3 Ways to Retrieve Money Mistakenly Sent to a Wrong Account

In Nigeria, transferring money digitally has become a routine part of daily life. However, mistakes such as sending funds to the wrong account can happen to anyone especially with the rise of digital banking.

These errors can be stressful as many people don’t know how to fix the problem, making it harder to recover the money. It’s important to quickly report the mistake to the recipient’s bank to start the recovery process, but there are practical steps to resolve them and recover your money. Here’s a guide to help you navigate this situation effectively.

The first and most critical step is to alert the recipient’s bank about the mistake as soon as possible.Write a Formal Complaint, that is prepare a written complaint that includes all the transaction details, such as the date and time of the transfer, the amount sent and your account details and the recipient’s account details.

Also attach evidence, which should include proof of the transaction, such as receipts, screenshots, or bank statements. These documents strengthen your case.

Once the bank receives your complaint, they may take immediate action by placing a “Post No Debit” (PND) on the recipient’s account. This temporary freeze ensures that the funds cannot be withdrawn while the issue is being investigated.

Seek the recipient’s consent for reversalIf the funds are still in the recipient’s account, the bank will contact the recipient to request permission to reverse the transaction. In cases where the recipient agrees, the reversal process is relatively straightforward and does not require court intervention.

However, if the recipient refuses to cooperate, the process becomes more complex, and legal steps may be necessary.

Obtain a Court OrderIf the recipient refuses to authorize the reversal or has already used the funds, you will need to pursue a court order to recover your money. Hire an experienced attorney to help you draft and file an application in court with supporting evidence.The application must include an affidavit detailing the error and evidence of the transaction. Essential documents include bank statements, transaction receipts, and a copy of your complaint to the bank.

Also choose the Right Court which is the appropriate court to handle the application depends on the transaction amount. For transactions below ₦10,000,000 in Lagos or ₦5,000,000 in Abuja, use Magistrate/District Court.

Use State High Court for amounts exceeding these thresholds. Once the court reviews the case, it can issue an order compelling the bank to reverse the funds.

What you should knowAct Quickly: Time is critical. The sooner you report the issue, the better your chances of recovering the funds.

Maintain Proper Documentation: Always keep records of your transactions to serve as evidence if needed.

Know Your Rights: Understanding your banking rights and the legal options available to you is crucial for a successful resolution.Mistaken transfers can be frustrating, but with the right steps and persistence, you can recover your money. By notifying the bank promptly, cooperating with the process, and seeking legal help when necessary, you can turn an unfortunate mistake into a resolved issue.