Can a bank recover money paid by mistake?

Can a bank recover money paid by mistake?

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. In the instant case, however, under the facts and circumstances thereof, the conduct of Bank was held to be incorrect.

How do you reverse a bank transaction?

If the supplier will not refund your money and you paid using a credit or debit card, your card provider – usually your bank – may agree to reverse the transaction. This is called a chargeback. In order to start a chargeback, you should contact your bank or credit card provider immediately.

What happens if you accidentally transfer money to a closed account?

Money sent to a closed account wouldn’t be deposited in the account. Instead, the money will bounce back and sent back to where it came from. In some instances, the bank may hold on to the money. Once you shut an account, it cannot receive or send funds.

How do I recover money sent to a wrong account in Google pay?

I paid wrong amount After the payment is complete, we can’t reverse it. If you know the person who you accidentally sent the wrong amount to, ask them to send the money back. If you don’t know the person you sent the wrong amount to, ask them to contact Google via Google Pay Help to return the money.

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

1) Inform your bank, immediately The moment you realise that the amount has been credited to a wrong bank account, inform your respective bank via a phone call or an e-mail. If not, you can speak to the branch manager who will assist you to get your money back and resolve the matter.

How do you know if someone has transferred money into your account?

In general, to track a money transfer:

  1. Complete your transfer. After sending a transfer, you can start tracking it.
  2. Check your receipt. Look for a reference, confirmation, order, transaction or similarly named number.
  3. Contact the sending company.
  4. Sign up for notifications.

What happens if money is not refunded by Google pay?

Cancel money you sent to someone

  1. Open the Google Pay app.
  2. At the top left, tap Menu. Activity.
  3. Tap the transaction you want to cancel.
  4. Tap Cancel payment. If you don’t see this option, the recipient has already claimed the money or it’s too late to cancel the money. Ask the recipient to return the money.