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Financial Literacy

How to get your money back after a wrong bank transfer 

Making a wrong transfer can be very troubling, but there’s hope you can get your money back.

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Have you ever made a bank transfer and immediately wished to reverse the transactionThis could be due to crediting a wrong account, being defrauded, or some other reason. Note that this is completely different from a transaction where you are debited but the beneficiary does not receive the fund.  

Earlier in the year, Nairametrics Founder, Ugodre tweeted about sending money to an account number in Bank A (we do not want to name the bank) only for the money to be transferred to another customer with the same identical number in Bank B. 

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This was quite shocking as the CBN operated NUBAN account numbers are meant to be unique to each customer and no two customers can have the same account number. However, following the tweet we now understand some customers do have the same account numbers but different banks. As such, the banking apps can mistakenly populate the wrong beneficiary and bank and if you do not cross-check before transferring, the money could be sent to the wrong beneficiary 

Well, here’s how you can get your money back.  

READ MORE: Meet Aig-Imoukhuede, the lawyer-turned-banker who turned an unranked bank into a tier-1 bank  

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Time is of the essence  

The first thing you must do is reach your bank. How fast you do this largely determines the success of the rest of the process. If you can reach the recipient’s bank immediately, this might also work in your favour.  

Banks now have official e-mail addresses, WhatsApp lines and Phone lines you can immediately call to have issues addressed. Recent surveys have however shown that some banks only send auto-responders to messages, and handle complaints much later. Since time is of the essence here, you might need to resort to calling them or getting to a physical branch (if you can) 

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Before contacting the bank by either of these means, make sure to have all details written out: your account name and number, recipients account name and number, amount involved, date and time of transaction, and the reason you want to recall the funds.  

READ ALSO: Banks push customers towards self service in the “new normal” 

You have to be as explicit as possible in stating the reason for recalling the funds. If you mistakenly transferred into a wrong account, you made a transfer under duress, or you have been defrauded, state it clearly.  

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As soon as this is done, your bank immediately gets the recipients bank to place a hold on the amount cited in the transaction. What this implies is that if the recipient has N30,000 in his account, and the amount under dispute is N10,000, the bank places a hold on N10,000 but allows him to withdraw other funds.  

You need to move as quickly as possible, because the recipient could go on a spending spree upon receiving the alert of an unexpected windfall. However, if the money is already withdrawn, and the account is longer funded to the amount under contention, a hold will be placed on whatever amount is left, pending the resolution.  

Whether the account is funded or not, the recipient gets invited to the bank to resolve the issue. Here, two things could happen. 

READ ALSO: Nine finalists to profer tech solutions to COVID-19 challenge 

The account holder could show up and authorise a reversal of the wrongful credit, as an upstanding citizen. On the other hand, they could choose to abandon the account.   

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Caveats 

Hopefully, with all things being equal, wrongly transferred funds should be reversed within 2 days. However, sometimes it could take longer, even running into months, due to various reasons. 

Now, the bank does not just go ahead to reverse the sum to your account simply because you claim to have been defrauded. If this is were the case, some persons could mischievously try to recall funds used as payment for legitimate services or products.  

In resolving the complaint, the recipient has to verify your claim that the funds don’t belong to them. Like most banks state, consent from the recipient has to be given to reverse the amount in dispute, unless it is an outright fraud case.  

If the recipient insists that it’s a valid transfer and refuses to give consent, the bank could maintain the hold on their account, making it impossible to spend the money. The problem, however, is that your money remains stuck in the account till the day they walk into the bank to authorise the reversal 

In some cases, the bank may advise you to take the case to court and secure an injunction to get back the money, or compel the recipient to show up.  

If it is a case of fraud, you might need to involve relevant law enforcement agencies. Also, the account is then added to the watchlist for subsequent transactions, or completely closed, depending on the gravity of the allegation.  

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Note: Whenever making a transfer, be sure to double-check account name, number and bank to avoid sending the money to someone else with similar details. Also, avoid divulging personal details to fraudsters so that they don’t gain access to your account to carry out unauthorised transfers. 

It is always safer to err on the side of caution. You may not be lucky to get a refund.  

Patricia

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

8 Comments

8 Comments

  1. Mrs. Austin

    June 27, 2020 at 12:02 am

    Since last year June my friend transferred 10k to a,wrong account tI’ll date she has not gotten reversal. She reported to the bank and followed all the procedures given to her, still, the money hasn’t been refunded to her till date.

