If you realize that you have sent money to the wrong account, it is paramount to take action as soon as possible to get things back on track. Here are the steps to follow:
Try to cancel it
Log into your provider’s platform and locate the transfer in question. If the transfer has not yet been sent to the destination account, you may be able to cancel it. If you do not see the option to do so, contact your provider immediately.
Contact your provider.
Contact your transfer provider as soon as possible and explain to them your situation. In some cases, your bank may be able to cancel the transfer depending on the status. Be as detailed as possible an. In some cases, the supplier will be able to offer you a refund, and this is when the payment is not yet out of their system. Once it has been deposited into the recipient’s account, you will need to contact them to arrange the matter. If you feel that the provider did not offer you a good solution, you can file a complaint on the CFPB’s online form.
When your supplier is unable to resolve your situation, you should contact the recipient directly. Tell them about the situation and arrange a new transfer to get your money back.
This is a common mistake that you can avoid. Before confirming your transfer, double-check your recipient’s information as a single number could prevent it from reaching the right person.