Sent Money to wrong person by mistake(Bank Transfer)

[Aayush]

state bank takes a day to add one beneficiary right     

Not if you do an IRATA (atm) confirmation for your benefeciary.
btw it takes 4 hours through otp

[jss83]

If it is NFET, you can put up charge back and request dispute. You will need copy of atleast police note for the same. Make sure you mention exactly what happened and you should be able to get it. Police will not recover it mostly, it is bank with the help of police fir copy can mediate the dispute.

If you have not mentioned that it is accidental mistake from your side as of now, register unauthorized compromised account transfer which is much easier to deal with and bank will surely help with you that as it is mentioned in consumer grievance policy and RBI makes it mandatory to look and mediate in this case for banks.

Regards

Are you sure that a chargeback can be applied against NEFT ? If yes, then is not it risky to accept NEFT against Bitcoin ?

Is this true? Can NEFT, RTGS, IMPS payments be charge back? I sell for direct payment in my account, can it also be charged back? pls someone answer this.

Some ppl  can buy bitcoins and then claim that they send wrongly??

[dashingriddler]

While doing NEFT transer - only IFSC code and account number becomes relavent. DO not matter what you write for NAME field.
If the account number is valid in that IFSC code branch, it will just go through. I have a problem with this as well but no work around.

[dashingriddler]

I dont think a charge back on neft rtgs and imps would be easy to do even if possible. Not as simple as a credit card charge back atleast.

[BitCoinDream]

I dont think a charge back on neft rtgs and imps would be easy to do even if possible. Not as simple as a credit card charge back atleast.

I think, if NEFT supports chargeback then it is a significant problem for bitcoin selling online in India. As I can see, there is no chargeback for NEFT as per RBI regulation...

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5489&Mode=0

Pros in payment industry may add their point of view.

[buysellbitcoin]

NEFT can be charged back by putting unauthorized transfer claim. It is possible but tough to execute in normal scenario.

Regards

[Equate]

NEFT can be charged back by putting unauthorized transfer claim. It is possible but tough to execute in normal scenario.

Regards

Under what circumstances can NEFT be charged back ? I thought it was irreversible.

[buysellbitcoin]

It is not completely irreversible. One circumstance, I can confirm is transfer from compromised bank account. But you will have to go a good length to prove it which includes police and bank intervention. Normally bank catches such transaction in the middle only, but in case it goes through then you can register complaint with local police department and visit nearest bank branch with documentation.

Regards

[Equate]

It is not completely irreversible. One circumstance, I can confirm is transfer from compromised bank account. But you will have to go a good length to prove it which includes police and bank intervention. Normally bank catches such transaction in the middle only, but in case it goes through then you can register complaint with local police department and visit nearest bank branch with documentation.

Regards

So its good that if someone's account  gets compromised then he can get his money back though after some hassles.

[escrow.ms]

Is this true? Can NEFT, RTGS, IMPS payments be charge back? I sell for direct payment in my account, can it also be charged back? pls someone answer this.

Some ppl  can buy bitcoins and then claim that they send wrongly??

No chargeback is not possible unless beneficiary allow's that.

Once I've made a payment of 6 figures but on my account it keeps showing as cancelled, I called my bank and asked about it, support guy said it's cancelled and I can make another payment, I asked him twice and took his details then I did transfer again but after one hour they processed that cancelled transaction. I called bank again and told everything, they said.. "Oh sir we are really sorry but we can't do anything, you can ask beneficiary to return funds or you can go to our branch, then fill a form and do FIR" lol

Luckily that guy was genuine so he returned full amount in morning, other than that I've never made a single mistake in making payments.

Whenever you are making payment check account number twice (Full or Correct Name isn't required for transfers)

Check this case
http://forum.indiaconsumercomplaints.com/Thread-NEFT-Money-by-Mistake-Credited-to-Another-Account#.U7rJGrHVDIU

[allcoinminer]

Is this true? Can NEFT, RTGS, IMPS payments be charge back? I sell for direct payment in my account, can it also be charged back? pls someone answer this.

