2015).
– Clause 3, Article 10 of the Law on Credit Institutions 2010 stipulates that credit institutions are responsible for protecting customers’ rights by refusing to investigate, freeze, or transfer customers’ deposits, unless requested by the competent state authority in accordance with the law or with the customer’s consent.
– Point a, Clause 1; points c, d, Clause 2 of Circular 23/2014/TT-NHNN stipulate that the account holder has the right to use the money in the account to conduct legal transactions and has the obligation to notify the payment service provider when detecting any confusion in the account. Additionally, the account holder must cooperate in refunding the mistakenly transferred amount into their account.
Based on the above regulations, the recipient has the obligation to refund the money transferred to their account. If the recipient refuses to cooperate and uses the money, the sender has the right to file a complaint according to the regulations. The penalty for using a mistakenly transferred amount below 10 million VND is an administrative fine of 3-5 million VND. If the amount is over 10 million VND, the user can be prosecuted for the crime of “unlawful possession of property”.