  2. Shadyyy

    June 27, 2020 at 1:54 am

    In a country where almost nothing works. I doubt this is effective. But thanks for the tips all the same

  3. Ayobami

    June 27, 2020 at 6:54 am

    My wife is also going similar issue for over two weeks at Access Bank. She tried withdrawing at a POS. She was debited but the agent never got the money. She had been to the bank, sent emails, contact via social all to no avail. All she hears is that the issue is being resolved. Just yesterday she was sent an indemnity form that Incase the money is not paid back she would be responsible

    • SABASTINE UZOR

      June 27, 2020 at 3:53 pm

      I am having the problem now. My own case was that I wrongly transfered the sum of 90k since 5th, of February 2020 to a wrong recipient in same Bank (Access Bank).The account numbers are same except the last digits (8 & 9) The transaction was from Fidelity Bank. I followed up immediately through my bankers (Fidelity) till date, I have not gotten any positive response. I had even contacted the CBN from where I was device to resend my complaint through my Bankers and to demand from them to register my complaint with a unique reference number of which I would use to escalate the complaint by forwarding same to CBN if not resolved after 72 hours. So, tactically my bankers(Fidelity) acknowledged my mail after three weeks without any reference in order to prevent my ability to escalate it to CBN.

  4. Paul

    June 27, 2020 at 7:56 pm

    My case was thesame account number but different owners in 2 different banks. I transferred 5,455,000 To the wrong recipient.It took 8 months to get a court order before the money was reversed because the beneficiary refused to write the bank for reversal.

  5. Oren

    June 27, 2020 at 9:13 pm

    Thank you for this insight

  6. Joseph chilaka

    June 28, 2020 at 8:43 am

    A situation whereby money was mistakenly sent to someone whose account is domant for years and he is Dead.

  7. Charlestenor

    June 28, 2020 at 11:38 am

    Since last June access bank is still holding my 5000 after all the calls that I made that have passed the 5000 that I wrongly transfer,I have written a letter sent an email from first bank to access ,but now the reply that am getting is that my 5000 is the last money in the girls account ,till today no reply ,what they are telling me now is to forget it

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Investment Tips

What bad stocks have in common with bitter relationships 

The feeling you get from marrying the wrong partner is similar to that felt after buying the wrong stocks.

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I have always argued that stocks cannot be summarised into one statement for a newbie, until recently when a friend told me that it could.  

“Simply put, buying stocks can be likened to relationships, he said.  

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did not immediately agreebut over the next few minutes, he explained to me what he meant, and drew several analogies to back his claims.  

While he is no expert, I understand that he has drawn his conclusion from his experience buying stocks for himself over the past 5 years, so I took his points seriously. These points have been summarised in this article. 

READ MORE: Cocoa prices melt lower as COVID-19 weakens demand 

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When it crashes, there is no telling how far it can go  

My friend mentioned of some company’s stock he bought in 2016 in the hope of selling short-term. At the time he bought, there was a dip and he expected things to pick up within some months so he could sell-off.  

Two years later, the stock price had plummeted 50% down from the price at which he bought. Without saying, he became a long-term investor because he was not ready to sell off at a loss.  

 

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How does this liken to being in a bad relationship?

As the value plummets, you keep hoping it will rise again and then before you know it you are stuck for the long haul. Same thing can happen with a wrong partner. You remain there hoping things will be better but it gets worse. 

It could happen sometimes that a company’s stock market price comes crashing and it never goes back to where it was againThe factors which triggered its fall, may not even be able to return it to its starting price.  

 

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The stock price is not indicative of the company’s profitability 

For some reason, there are company stocks market prices that remain low year after year despite the billions declared in profits, and the dividends paid out to shareholders.  

Sometimes, the stock market price could still slump even when the company has positive records in its financials. Market experts are not always able to explain this, but it remains true. Some of the most profitable stocks are undervalued.  

 

You can never take stocks at face value

That a stock has been on an upward trend in the last few months does not mean it will remain so. One must always consider several other factors before purchasing a stock.  

While it is important to look at past performance, there are other things that could point to the likely future of such stocks. 

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Say, for instance, the company has just announced a new board chairman who was implicated in some fraud cases in the past. It doesn’t matter how well the stocks have performed in the last 365 days, or the chairman’s competence, the stock prices are most likely to slump due to loss of investor confidence.  

There was a recent case where the CEO of an internet service provider company was alleged to have been involved in sexual harassment, and was eventually pressured by shareholders to resign. The pressure came not necessarily because they thought he was guilty, but because of the implications on the company.  

You have to probe to discover the real qualities.  

 

The most expensive stocks are not necessarily the best. 

If you ever heard a stock described as under-priced or over-valued, then you should understand that the price you pay is not necessarily suggestive of the value.  

