It is not possible to get the money back without the consent of the wrong beneficiary. The process is a little tough, but he/she has to accept that there was a wrong transaction made to his/her account. Then, you need to contact your bank and communicate the matter in detail.
The sender can visit the receiver's bank branch, inform them, and give a written request to return the amount, showing proof that the money was transferred mistakenly to the beneficiary (screenshot of the transaction, bank account details, etc.).
Speak to your bank
They should contact the bank that's received the money and ask for the money to be returned. If you know the person you sent the money to, and feel it's safe to do so, you may want to approach them directly to get your money back.
Your bank and the recipient's bank will need to co-operate to try to recover the payment. This usually involves the recipient's bank contacting the account holder to ask his or her permission to reverse the transaction. If the recipient refuses, your only option is to take up the matter directly yourself.
In most cases, once a bank transfer has been made, it can't be cancelled as the funds are usually transferred immediately. However, you should contact your bank as soon as possible if you need to cancel a bank transfer. If the payment hasn't been processed, they may be able to stop it.
Once you notify your bank or credit union about an unauthorized transaction (that is, a charge or withdrawal you didn't make or allow), it generally has ten business days to investigate the issue. The bank or credit union must correct an error within one business day after determining that an error has occurred.
In general, reversing a wire transfer can take a few days to a week or more. If it was made by the same bank, it may be reversed more quickly, usually within a day or two.
There's typically no way that you can reverse a transaction once it's been processed. That's why scammers often prefer money transfers, because the money moves fast, and once it's gone the chances of recovering it are slim.
If you entered a valid (but incorrect) account number that doesn't belong to you, there's usually nothing to worry about. Most banks won't deposit tax refunds into accounts where the names don't match. You can call the IRS to stop the direct deposit if your return hasn't been posted to their system yet.
If you made a mistake with your routing or account number, the bank may catch the problem and reject the transaction. But in some cases the bank may miss it, and the money can be deposited into the wrong account. If that happens, contact your financial institution to try to fix the problem.
If a bank receives a direct deposit for a closed account or for a faulty account number, they may choose to return the direct deposit to the sender or to simply decline the transaction.
Although it's unlikely, it is possible for a deposit to be mistakenly credited to the wrong person's account. When this happens, whether the bank error is in your favor or someone else's, the bank will eventually reverse the transaction and credit it to the correct account.
Within 10 business days: the funds will be returned to you. Between 10 business days and 7 months: the recipient's bank will freeze the funds.
A bank transfer (international or domestic) works as a one-way process. Once the process has been completed, nothing can be done to reverse or cancel the process. The recipient's bank will have already given the money to the recipient and the deal completed.
If an ACH payment is cleared into the receiver's account, it may not be reversed. However, with evidence and an investigation, the bank may return the money via a separate transaction if fraud or other valid reason is discovered.
Combining direct deposit with electronic filing is the fastest way to receive your refund. There's no chance of it going uncashed, getting lost, stolen, or destroyed. The IRS issues more than nine out of ten refunds in less than 21 days.
In the event that you enter a routing number that is not recognized by the bank, you will be prompted to contact the bank. Incorrect routing numbers can cause your wire transfer to get rejected and delayed.
If someone has access to both your bank account and routing number, they could make fraudulent ACH transfers and payments out of your account. In other words, you could wind up being scammed. That's why it's so important to understand this aspect of your personal finances and protect your money.
While having just an account number likely isn't enough for thieves to drain that account, the combination of account number and routing number can lead to some less-than-desirable outcomes, such as fraudulent payments, the creation of checks for your account, and possibly online shopping with retailers that only ...
Always be sure to double-check the information you get because a wrong transit number can cause problems for any direct deposits or automatic withdrawals that you may be trying to set up, or waiting to clear.
“Filing electronically and selecting direct deposit is the best way to get your refund fast,” IRS Commissioner Danny Werfel told reporters during a media briefing Friday. During fiscal 2022, some 93.8% of individual taxpayers filed electronic returns, according to the IRS.
Ask the sender to cancel the transaction immediately — in many cases, the sender can simply contact the app's customer support to cancel the transaction. If the sender refuses to do so, contact the app's customer support yourself, explain the situation, and ask them to reverse the transaction.
File a complaint with the Consumer Financial Protection Bureau (CFPB). If the bank won't refund your money, the CFPB will investigate. The CFPB will follow up, and most companies respond within 15 days.