What To do If You Transferred Money to The Wrong Account in Nigeria

Tips on Recovering Money After Sending to Wrong Bank Account in Nigeria

Sending money to your wrong account in Nigeria is much of a stress over the country, when so many people struggle day by day to make ends and losing your hard-earned cash because of unintentional miss may really hit you hard. But don’t lose hope. Most times or all the time after everything, there are ways just right few attempts to get back your money.

This guide is going to show what to do, what laws will apply, and what tricks might help you recover your cash if you send it to the wrong account in this country.

How This Happens:

Before we talk about how these errors can be fixed, let’s see what prevents these errors in the first place. Here are some common ones:

* Typos: It’s done when you make mistakes typing account numbers, if you’re in a hurry or using your phone.

* Wrong Info: Using incorrect or outdated account details someone else gave to you.

* Similar Numbers: Account numbers that look alike confuse one into sending money to the wrong numbers.

* Scam: Sometimes the ‘wrong’ account could just be a fake one intentionally given by a fraudster.

* Computer Glitches: Very rare instances of the bank computer systems having glitches and therefore lead to wrong send.

What to Do Immediately: Your Very First Steps

Time is of the essence. You have to be quick to improve odds of getting it back. Do these immediately:

* Keep a record of everything:

* Snap pictures of the transaction receipt or alert.

* Write down just when the transaction happened and how much it was for.

* Make a note of the receiver’s account number and bank.

* Save any text messages or emails about the transfer.

* Contact your bank straight away:

* Call the customer care line of your bank.

* Explain what happened to them clearly and concisely.

* Provide them all the key transaction information.

* Ask them to “reverse” or “recall” the transfer.

* Get a reference number for your complaint.

* To strengthen the case, do email or postal letter communication.

* Get in contact with the receiver’s bank:

* If you know which bank it’s, call their customer service too.

* Report the transaction and ask them to assist in freezing the account or undoing the transfer.

* Do remember that your bank is your primary contact and they would liaise with the other bank.

Procedure of Lodge An Official Complaint:

This is not the first call of the complaint; someone needs to follow an official procedure in order to complain.

Send a Written Complaint to Your Bank:

* Write a full complaint that expounds the error.

* Mention precise details of all the transactions, including your contact information and reason for making the complaint.

* Include copies of transaction receipts, screenshots, and any other supporting documentation.

* Send the complaint through email or deliver it to the office of your bank’s branch.

* Retain a copy of the complaint and receipt as proof of dispatch.

Bank Investigation:

* Your bank will now carry out an investigation concerning the matter.

* They then make a call to the bank of the beneficiary and put a ‘Post No Debit’

Subsequently, beneficiary’s bank should contact the account-holder.

Beneficiary’s Cooperation:

* where the beneficiary cooperates and agrees that the transaction was indeed erroneous, he may confirm the reversal.

* Money will be reverted back to your account.

Beneficiary’s Non-Cooperation:

* Where the beneficiary refuses to assist properly or maintain they never received the money, then a more complex situation arises.

* This may somewhat push you towards litigation.

Legal Framework and Recourse:

* Laws on handling the situations exist in Nigeria

* Guidelines of the Central Bank of Nigeria:

* The Central Bank of Nigeria has regulations that cover electronic payments and dispute settlement.

* This gives the banks a structure on how to handle complaints arising from incorrect transfers.

* The C.B.N Consumer Protection Department can intervene in cases of conflict between a customer and a bank.

* The Nigerian Electronic Fraud Forum (NeFF):

* The NeFF provides a platform for banks, law enforcement, and other stakeholders to join forces in the battle against electronic fraud.

* They can give assistance on complex cases regarding fraudulent transfers.

* Going To Court:

* It may be possible that if nothing else works, then you may need to go the Court route.

* You can sue the wrongdoer for the money that s/he has received.

* You will need to provide proof that the funds were wrongly transferred and that the other party has kept on refusing to return the same.

* A legal practitioner specializing in banking and financial laws will be your best bet.

* Alerting the Police:

* If you suspect it is by way of fraud, inform either the cybercrime unit of the Nigerian Police Force or the Economic and Financial Crimes Commission (EFCC).

* Compile and submit all evidence.

The complications and potential hitches in retrieving money from a wrong account transfer in Nigeria are as follows: 

* Beneficiary Refusal: Some beneficiaries might not want to help out if they think the money is theirs or they wish to be involved in wrongdoing.

* Confusion in Banking: Banks can be slow and full of red tapes to investigate matters or resolve issues.

* Costs: Legal proceedings could be very costly, and you may lose the case.

* Verifying Who is Who: Sometimes, one could have difficulties tracing a legitimate beneficiary if the account is set up in a fictitious name or a shell company.

* Fake Accounts: If someone opened an account via falsified documents, you might never see that money again.

* Time Limits: The bank has its own internally set time limits to reverse a transfer and there are statutory limitations for instituting legal action.

Steps for Safeguarding Your Money:

It is always better to prevent any situation than trying to correct it at a later time. Here are ways to lessen the probability of sending funds to the wrong person:

* Confirm Then Confirm Again:

* The account number and bank name should always be checked at least twice before sending the money.

* If it is possible, the payer should be requested to confirm the detailed account information.

* Maintain Records of Regularly Paid Beneficiaries:

* In instances when money is paid into the same account, save all beneficiaries in an online or mobile banking environment.

* This minimizes the chance of entering incorrect values via typing.

* Employ Transaction Confirmation Mechanisms:

* Use transaction confirmation mechanisms provided by the banks.

* Such mechanisms request confirmation of transaction details before transaction.

* Be Wary of Sudden Requests for Money Transfers:

* Be alert for any sudden request to transfer money, especially from people or organizations that you do not know.

* Verify the authenticity of such requests easily before you send any money.

* Use Secure Banking Platforms:

* Ensure that the banking platforms you are using and devices are secured.

* Never use public Wi-Fi or unsecured networks to carry out online banking.

* Consistently Review Your Account Statements:

* Check your account statements for any erroneous or unauthorized transactions.

* Follow Safe Banking and Educate:

* Keep abreast of the latest scams and teach your family and friends how to safely bank.

* Try Instant Name Check Tools:

* At an instant nowadays, name check is an inbuilt feature in most mobile banking applications. This name check helps to cross-check the name of the person to whom money is being sent before completing the transaction.

What to Do When Fraud is Suspected:

If you suspect that the wrong transfer into an account occurred as a result of some fraud, here is what to do:

* Notify Your Bank:

* Immediately, inform your bank regarding the suspicion of something being wrong.

* Furnish all relevant details and evidence you have.

* Report to Police:

* Go to EFCC or the cybercrime unit of the Nigerian Police Force to report the fraud.

* Display all evidences collected so far.

* Contact CBN:

* Write a complaint to the Consumer Protection Department of CBN.

* Gather All Evidence:

* Collect that evidence over screenshots, transaction receipts, and messages with alleged fraudsters, etc.

* Change Password and PINs:

* Change your online banking PINs and passwords immediately.

* Watch Your Account:

* Keep a lookout for anything weird in your bank accounts and credit report.

Why It Is Worthwhile to Keep Trying and to Be Patient:

Getting back the funds after an erroneous account transfer can take quite a while and becomes tedious. One needs to keep trying and be patient while trying to understand the processes involved. Do not despair! Keep following up with your banker and police. Aid from a lawyer may be needed.

The Bottom Line:

* Act immediately and write everything down.

* Contact Your bank and the said bank with which the money was sent.

* Write a complaint to your bank

* Be prepared to involve the law if it seems necessary.

* Put in place safeguards to prevent a recurrence of such errors in the future.