Now-a-days usage of fund transfer through internet banking has increased to a large extent. It is the electronic transfer of money from one bank account to another through your computer. It has become very common as it is very fast and convenient way of instant transfer of money and you need not go to the bank and stand in a big queue. There are different modes which can be used to transfer the funds such as IMPS (Immediate Payment Service), NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), etc.
While Online Fund Transfer gives you convenience, you may get into a very big trouble, if you make a very small mistake while transferring the funds such as mentioning wrong account number, wrong IFSC, wrong bank name, wrong amount, etc.
It should be made very clear that it is the full responsibility of the remitter i.e. the person who is transferring the funds to mention correct details of payee's account. Banks have no responsibility, if something goes wrong. Further, the fund transfer is carried out on the basis of the payee's account number only and his/ her name has very less relevance. Banks have no guidelines to match payee's name and account number.
Further, Banks act as the facilitator only and hence they are not authorised to reverse any fund transfer transaction on their own, even if the remitter has made any mistake by entering wrong details of the beneficiary and is informing & requesting his/ her banker to reverse the transaction. For reversing any transaction, banks need approval from the beneficiary in whose account the amount has been transferred by mistake.
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Please note that funds will get back to your bank account automatically, if the bank account number you wrongly mentioned does not exists but in case, it does not happen, you need to take immediate action.
You need to follow below mentioned carefully, if you have transferred funds to a wrong bank account and want to correct it:
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In case, the beneficiary refuses to reversal of the transaction and does not agree to return the money, you can file a legal suite against him/ her.
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