Surely you have faced the stressful situation of making the mistake of depositing to an account that was not the one you owed. At that moment, perhaps out of desperation, you decide to take a series of actions that may not get you anywhere. So take it easy, it happens more than you think and there is a way to deal with this.

Although it is obvious, it is important to remember the importance of always verifying the details of the deposits we make: account number, name of the holder and the amount to be deposited.

However, due to being hasty or careless, we can make mistakes, let’s see what we should do when we make a mistake.

What to do if I mistakenly deposit to an account?

 

With digital banking and the Interbank Electronic Payment System,  the lives of users have been greatly facilitated, since they can make transfers (electronic payments) in a very simple way.

With this you avoid lines or traffic, although sometimes we can make transfers and make mistakes, so quickly, the terrible uncertainty about what we should do comes to us.

Before indicating what to do, you must be clear that these types of situations are established as operational errors of the client, what does this mean? Which are operations that you accept having carried out but at the same time it is recognized that you did it in the wrong way.

Based on this, there are banking institutions that can support you in this situation, but you must understand that it is not their obligation as such, since it is considered a user error.

The Central Bank of Nigeria gives us its recommendations to follow in this situation:

If the transfer was made to an account of the same bank, it cannot be stopped. Therefore, the following steps will be followed:

 

  • Starting from the situation in which the transfer is made, the banking institution will search for information on the person who owns the account to which you deposited.
  • You will communicate with him or her directly.
  • It will notify you of the error.
  • It will be agreed how and when the funds will be returned.

If it was an interbank deposit, at the time you report it, your bank will contact the bank where the money was received, to request a full refund of that transfer.

It is important to point out that in this way, the identity of both parties is taken care of. The issue for which it is always advisable to approach the banking institution.

What does it depend on for your money to be returned? In both cases, the willingness of the people involved must intervene, so the beneficiary must agree to return the money that was deposited by mistake.

In these cases the banks will be able to help you, however, it will not be their responsibility to solve the problem, since it is an operational error of the client.

If there is no solution for your case, the last alternative is to take it to legal instances. The entire process and its costs are at your own expense, so consider these elements to make your decision.

 

What to do if I was deposited by mistake?

 

Finally, if the opposite happens to you, you do not deposit, but you were deposited by mistake, it is best not to use that money.

Although it is not your responsibility that you have received that amount, you must start from the fact that it is not yours and that, as mentioned above, the person who made the error is surely looking for a way to solve it.

One option is to contact your bank to determine where the deposit is coming from. If you decide to use it, you may be entitled to legal action.

When making a transfer or deposit, always take the time to review all the necessary data and confirm them before making it.