Dealing with RTGS Transaction Errors: Steps to Retrieve Misdirected Funds

When making a Real Time Gross Settlement (RTGS) transaction, it is crucial to ensure that all details, including the recipient's account number, are entered correctly. However, human error can happen, leading to misdirected funds. In this article, we will outline the steps you should take if you mistakenly enter an extra digit in the recipient's account number and the transaction results in the debiting of your account, but the recipient's account does not exist.

Understanding the Issue

When you make an RTGS transaction through online banking or directly with your bank, the transaction is processed instantly. In your case, you have entered an extra digit, which means the transaction has been debited from your account, but the recipient's account does not exist. Normally, if the transaction is successful, the money would be credited to the recipient's account instantaneously. Since the transaction has been debited and the recipient's account does not exist, the funds are effectively stuck in a state of no action, and you have not received a refund.

Unfortunately, it has been 9 days since the transaction, and the amount has not been refunded, despite your source bank not providing sufficient help. In such a situation, it is imperative to take the right steps to resolve the issue.

Step-by-Step Process

1. Contact Your Bank

Your first step should be to contact your bank branch or customer service. Inform them about the mistake you made and that the transaction has resulted in your money being debited but the recipient's account does not exist. Request their assistance to resolve the issue. Banks have the necessary processes in place to address such errors, and they can initiate a claim on your behalf.

2. Lodge a Complaint

Once you have reported the issue to your bank, they will raise a dispute with the acquirer bank or other financial institution (FI). If the bank agrees to the claim, the misdirected funds will be credited back to your account within 4 to 7 business days. During this process, the bank will ensure that the issue is resolved.

3. File a Written Complaint (if necessary)

If your bank is not responsive or does not resolve the issue, you should file a written complaint. Provide detailed information about the transaction, including the date, time, account numbers involved, and any other relevant details. This documented complaint can be sent via postal mail or an official complaint form provided by your bank.

4. Use Social Media to Amplify Your Concerns

If your bank branch is unresponsive and you believe your issue is significant enough, you can seek assistance from online platforms. Consider reviewing your bank on trusted platforms and sharing your experience on social media. This step can help raise awareness and potentially expedite a resolution, as it may draw the attention of senior bank officials or other authorities.

Precautions for Future Transactions

To avoid such issues in the future, follow these tips:

Double-check all details before finalizing an RTGS transaction. Start with small amounts and gradually increase the transfer size to avoid mismatches. Understand how RTGS transactions work to minimize errors.

Conclusion

Dealing with misdirected RTGS funds can be frustrating, but taking proactive steps to address the issue is crucial. By contacting your bank, lodging a written complaint if necessary, and using social media to bring attention to your concerns, you can increase the likelihood of resolving the issue and getting your money back.