Some great stocks, with good potentials, high liquidity, good company profile and adherence to corporate governance ethics, are not as expensive as they should be. While some other stocks are ridiculously overpriced, even when they do not have as much promise. Some of these overpriced stocks could still be basking in past glory or just positive media hype.  

This explains why investors must conduct due diligence before putting in their hard-earned money. Sometimes the media hype around a company’s stock might not be giving you all the information you need to make a decision, so you necessarily have to go the extra mile.  

Subscribe to newsletters from financial news websites if you need to, take courses if you have to, but ensure to learn all you can.  

Remember price is what you pay for the stock, but value is what it is really worth, and there is no law stating that one must justify the other.  

READ MORE: Global stocks records astronomical gains in Q2 2020

When you get the wrong stocks, you get stuck! 

You know that feeling when you are sure that you have made the wrong choice, but also know that there is no way out? That’s the feeling you get when you marry the wrong partner, as my friend said. And that’s the same feeling you get when you get the wrong stocks.  

You simply get stuck.  

No returns. No dividends. Probably, no way to sell either because no one else is interested in buying from you. And if you do succeed in selling off at this point, you would most likely be doing so at a loss.  

If you study trends in the stock market, you will see some dormant stocks that have remained stagnant for long periods of time. No rise in share price, no fall in share price, and no share is being traded either.  

READ ALSO: Best time to make money trading BTCs

It is not a nice position to be in, and that is why you want to be sure of the company, its management, and board members who take the decisions before you decide to buy or not, even more so when you are a long-term investor.  

And even then, with the wrong stocks, you could suddenly find that your proposed short term investment of 6 months will run into years because you keep waiting for things to pick up before you sell.  

Patricia
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MSME

130 farmers to receive seed funding of N100,000 each

The target of the programme is to adopt farmers in 774 LGAs across the country.

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The National Information Technology Development Agency has kick-started a job and wealth creation programme where 130 farmers will each receiv, e seed funding of N100,000Border Closure: Nigerian rice farmers are struggling to feed a rice-hungry nation. CBN to give Niger Delta rice farmers single-digit loan 

The National Information Technology Development Agency has kick-started a job and wealth creation programme where 130 farmers will each receive seed funding of N100,000. The programme will be supervised by the Federal Ministry of Communication and Digital Economy.

According to a statement from the agency, the National Adopted Village for Smart Agriculture (NAVSA) programme is in line with the government’s drive to lift 100 million Nigerians out of poverty, and it will start with 130 farmers in Jigawa state.

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The target of the programme is to adopt farmers in 774 LGAs across the country, open the platform to all agriculture ecosystem players with access to information, facilitate and improve productivity, reduce the cost of production, and facilitate access to local and international markets.

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READ MORE: President Buhari directs Ministries of Power, Finance, BPE to seal Siemens deal

With all of this in place, it is expected that the farmers will be able to build sustainable business models and digital business opportunities that will create not less than 6 million well-paying jobs in the next 10 years.

“NAVSA Platform is aimed at digitalising agriculture to drive Digital Economy, as part of President Buhari’s agenda to leverage on technology and innovation to revolutionise the agriculture value chain,” the statement read.

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Among other things, the farmers will be empowered with a digital platform, smart devices (tablets), connectivity for data and calls, Digital agripreneurship skills, and enrolment with telecom operators and the National Identity Management Commission (NIMC) for identification.

All of these will be given to them at the end of the programme, which will last from July 1 to July 13, 2020.

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Patricia
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MSME

Business owners will now get CAC certificate with TIN

This will also allow them to easily request loans and credit facilities from financial institutions.

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PwC's MSME Survey 2020

As part of the Ease Of Doing Business Initiative, the Corporate Affairs Commission (CAC) will now work with the Federal Inland Revenue Service (FIRS) to issue Tax Identification Numbers (TIN) along with the Certificate of Incorporation.

This will save companies and small business owners the troubles of applying separately to the FIRS for their Tax Identification Numbers.

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This was contained in a statement signed by the Corporate Affairs Commission (CAC) on Monday, June 29, and seen by Nairametrics.

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The statement reads in part “Certificates of Incorporation of companies registered under part A of the CAMA will henceforth carry Tax Identification Numbers (TIN) issued by the FIRS”.

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With this development, companies and business owners can now proceed to open a corporate account upon receiving their Certificate of Incorporation, rather than waiting another week or more for the issuance of Tax Identification Numbers.

READ MORE: How FG plans to support Women-owned MSMEs to recover from the pandemic

This also allows them to easily request loans and credit facilities from financial institutions and dispenses the need to visit the FIRS office.

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For the revenue collection agency, the development is set to improve the accuracy of its database of registered businesses operating in the country and can aid it to widen its revenue net.

 

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Patricia
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