Many people make a wrong bank transfer in Nigeria and wish they could reverse it. The wrong transfer could be crediting a wrong account, being defrauded, or sending more than you should have sent to the beneficiary.
However, this wrong bank transfer happens when we are distracted or not being careful while making transactions, and that is why it is advisable to be in the right state of mind while making transactions.
It is quite easy to make a wrong bank transfer in Nigeria, but it is not quite easy to reverse it especially if it occurred between you and someone you do not know.
Although it is not easy to reverse a wrong bank transfer in Nigeria, this article on how to reverse a wrong bank transfer in Nigeria will help you know how to go about it.
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Causes of Wrong Bank Transfers In Nigeria
There are a few causes of wrong bank transfers in Nigeria. Transferring money involves filling in the beneficiary’s bank details such as bank name, account number, and the amount you want to send in the spaces provided during the transaction.
And so any mistake made when filling in the details or selecting a name will result in the wrong bank transfer.
However, below are the two main causes of wrong bank transfers in Nigeria.
Human Error
This is the common cause of wrong bank transfers in Nigeria. Many people do not confirm the beneficiary’s name before authorizing the payment.
Many people do not verify the account number of the beneficiary after filling it in on the space provided, they just go ahead to confirm the transaction thereby sending it to the wrong person.
Furthermore, many people make the mistake of transferring more than the amount they intended to the beneficiary, so it is advisable to confirm every detail before authorizing the payment.
Technical Errors
Wrong bank transfers can also be caused by a technical error from the bank. The technical error can be caused by a technical glitch in the bank servers, network errors, or memory overload.
These factors may affect the process of the transaction and cause you to authorize the transaction twice or be debited twice.
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How To Reverse A Wrong Bank Transfer in Nigeria
Although it is not easy to reverse a wrong bank transfer in Nigeria, you can actually reverse it by following the steps below.
1. Contact The Beneficiary’s Bank
You can contact the beneficiary’s bank if you made the supposed transfer to a stranger. You can contact the call center agent, or send an email to the bank providing the details of the wrong bank transfer.
The details should be the amount you transferred, the account name and number of the beneficiary, the transaction date and time
After providing the transaction details, the call center agent will verify the details and block the fund for a period of 48 hours only.
During this, the bank will investigate the case, contact the unintended beneficiary or recipient who you credited and notify you of his action.
If the beneficiary agrees that it was a mistaken transaction and authorizes the bank to reverse the transaction, then you will get back your money.
However, if the beneficiary refuses to authorize the bank to reverse the transaction, then you will be required to provide a court order authorizing the bank to reverse the transaction as well as a duly signed indemnity form.
When you provide the court order and the indemnity form to the call center agent, the transaction will be reversed and your account credited.
2. Contact Your Bank
If you do not want to contact your beneficiary’s bank directly, you can contact your bank by calling the call center agent or sending them an email.
After that provide the details of the erroneous transfer such as the amount transferred, the bank name, account name, account number of the beneficiary, and transaction date and time.
After providing all the details, your bank will contact the beneficiary’s bank to confirm the condition necessary for the reversal of the transaction and notify you of the same.
3. Contact The Beneficiary
You can reverse a wrong bank transfer in Nigeria by contacting the beneficiary if you know the person to refund the money immediately to your account or provide the bank with a duly signed instruction authorizing them to reverse the transaction.
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How To Avoid A Wrong Bank Transfer In Nigeria
You can avoid a wrong bank transfer if you double-check the details you provide such as the account number, account type, account name, and the amount you are transferring.
However, you should also verify the information given to you by someone, especially a stranger before you carry out any transaction to avoid getting scammed.