There are many occasions in life where money is exchanged. There are no mistakes when copying and pasting the account number, but when transferring money by directly entering the account number, unexpectedly, it often ends up being deposited into a different account.
The problem is that there is no way to contact them using the account number alone, and even people who receive money by mistake don’t know who sent it, so they end up in an awkward situation.
How to deal with account transfer mistakes that are beneficial to your life once you read it! Please read carefully below.
1. Contact the bank where the money was ‘withdrawn’
You must visit the bank where you sent the money in person, or contact the customer service center and apply for a ‘refund request for erroneous remittance.’
Information required when requesting refund of erroneous remittance
Name of the remitter (person who sent the money: himself)
Amount sent (amount to be returned)
Name of recipient (person who received money)
Recipient account number (account number entered incorrectly)
If the bank that sent the money is the same as the bank that received it, it will be received quickly, but if it is a different bank, it will take quite some time to process.
Account transfer mistake
Account transfer mistake
2. Contact the beneficiary’s bank (where the money was deposited)
In principle, the process can proceed only when a return claim is properly received, but if the person who received the money withdraws it before then, things become very complicated. That’s why you need to contact the bank first.
Return claim consent process
Recipient bank requests refund from recipient
BEST: If the recipient agrees, you can get your money back when the return request documents arrive (takes 2-3 business days)
Conversely, if someone deposits money to me by mistake, most of the time the bank will contact me without me having to investigate. In this case, you do not need to return it yourself, but the bank will automatically withdraw the money after going through the consent process.
3. Application for return support
If the recipient who received the money by mistake refuses to return the money, he or she can apply for the return support system implemented by the Deposit Insurance Corporation.
Return support system
Previously, if the recipient refused to return the money, you had to go through legal proceedings directly and win.
Because this process is so complicated and time-consuming, more than half of the people just give up.
To prevent such damage, the Korea Deposit Insurance Corporation has established a new ‘Error Remittance Return Support Service’ starting in July 2021.
4. Screening for eligibility for return support
Not all applications for the return support system are eligible for support. If approved after qualification review, the return process will proceed.
Application conditions
If the application date is within 1 year from the remittance date
If you first applied for a refund through a bank or securities company, but the refund is not received, you can use the support system.
If the remittance amount is more than 50,000 won or 10 million won is transferred.
Application is not possible if the recipient is not in the country or has died.
Refunds are not supported for remittances made through voice phishing.
5. Return support process
If you apply for the return support service on the Korea Deposit Insurance Corporation website, the process will proceed in the following order.
Process
Entered into a transfer agreement for claims for return of unjust enrichment
Secure recipient information using financial companies and administrative agencies
The Korea Deposit Insurance Corporation recommends voluntary return to the recipient and recovers the amount in error within 3 weeks.
If the voluntary return is not accepted, the court will send a payment order to the recipient and seize the property to recover it.
6. Amount refunded
The Korea Deposit Insurance Corporation returns the remaining amount to the sender after deducting the execution costs incurred for the return from the recovered amount.
Notice
If the account from which you received the money in error has been seized or delinquent, you cannot apply for return support.
Error remittances that occur during simple remittances without using the account number are not eligible for return support.
Application is not available if the receiving account is a foreign bank without a domestic branch or was opened at an overseas branch of a domestic bank.