It's easy to make an error while converting online. If you accidentally typed too many zeros after the amount, got the name wrong, or forgot to put a comma. As a result, you transfer too much money or send it to the wrong person. How do you solve that? Can you cancel this transfer yourself? What about direct debits? “With direct debit, you don't have endless time to ask for your money back,” explains Isabelle Marchand of Viblevin Banking.
Although paper transfers at the bank counter certainly still exist, digital transfers are becoming increasingly popular. This of course puts more pressure on you as a customer: you are responsible for the correct conversion. This sometimes goes wrong. Below you can read what actions you must take according to Febelfin.
Incorrect account number or name
Did you type a different name or wrong number in the recipient's IBAN? This usually isn't a problem: your banking app automatically verifies this information. You will receive an error message if the recipient name does not match the account number.
You paid a lot for someone you know
It's very simple here: contact the recipient of the transfer yourself. It is often faster to arrange this yourself. The recipient is legally obligated to refund the excess amount. “But always check your transfer before confirming it,” advises Isabelle Marchand, spokeswoman for Viblevin.
If the beneficiary does not want a refund, the beneficiary's bank can provide your bank with the recipient's contact information
You have transferred a very large sum of money to someone you do not know
In online stores, you can regularly choose “Pay later” via bank transfer. You usually do not know the recipients personally: contacting them is often difficult. “If you have received an incorrect transfer, please contact your bank. They will attempt to reach the beneficiary through their bank,” says Marchand.
In the worst case, you will have to deal with the recipient who refuses to refund the excess amount. “If the beneficiary does not want a refund, their bank can provide the necessary contact details to your bank. This way you can then take legal action yourself.”
Can you correct incorrect transmission yourself?
“You can't cancel the transfer. It's irrevocable once you initiate it,” says Marchand, so it's best to contact your bank anyway. They can help you get the incorrect beneficiary's details from their bank.
Can errors occur with direct debit?
With direct debit, payment is out of your hands. The company automatically deducts the amount from your account. Could something go wrong there? “With direct debit, the creditor determines the amount,” Marchand continues. In theory, as a debtor you cannot enter the wrong amount.
“The creditor must notify you before charging that the amount will be taken from your account. This gives you the opportunity to contact us before making the deposit. If a very large amount has been debited from your account, please contact the company in question.
But beware: with direct debit, you don't have an endless amount of time to request your money back. “Does the amount not correspond to what was previously reported? With direct debit, you as a customer have eight weeks to get your money back. In the case of a void mandate, it is up to thirteen months.”
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