Paying money into the wrong account number is one of the most stressful things one can experience. Unfortunately, getting the money back isn’t always guaranteed.
Here’s all you need to know if this happens.
CAN YOU AUTOMATICALLY REVERSE A PAYMENT?
Most electronic transfers use the account number as identification and not necessarily the account holder’s name.
So if you type the correct name but an incorrect digit in the account number, the bank’s system will still process the payment based on the number, not the name.
Once the funds land in someone else’s account, the bank generally can’t just pull the money back without that person’s consent. This is because it isn’t legally the bank’s money to move.
So, what can you do?
What determines whether you get your money back
WHAT HAPPENS IF THE RECEIVER REFUSES TO RETURN THE FUNDS?
This is where it can get legally complicated.
In South Africa, courts have generally held that money paid by mistake is not lawfully the recipient’s to keep.
There are legal ways to recover it.
However, pursuing this route can involve time, legal fees, and no absolute guarantee of success.
So, this is a last resort after the bank-led process has been exhausted.
How to avoid it next time:
Take a look at which banks offer zero bank fees for SASSA pensioners here.
Have you ever paid money into the wrong account?
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