Incorrect bank transfer? It’s easier to get a refund now
Have you made a transfer to the wrong account? Until recently, such a mistake could have cost you a lot. After the implementation of the EU directive on payment services in 2011, transfers were carried out on the basis of the account number itself. Therefore, the banks were not required to verify whether the personal details of the transfer recipient entered by us match the given account number. Let us remind you that it has as many as 28 digits, so it was not difficult to make a mistake. Therefore, if there was a mistake and we authorized the transfer to the wrong account, the bank did not bear any responsibility for the incorrect transfer and refund to the sender. What’s more, the bank’s consultants were not required to help distracted customers, and banking secrecy prevented them from obtaining personal data of the person whom we mistakenly transferred money to. So what could we do?
If the recipient of the transfer did not return the money and we did not know his data, it was not possible to bring the case in court. The only thing we could do was report to the police suspected crime of misappropriation under Art. 284 KK 1. This gave the opportunity to determine the transfer recipient’s data and refer the case to court. Only clients of some banks could submit to the institution the instruction “Help in recovering money” (its cost is PLN 100-150), which was a type of complaint to the bank. After receiving the letter, the sender’s bank contacted the bank of the transfer’s recipient, and the bank informed the recipient about the consequences of breaking the art. 405 CC about unjust enrichment 2 and informed about the need for a refund. The bank could not and did not have to do more.
How to recover money from a transfer to the wrong person in 2019?
In April 2018, an amendment to the Act was signed to facilitate the recovery of money from a transfer made to the wrong account. Now, when we make a transfer to the wrong account number, we can notify the bank and within 3 days inform the recipient of the transfer of the obligation to return the money within the next 30 business days. The proposed procedure will have several stages:
- Customer reporting an incorrect transfer to the appropriate financial institution (Bank or Credit Unions).
- The account operator has 3 days to inform the recipient about the error and the consequences of not having a refund.
- The person who received the mistaken transfer has 30 days to return the transferred funds.
- The refund can be made to a special technical account. Interestingly, the returning person is guaranteed full anonymity. The refund takes place within 1 business day.
- In a situation in which the money will not be returned within 30 days, the bank or SKOK transfers the money from its own financial resources.
It is worth noting that the recipient of the erroneous transfer will not bear any costs associated with the return of money. A customer who made a mistake may be charged. If the recipient of the transfer does not want to return the money, the bank has the right to disclose his personal data, which will allow us to report the case to court.
When will we receive a refund of the transfer?
Within 30 business days of receiving notification from the bank, the recipient of the incorrect transfer is required to return the money to the sender. Return transfer is made to a technical account created especially for this purpose.
The money from the technical account will be transferred to our personal account within one business day. Importantly, the bank will not charge any fees for the refund.
Can I cancel a transfer to the wrong account?
Can I withdraw an online transfer? By all means, but only under certain conditions. As we mentioned earlier, it will not be possible to automatically recover funds after making the transfer to the wrong person’s account. However, if we react quickly enough, you will be able to cancel the incorrect transfer. Transfer orders are booked according to the time of the Elixir session. In many banks, we can freely modify pending transactions.
How to cancel a bank transfer in 3 ways:
- In many institutions, canceling transactions is already possible from online banking. Just go to the “pending transfers” tab and click “cancel transfer” and the money will be returned to our account.
- If we do not see pending transfers, it is worth contacting a bank employee as soon as possible who will cancel the transfer for us. Just one phone call to the bank’s hotline.
- The third way to cancel a transfer is to go to a bank branch and employees on the spot will withdraw the transaction.
The procedure for canceling a transfer may vary slightly, depending on the bank. How much does it cost to cancel a transfer? The cost of the service can be found in the fee table of our bank. Some institutions allow you to use this option for free. Withdrawing a transfer will no longer be possible after it has been posted. Then you will need an official complaint to the bank, which we mentioned earlier.
Incorrect transfer between your own accounts
A fairly common phenomenon is a mistake in transfers between bills belonging to the same payer. Transfers within the same bank are not supported by the ELIXIR system, only online. That is why money is booked immediately.
You intended to transfer cash to a savings account, but by mistake it went to your currency account. If you want to get your money back, you will have to pay the currency conversion costs twice and pay the transaction fee. In the case of this type of mistakes, banks are quite reluctant to accept complaints. It all depends on the good will of the consultants.
Bank transfer to a non-existent or inactive account – what to do?
A bank transfer to a non-existent account should probably not happen. The online banking system should detect the error already at the stage of entering the account number and attempting to finalize the transfer. However, if a transfer occurs, the bank will automatically withdraw it at the next Elixir session.
The money should be returned to the sender within 1 to 4 business days. If this does not happen, we must submit a complaint to the bank. A similar procedure will be carried out in the case of a transfer to an already inactive (closed) account.
Chargeback – recover money from credit card
A slightly different way to recover money is chargeback, i.e. a card payment complaint. This service allows the reimbursement of payments for payments made with a Visa or MasterCard payment card and cash withdrawals at ATMs and bank branches. We can use chargeback if we have not received the product or service purchased online; our card was charged twice for the same transaction; the ATM paid us only part of the money, when the account was debited with the full amount etc.
Depending on the reason for the complaint, the deadline for submission may be 45, 60, 90, 120 and 540 days from the date of the transaction. If the application proves to be justified, the customer will receive a refund within several dozen days. Chargeback does not include cash deposit machines and will not be helpful with incorrect bank transfers.
Error in loan installment transfer – how to proceed?
Loan companies that operate on the internet usually have several deposit accounts. Regardless of which account the money is transferred to, the debt will be canceled. In the case of an installment loan, it is worth ordering a permanent transfer. Firstly, thanks to this solution, mistakes will be avoided and the installment will be paid on time.