What happens if someone deposits money into your account by mistake?

Unfortunately, the money isn’t yours unless you made the deposit or if someone else made the deposit on your behalf. The only time you can keep money that is deposited into your account is when the deposit was intended to be made into your account. So, if the deposit was a mistake, you can’t keep the money.

What to do if you get an unknown deposit?

Call the bank and ask if it’s yours. I wouldn’t touch it for a while…they’ll make you pay it back if it was deposited in error. You do your research and make sure it isn’t intended for you. Your bank website may include transaction detail that can give you a clue where and who it came from.

Can you keep money accidentally paid into your bank account in India?

Bank cannot recover the money from the account holder wrongly credited to the account #indianlaws. The Court while making reference to Section 72 of the Indian Contract Act mentioned that the Bank does have a right to recover the money paid under a mistake.

How do I get back wrongly deposited money?

You can ask for a transaction reversal from that bank. If the amount went to the incorrect recipient from the same bank, the bank can also approach the individual and seek permission to attempt a transaction reversal.

Can you get money back if paid into wrong account?

Once a payment has been sent, it isn’t possible to reverse it. So if you think you’ve made a mistake let your bank know straightaway. Likewise, if you’ve received money into your account that you think may have been sent to you in error, make sure you notify your bank straightaway.

What can I do if someone does not return my money in India?

You can serve him with a legal notice and if after that also he fails to pay back the sum then you will have to file a civil suit for recovery in the appropriate court also you can try and file an FIR for cheating.

What should I do if my bank deposit is wrong?

Let Your Financial Institution Know. If you ever run into a situation where you notice an unexpected deposit, you should leave it alone and notify your financial institution as soon as possible. It’s possible that the erroneous deposit is already on someone’s radar and in the process of being reversed, but not always.

Can I keep the money that’s been deposited into my account?

Unfortunately, the money isn’t yours unless you made the deposit or if someone else made the deposit on your behalf. The only time you can keep money that is deposited into your account is when the deposit was intended to be made into your account.

Should you notify your financial institutions about an erroneous deposit?

Even if you notify (or plan to notify) your financial institution about an erroneous deposit, you may be tempted to move the money to another account, such as a brokerage account, stock account or money market account, in order to generate handsome interest.

What should I do if I make a deposit in person?

If you are making a deposit in person, ensure that the account number you write on your deposit slip is correct and legible. It only takes a second for the teller to think that your 3 is an 8. Tellers are supposed to verify the name on the account before proceeding with the transaction, but might skip this step.