Overpaid or deposited in the wrong account? This is what happens to your incorrectly transferred money | MyGuide

Until a few years ago, we were mainly doing paper transfers. In this case, the amount to be paid and the beneficiary’s account number is usually filled in by default. Today we mainly deal with transfers digitally. This often happens between two other tasks, so that sometimes it goes wrong.

Possible errors are of several types. In the event of an incorrect account number, there is usually no need to be afraid, because the bank will not make the transfer based on the check number of the account. This always happens when you choose the wrong account number from the list of saved beneficiaries. An amount that is too high, where you put too many zeros or forget a comma, is also one of the possible errors. There is also a chance that you and your partner will make the same transfer, paying twice.

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The bad news is that the bank cannot cancel the transfer you made unless the bank itself is at fault. Your bank is obligated to make reasonable efforts to recover the amount. The receiving bank, in turn, is obligated to cooperate with this. If you don’t know the recipient, your bank will ask for the details of the person you transferred the money to from the recipient’s bank. It is possible that your home bank may charge additional costs for this effort. This compensation soon increased to 25 euros. If the recipient’s bank does not provide this information, you may consider taking legal action or consulting the Financial Services Ombudsman, Ombudsfin.

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If you know the recipient, it is a good idea to contact that party directly. In most cases, that person will likely refund that amount to you. Even government agencies and utility companies have standard procedures for this. If the beneficiary refuses the refund, you can also take legal action here. After all, the recipient is legally obligated to repay the incorrectly deposited amount.

Prevention is better than cure, of course. Therefore, always mention the name and address of the beneficiary in the transfer. When confirming, always check that all information is correct. Ideally, you should also write on the invoice or paper payment document when you make the payment. This way it prevents you or a loved one from making the payment twice.

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