Some ppl  can buy bitcoins and then claim that they send wrongly??

No chargeback is not possible unless beneficiary allow's that.

Once I've made a payment of 6 figures but on my account it keeps showing as cancelled, I called my bank and asked about it, support guy said it's cancelled and I can make another payment, I asked him twice and took his details then I did transfer again but after one hour they processed that cancelled transaction. I called bank again and told everything, they said.. "Oh sir we are really sorry but we can't do anything, you can ask beneficiary to return funds or you can go to our branch, then fill a form and do FIR" lol

Luckily that guy was genuine so he returned full amount in morning, other than that I've never made a single mistake in making payments.

Whenever you are making payment check account number twice (Full or Correct Name isn't required for transfers)

Check this case
http://forum.indiaconsumercomplaints.com/Thread-NEFT-Money-by-Mistake-Credited-to-Another-Account#.U7rJGrHVDIU

Similar thing happened to me two times.
I transferred money via NEFT to one of the mutual fund companies account.
I did the transfers during non-working hours and the banks online system give me no confirmation or debited the money after I click the submit button.
It was rejected each time without any error message and gave me submit button again. I checked all history, pending, scheduled transactions list everything was clear.
So, I again tried to transfer 3 to 4 times. Then, as a surprise in the morning all the money debited from my account and transferred to the MF Account.
I contacted the bank, but they refused to help me in that and give me their head office phone no, just to keep me away.
Finally contacted the MF company and they credited the money as MF units in my MF account.

[adv.kanishk]

I did some research and called up a few banks. Chargebacks are not possible in RTGS (for sure) and even in NEFT the chargebacks are not possible as it takes around 15-20 minutes widow to consumate the transaction (Sometimes longer than that). But the thansferor making the transaction cannot call and ask for chargeback. The only way is to either ask the transferee or in extreme file a complaint (but relevant sections are required to be invoked and as per my understanding not all ingredient of the section gets satisfied), but you may warn [Mild language used  ] the other person...lolzzz

[polynesia]

Some precautions which can be followed
- Always send a token amount while transferring money to a beneficiary for the first time.
- Most banks allow us to set 'upper limits' for transfer to particular beneficiaries. Use this appropriately. You can set a low limit to most of the beneficiaries
- Deactivate beneficiaries as and when you don't foresee any future transactions with them.

[adv.kanishk]

Great advice 

[williamj2543]

How much did you exactly send? If the amount is significant the bank will probably reverse it for you (for a fee of course).

[saif92]

How much did you exactly send? If the amount is significant the bank will probably reverse it for you (for a fee of course).

Its going very late and many suggesting its very difficult to charge back I think now he lost already but lesson for next time

[adv.kanishk]

How much did you exactly send? If the amount is significant the bank will probably reverse it for you (for a fee of course).

I do not think that is possible. Any experience or precedent on this?

[polynesia]

How much did you exactly send? If the amount is significant the bank will probably reverse it for you (for a fee of course).

I do not think that is possible. Any experience or precedent on this?

Might be possible in case of an intra-bank transfer (accounts belong to same bank). Even then, the bank's action might be challenged.
Otherwise, I dont think it is possible

[ileanalyardson]

Once money is transfer & deducted from account then we can't do any thing so while entering beneficiary account no & IFSC Code be carefull.

[ankurguta87]

Supreme Court held that if a third party, by mistake deposits the money in the account of some other person, as soon as the money is deposited in the a/c of such third person, who is a customer of the bank, the money becomes the money of the customer, and it is not open to the bank in such circumstances without obtaining the consent of the customer, to reverse the entry of credit made in his a/c and in effect pay back the money to the person who had deposited it, even though it might have been deposited by mistake ".

Thus it is clear that no bank can reverse the credit in an account even if the amount was wrongly credited without the specific consent of the account holder. In the instant case the wrong beneficiary has to give consent for reversing the wrong credit to his account. I am not Sure on it.