How to Retrieve Your Money if You Make a Wrong Bank Transfer in Nigeria

More and more often, people in Nigeria send money to the wrong bank account or to people they weren't supposed to, especially since online and mobile banking have become so popular. Unfortunately, it can be hard to get back these mistaken moves because of the cost and people not knowing the right way to do things. In these situations, fixing these mistakes isn't as easy as telling either the sender's bank or the recipient's bank what to do.

Of course, there are times when money is sent to the wrong account number by mistake, and getting the money back is hard. Because of this, customers may flood the banking hall, causing delays and holding the bank accountable for mistakes made by the customers themselves.

When people put money into the wrong account by accident, it's usually because they forgot to or weren't paying attention, not because of a problem with the banks. Banks always tell their customers to check the recipient's bank account information before sending a payment. But these mistakes in money moves happen a lot because customers forget or don't check their accounts often enough.

This blog post will cover how to retrieve your money if you make a wrong bank transfer in Nigeria.

How to Retrieve Your Money if You Make a Wrong Bank Transfer in Nigeria

FIRST METHOD

The following are the procedures that need to be performed in order to retrieve the incorrect payment in the event that a client discovers that the money they paid was transferred to the incorrect account by mistake:

A. A customer should immediately contact their bank through the customer service helpline to report the incorrect payment that they have received. In situations like these, the bank is in the best position to handle the situation, protecting the customer from the possibility of suffering a loss at the hands of an unknown third party.

B. In the event that the bank is unable to provide assistance in recovering the monies that were paid out in error, it is the obligation of the client to investigate the matter with a legal professional. An application will be filed in front of a competent court against both the customer's bank and the unintentional receiver, whose name and bank account the money was placed in error. The legal practitioner will assist in submitting the application.

C. After the application has been submitted to the court, it is the duty of the court to evaluate the evidence that has been offered by the client. In the event that the court concludes that the money was, in fact, sent in error, it has the authority to send an order that the customer's account be credited with the amount that was originally transferred. 

Afterwards, the legal practitioner who is representing the client is obligated to make a request for a certified true copy of the court order, get it, and then administer it to the financial institution. According to the court ruling, the bank is compelled to carry out the orders that are specified in the document.

SECOND METHOD

Record the full name and account number of the page or person.

Refer to the most recent notification from your bank after making the payment, whether via a mobile app or text. Copy the "TRANSACTION ID NUMBER."

Visit any branch of the bank to which you transferred the funds. Request to speak with the CUSTOMER SERVICE representative in charge of fraud.

While at the bank, send an email to the SCAMMER'S BANK or the bank to which you mistakenly made the payment. Copy CBN FRAUD DESK at [email protected],  [email protected], and [email protected].   This action will prompt the bank to expedite the resolution process.

What can you expect from this? The suspect's account will be placed on hold, and their BVN (Bank Verification Number) will be permanently blocked. They will be unable to open new accounts or conduct banking transactions in that name until they rectify the issue with the bank.

This implies that the individual cannot transfer or withdraw funds until they visit the bank. Upon doing so, the bank will involve the police, and if the suspect is proven guilty, they will sign a waiver permitting the bank to refund your money.

Proof Requirements for Reversal Order

If the claimant or applicant wishes to get a court order for the reversal of an incorrect payment, they are required to prove certain essential components, including the following:

1. The evidence that the alleged amount was deducted from the account, which is often supported by debit notes or bank statements.
2. Evidence indicating that the payment was made in error, as well as confirmation that the payer did not have any legitimate business connections with the recipient in relation to the payment.
3. The recipient's particulars and bank account details, including their names, bank information, account number, and branch details (where applicable), are disclosed in their entirety. The majority of the time, this information is supplied in the form of debit alerts or bank statements.
4. Documentation demonstrating that the complaint was filed with the bank and that a demand letter was sent, demonstrating that efforts were made to settle the matter prior to resorting to action.

FAQS

How long will it take to get my money back?

Unfortunately, there's no one-size-fits-all answer. It depends on several factors, including the type of transfer (intra-bank vs. inter-bank), the recipient's bank's policies, and whether legal action is needed. Intra-bank transfers might be resolved quickly (even within the same day), while inter-bank transfers can take weeks or even months.

Do I need to pay anything to get my money back?

Most banks don't charge fees for handling wrong transfers. However, if you need legal assistance, you'll likely incur lawyer fees.

How can I recover my wrongly transferred money in Nigeria?

The only legal method to reverse an erroneous money transfer is by obtaining a court order instructing the bank to undo the payment. To initiate the process of rectifying a mistaken money transfer, the payer should seek guidance from a lawyer. A legal professional will provide advice on the essential steps to be taken in pursuing the recovery of the funds.

Conclusion

If you want to reverse a mistaken payment, you should not involve police, not even if there is fraud involved. When it comes to instructing a bank to move money from one account to another, the court, not the police, has that power. Trying to engage the police in these kinds of situations could cause legal problems and even liability.

In conclusion, the recovery of funds mistakenly transferred to unintended recipients in Nigeria necessitates a strategic legal approach. Seeking professional legal guidance and adhering to prescribed legal procedures are crucial for achieving a successful resolution.