HOW TO RECOVER MONEY TRANSFERRED TO A WRONG ACCOUNT NUMBER  IN NIGERIA.

In some cases, we have a lot going on in our minds when making financial transactions, and one wrong move could result in unpleasant situations such as having our money transferred to a wrong bank account.

Should you find yourself in a similar situation, please follow these steps;

STEP 1

Pay a visit IMMEDIATELY to the bank in whose account the money was transferred into to make a formal complaint. Remember, time is of essence.

STEP 2

Should the bank be unable to effect a reversal on the wrong account upon receiving your complaint, seek the help of your lawyer to make an application to the court to reverse the said money to the account of transferor.

Ideally, the bank ought to effect a reversal immediately a formal complaint is made. However, there are circumstances in which it may be unable to do so. They are;
i. Where the transferor and the wrong account holder, do not operate accounts at the same bank.
ii. Where the wrong account holder withholds consent to reverse money to the transferor.
iii. The wrong account holder has moved money to a different account.
iv. The wrong account holder has withdrawn the money.

The bank upon obtaining a verified copy of the court order would affect a reversal to the account of the transferor.

STEP 3

Should the funds be transferred by the wrong account holder into a different account or withdrawn, do not panic as the bank could be compelled to freeze all funds in the account of the wrong account holder which prevents him/her from depositing or withdrawing from such account. You’ll however need to work with your lawyer to compel the bank to do so.

There you have it, your four practical steps to take should you fall into a situation like this. Need help? Contact us via this link https://lexpraxisng.com/contact-us/ and we’ll be available to assist you.

Image Credit; Punch Newspapers.

Cynthia Tishion
Cynthia is a lawyer and currently serves as Head of Corporate / Commercial Services at LEX – PRAXIS. With her passion for business and entrepreneurship, she is actively engaged in creating awareness on the legal aspect of businesses through various platforms such as writing, public speaking engagements.

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