Have you ever made a bank transfer and immediately wished to reverse the transaction? This 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.
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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).
Before contacting the bank by either of these means, make sure to have all details written out: your account name and number, recipient’s account name and number, amount involved, date and time of transaction, and the reason you want to recall the funds.
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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.
As soon as this is done, your bank immediately gets the recipient’s 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.
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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.
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.
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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.
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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.
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.
Nigeria can’t do it because both banker are fraudster
In a country where almost nothing works. I doubt this is effective. But thanks for the tips all the same
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
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.
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.
Pls what kind of court order did you get, my bank is telling me zenith told them the court order I got was a bankers order but they need an explicit court order to reverse the payment. Pls how do I get this or is that statement valid at all
Thank you for this insight
A situation whereby money was mistakenly sent to someone whose account is domant for years and he is Dead.
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
Someone scammed me of 3k, little but very painful. Pls wat do I do to get the refund
I want to pos to make withdraw, I transferred 3900 and got debit alert but couldn’t get the cash on the ground they did not receive the money this happened on 22/10/2020
Someone scam me this morning and use one of my friends facebook account in order to introduce online business and I sent him #2050 into his account, this is account309599 is your Facebook password reset code number :0593084626 GTb name :olaoye
Am have the same issues now I just payied 50 thousand Naira to somebody’s account by name moses ese in excess bank pls what will I do
Am waiting for your reply
I was scammed to transfer 30k to Access bank on the 23/10/2020. what can I do to be refund
I have been scammed 60k , please help me reverse it back
my account was place on restriction for a month now, the bank told me it was a court order.pls can someone just tell me what and what to do to exonerate myself from this mess
I was scanned 115000 on 18 November 2020 I reported to the bank and was asked to bring police report and court order. My question now is will I still get my money after all these processes
Hi, please last week I was scammed of #20,000 is it possible for me to get back my money? What is the process like?
Hello..am having similar issue, I sent money to a wrong account called my bank immediately but I was asked to get a court order and take it to the person’s bank..I hope it works
I transfer 5198 to jumia acct bt then dere later sent me text like unsuccessful payment pls can u reverse it 4 me?
Made transfer to a wrong kuda account how can I report his acc till he refund me cause he blocked me when I asked him to refund me back my money
My own case is different from other am Pos agent and someone come do deposit of #94500 which I send it to the account I was given and the customer take his leave but later I now noticed that all the money is Fake when I went to bank they told me he have already withdraw the money out pls what I do to get the money back
My own case is different someone come do deposit of #94000 from me which I sent it to the account I was given and the customer take his leave but later I now noticed that the all money is Fake when I went to his bank they told me that he have already withdraw the money pls what’s the next action
I was duped into sending 35k into an account, is it possible for me to reclaim this money back?
Someone use my phone without knowing to transfer money to someone
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My own issue is very heartbreaking, I’m a pos agent a customer came to withdraw #101,000 from me not by card the customer transfer into my account and I gave the customer the exact amount transfer to me.
Now my bank block the money in my account a week after saying the the bank of the sender claimed that the money was erroneously sent into my account which was not true.
The customer who came to withdraw this money told me he was sent to buy something in the market and the money he hold was not enough to buy all he budgeted to buy that his brother was at a POS Business center somewhere at his home to transfer the money for him to withdraw of which I decide to give out my Gtb account to receive the money and immediately the money enter my account I give out cash of the exact amount sent to me #101,000 to this customer.
Now my bank block the money in my account. I’ve been to GTb to explain myself about the transaction but yet nothing has been done I was told they are going to get back to me.
Please help me how do I get my money released back Into my account.
Nigeria can’t do it because both banker are fraudster ,
In this country, one has to be very careful about such mistakes, because it’ll take a long time to be resolved.
i mistakenly sent money a
to an account without name what will i do
Access is the worst bank that have problems i sub from bank i didn’t see the credit/card
I send money and the money is not drop yet
hmmmm
reading all the comments, I doubt if any foreigner will want to come to a country like Nigeria
I am really thinking the same.
After reading these comments, I am even worried about using these Agent banking.
What led me to this place was that I transferred money to the target’s dormant account The account was not used for more than 6yrs. I was trying to see if there is a way to avoid having the person reactivate the account
my friend is a pos agent,someone came to withdraw 10,000 and she mistakenly transfered 1,000 to her account instead of 10,000,and she gave the person 10,000. Pls how can she get it the remaining 9000 back,the person has gone and she did not know the person… Its been 2 days now
the endpoint
banks are stealing from Nigerians
In late 2020 I really wanted to increase my stocks investment, so I decided to invest some money in bitcoin. I got scammed with my money which was about 124,000 Euros.
Am sure everyone out there has had their own share of online scams experience, most of us who have been ripped off are usually either desperate in looking for help or skeptical about how to go about it. Just as much as there are fake firms and individuals online posing as recovery experts there are few reliable, discreet, and trustworthy ones as well.
Fortunately for me I can testify with full confidence that every penny I lost was recovered by the money-back team Lallroyal .org) and I also have a network of other victims who I’ve referred and they have success stories as well While some people might be skeptical, few others have dared to be courageous and they’ve had every reason to be thankful, no regrets. Don’t die in shame and self-pity, speak out and have your problem solved, nobody is above mistakes.
I wrongly transferred a money since June 12 till date, I won’t to ask how long does it take to recover my money…… please I want to know
I went to pos to make transfer,then I mistakenly sent money to one strange zenith bank account of which I couldn’t recall the account number again…
Good Afternoon,pls concernig the court order ,how can i go through it
It just happened to me today i wrongly transferred money to someone account Tru ATM machine .the ATM machine didn’t show the person name .and I transferred 70.000 thousand to wrong account ..but not the same bank ..can a bank reverse the money bank to my account?
I transfer money to a wrong person