I SENT MONEY TO THE WRONG ACCOUNT, HELP!
Have you been in that position where you need to send money to someone or pay a bill urgently and by accident you miss one digit in the receiver’s account number or you were sent the wrong account details and you watch your money make a wireless trip into an unknown account. All you have is a debit alert text message and probably a receipt that testifies to your ordeal. After the initial panic comes the big question, how do I get my money back?
1. Report to the Bank
The first thing to do is report to the bank in writing, support this written statement with evidence of the erroneous credit such as the receipt or debit alert. The beneficiary bank will then inform the Police who will apply to the court for an order to place a form of lien known as Post No Debit (PND) on the beneficiary account during the pendency of the investigation to prevent the withdrawal of that sum from the beneficiary account after receiving a court order. It is important to note that following the court’s decision in Blaid Construction Limited & Anor v Access Bank Plc and a host of other cases, law enforcement agencies are required to obtain a court order before a PND can be placed on an account.
Also take note that the bank is not at liberty to release the beneficiaries account information or make withdrawals from the account of the beneficiary without the consent of the beneficiary or account holder. Where the account holder of the beneficiary account consents to the withdrawal, the bank can go ahead and reverse the transaction.
2. Legal Representation
Legal representation and further steps will be required where the account holder of the beneficiary account is unreachable or denies the error of such transaction. Where this is the case the next step is for your lawyer to file an application supported by an affidavit and relevant information to support the claim. Upon the submission of the relevant information, the court will deliberate on the evidence presented before deciding on the reversal.
Necessary documents to be presented include;
- Proof of debit of the sum mentioned, supported by debit alert or bank statements, see U.B.N (Nig) Plc v Emole (2001) 18 NWLR (pt. 745) 501
- Evidence that the credit was accidental, in other words, the payer had no legitimate reason to send money to the beneficiary.
- Disclosure of the beneficiary’s information such as bank account name and number, bank branch where necessary.
- Also needed are the formal complaint made to the bank and the service of a letter of demand to prove that other attempts were made to resolve the matter before recourse was made to litigation.
There you have it simple steps without hassle, contact us today to make your life easier.