Wrong bank transfer


Dear team, 

I have attempted to transfer fund to my account number holding account with icici bank.i have selected an incorrect account number as the number 8 and 0 are side by side, the fund of rs.4001/-have been credited to that account . The account details of fund transferred are given below for your reference. The amount was transferred on 
12 April 2019. I request you to review and reverse the erroneous made transfer. Please let me know if any other information is needed.
I have made a transaction of rs.4001 in my corporate account as 181905000661 with the ifsc code as icic0001819 but by mistake the amount is credited to a wrong account number as 101905000661. The transaction is made through paytm with the utr no. As 910205939231. Kindly solve my problem asap. Also The wrong beneficiary agrees to repay the amount; but the issue is that he has lein balance of rs. 10000,, and the bank has automatically deducted all the balance and refused to repay me my amount.

 
Reply   
 

While transferring funds, we should exercise utmost care as we are putting through the transaction on our own without the intervention of the Bank. Bank only gives technical supports the Customer  for putting through such transaction.

 

Once the amount is credited to an account, it becomes the property of that account holder.  Nobody has the right to appropriate the amount without the express consent of such Customer.  In your case, it so happened bank exercised its general lien and appropriated the amount.  

 

I am of the view that only if, I repeat, only if the Customer to whose account the amount is credited, gives in writing that this amount does not pertain to him, the Bank cannot reverse the entry. Whether the Customer would give such a letter?  

 
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Retired employee.

Treat the money as lost or long delay issue and the loss was around Rs.4,000/-

Contact to the beneficiary (how ?) as you have informed that beneficiary is willing.

Get a letter from him to Bank stating that there are no transactions and the credit is not related, requesting his back to send the amount back to payee.  Let him send such notice in a registered post.

Now collect the copy, a cheque for like amount and demand the bank to repatriate the amount back to send as it is a wrong transaction.

Send a registered notice to Bank enclosing copy of his cheque in your name, his cheque and his letter to bank and also an indemnity letter stating that you will reimburse the bank in case of future objection (enclose cheque in the name of the Bank for like amount, and on back of the cheque that is given in lieu of indemnity for wrong credit.  The banker is safe as he is having a valid cheque of his customer, plus your cheque in case of objections from his audit supported with an indemnity letter from you.

If the bank fails make a complaint to Banking Ombudsman first.

So far your expenditure is just Rs.200/- for this exercise.  Make an attempt first and let the bank state their objection in writing.  Only if the bank refuses in writing, then only you can think of an alternate remedy depending on their objection/refusal.

 
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THe customer is agreed for the concern letter and signed a letter for me to payback my amount, but the issue is that the bank has deducted all amount in lien..so please tell me whats the solution now? is the bank reverse my amount creating the same lein for the customer as it was before my amount crdited or what

 
Reply   
 

THe customer is agreed for the concern letter and signed a letter for me to payback my amount, but the issue is that the bank has deducted all amount in lien..so please tell me whats the solution now? is the bank reverse my amount creating the same lein for the customer as it was before my amount crdited or what

 
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Retired employee.

Lien is exercising their option for the first charge in the account.  This is one version, let the bank spell it's stand in writing.  The amount is still available in the account, and no one can benefit from a mistake.  When you have posted a query, you will receive different replies and whoever replies naturally considers all the pros and cons, and there is nothing wrong in making attempts.  This is the reason an estimate of expenditure for the efforts/attempts were provided.

 
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By any chance you know the Customer to whose account amount was transferred by you?
 
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By any chance you know the Customer to whose account amount was transferred by you?
 
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Yes I have a call with him.. And he has written a concerned letter also for me.. That this amount doesn't belong to him, and requested bank to transfer my amount asap
 
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Retired employee.

Please understand the purpose of Shri KSRPquery.  It is normal for any person with banking knowledge to probe as to whether it is a genuine mistake or conspiracy to benefit the depositor.  His doubt is genuine because it is a rare instance any stranger can know the name of the account holder with a bank, request him for this favour.  The genuine doubt is how that you have established a connection with that depositor who received wrong credit ?

EX: If the transferor and transferee know each other and have any personal and commercial relationship, you might have transferred about the credit unknowingly about the lien, as the depositor has spoken to you of the lien, the doubt is that depositor has to actually receive the funds from you really, but as depositor has informed the lien, both you and depositor are conspiring to get the locked funds back with connivance.

Please do not misunderstand the assumption, as bankers may have such doubts.  If the depositor is stranger to you and if you have effected such transfers misquoting that one wrong digit, you can quote as to when you have sent such remittances to the bank of that number in the past to strengthen your argument.  If in any case in the past you have sent such amounts to the same depositor then banker will certainly come to know of such transfer easily in a minute.

The simple suggestion is to ask their banker not for a refund for transfer to that account with correct account number himself and collect charges if any from you.  During the transaction, Banker will not be refunding the amount but transferring the amount to the correct account himself directly.

 
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