Here's What You Can Do When Amount Is Wrongly Credited To Bank Account

The worry for most people is how to ensure that there are no wrong amount debited or taken away from the bank account.

However, there is another situation that they can also face—they might find that there is a credit, which is not theirs, in their bank account.

This has happened recently in a public sector bank, where wrong amounts were deposited in the bank account due to some technical glitch and it sometimes happens in an individual case too.

In this situation, it is important for the individual to act properly. 

An amount that is deposited in the bank account of an individual is called a credit and this deposit will increase the balance in the bank account.

There can be a situation where there is a credit or a deposit in the bank account wrongly. This means that the money was not meant for the bank account holder, but it has been deposited here.

This can be on account of a mistake by the person sending the money or it can even be a system glitch, whereby the amount is deposited wrongly into multiple accounts even when they were not supposed to receive the amount.

This is not a cause for joy because the amount does not belong to the account holder but has come there due to a mistake.

The first thing to do with your bank account is to know that an amount has been deposited in the account and then check the details related to this deposit. There are a lot of people who do not pay any attention to the amount that comes in or goes out from their bank accounts and this can pose a problem.

Every deposit or withdrawal from the bank account has to be seen and then checked so that the details can be verified. The deposits too have to be seen for whether they belong to the account holder and who has made the deposit. This will be the first step in tackling the situation.

The main point in the entire process is to ensure that the individual who has got the wrong deposit does not withdraw or use the money. This is crucial because the money is not theirs to use.

Many times, people do not take notice and they just spend the amount present in the bank account, but if this is not your money, then this should not happen. The amount has to be returned to the person or the entity who has made the wrong transfer and, hence, this can invite action, which could even be the freeze of the account.

This can disrupt the entire situation because the individual will then not be able to use their account till it is removed from the freeze list. 

If there is any such credit, then the individual should intimate the bank about the situation after making the proper inquiries. Many times, there is some payment received from a person which the account holder has forgotten about or is not able to trace. In this situation checking with the bank about where the money has come from and whether this is the right amount is essential.

This will ensure that if there is a problem then the bank knows about it, and they can take the necessary action. Timely action will also ensure that the wrong amounts are reversed, and their accounts are not frozen. This is a significant step to complete and end the process.

Arnav Pandya is the founder of Moneyeduschool.