What to Do If Someone Transferred Money to You from a Different Bank, But You Didn’t Receive It?

 What to Do If Someone Transferred Money to You from a Different Bank, But You Didn’t Receive It?

Introduction

In today’s digital world, online money transfers are common. However, sometimes issues arise, such as when someone transfers money to you from a different bank, they receive a debit alert, but you do not receive any credit notification or the actual funds. This can be a stressful situation, but there are steps you can take to resolve the issue.

Why Does This Happen?

Several reasons could explain why you haven’t received the money yet:

1. Interbank Transfer Delays: Different banks have varying processing times, especially if it’s a non-working day or public holiday.

2. Technical Glitches: Sometimes, banking systems experience temporary technical issues, causing transaction delays.

3. Incorrect Details: If the sender entered incorrect account details, the money may be stuck or sent to the wrong account.

4. Pending Verification: Some banks hold transactions for security verification, especially large transfers.

5. Failed Transaction: The sender’s bank may have debited the amount but failed to complete the transfer due to system errors.

Immediate Steps to Take

Step 1: Confirm with the Sender

• Ask the sender for proof of transaction, such as a screenshot of the confirmation message.

• Verify the account number and bank details they used.

• Ensure they received a successful transfer notification and not just a debit alert.

Step 2: Check Your Bank Account

• Log in to your mobile banking app or check through an ATM.

• Look for any pending or processing transactions.

• Sometimes, the bank may credit the funds without sending an alert.

Step 3: Contact Your Bank

• Call or visit your bank’s customer service.

• Provide details such as the sender’s name, transaction amount, date, and reference number.

• Ask if there are any pending transactions or technical delays on their end.

Step 4: Ask the Sender to Contact Their Bank

• If your bank has no record of the transaction, the sender should contact their bank.

• The sender’s bank can check if the transaction was completed or reversed.

• If the money was sent to the wrong account, the bank might attempt to recover it.

What If the Money Is Stuck?

If the transfer is stuck due to technical issues, banks typically resolve it within 24-72 hours. However, if it takes longer:

1. Escalate the Issue: Ask to speak to a senior representative at your bank.

2. Request a Complaint Number: Every formal complaint must have a reference number for tracking.

3. Use RBI’s Banking Ombudsman (For India): If the bank does not resolve the issue within 30 days, you can file a complaint with the RBI Ombudsman (https://cms.rbi.org.in/).

Preventing This Issue in the Future

• Use UPI Transfers: They are faster and more reliable compared to traditional NEFT or IMPS transactions.

• Double-Check Details: Ensure the sender enters the correct account number and IFSC code.

• Enable SMS and Email Alerts: Always receive instant updates on transactions.

• Use Same-Bank Transfers When Possible: Transfers within the same bank often process quicker.

Conclusion

Not receiving a transferred amount can be frustrating, but taking systematic steps can help resolve the issue. Always stay in touch with your bank and the sender, keep transaction details handy, and escalate if necessary. If you frequently deal with money transfers, consider using faster digital payment methods like UPI to avoid delays.

Have you faced a similar issue? Share your experience in the comments below!