Post Reply 
 
Thread Rating:
  • 1 Votes - 5 Average
  • 1
  • 2
  • 3
  • 4
  • 5

NEFT Money by Mistake Credited to Another Account

26-05-2012, 05:47 PM (This post was last modified: 26-05-2012 05:55 PM by Expert.)
Post: #1
NEFT Money by Mistake Credited to Another Account
Dear Sir,

I am writing to you for a payment of 1 lac rupees through NEFT transfer on 2nd April 2012 to my sister Meena A/C . But due to a very high level technical mistake by HDFC my payment didn't receive to my sister a/c whereas it had gone to other person account in some where. After few days when I enquired about that same we came to know that you have filled a starting digit incorrect that’s why your payment had gone to other person accounts. Here my question is to hdfc if anybody fill any information inaccurate, account will not be added as i know but in my case my all entries was correct except one digit error as you are telling us. It’s a universal awareness that there are so many mandatory requisite information criteria; when they not simultaneously completed transaction becomes failed like unmatched IFSC Code , unmatched city and even error of gender.

From that date I called so many times to customer care and visited the respective branch but I am not getting any proper answer from them and not knowing that what action is taken from your side. This is very sad to me that your are not taking any action and not giving me any assurance of my money.

And if i will not get any proper reply from your side I will take a legal action because i don't have any other way.

Here I am telling you the details of above transaction:

My Name: Vipin Singh
A/c No: 13851000003963

IFSC Code : HDFC0000337
Branch: OKHLA PHASE - I

From above account i had added a icici bank account no (My sister)

Name: Meena
A/c No: 037801500022
Branch: Janakpuri Address: C-1/4, Janakpuri, New Delhi-110 058 DELHI (DELHI)
IFSC Code : ICIC0000378

What was the wrong in account Adding

Name: Meena
A/c No: 137801500022
Branch: Janakpuri Address: C-1/4, Janakpuri, New Delhi-110 058 DELHI (DELHI)
IFSC Code : ICIC0000378

Detail of my transaction

Third Party Funds Transfer - NEFT - Confirm

Please verify and confirm your request for NEFT funds transfer.
From Account 13851000003963
Beneficiary Name Meena
Beneficiary IFSC Code ICIC0000378
Beneficiary Account Number / Credit Card Number 137801500022
Bank Name ICICI BANK LTD
Transfer Amount 100,000.00
Transfer Description lic
Mode of Communication SMS
Communication detail 9818809979

02 Apr 2012 NEFT DR-1385F12093000001-Meena ICIC0000378

HDFC Complain Number : DELC0412081361

And i had asked customer care also whether it is possible to make a payment of any account where account no and name and IFSC Code are different. He/She says No.

I hope you will understand my problem and take action for the same.
Along with anticipation.

Vipin Singh
9818809979


Second Conversation Follows

Dear Mr Rawat,

We refer to your appended e-mail dated May 14, 2012.

We request you to refer the RBI circular dated October 14, 2011 which states that NEFT credits will solely happen on the basis of account number only.

Please find appended the extracts of the circular. We have also attached the said RBI circular for your reference.

As informed through our earlier communication of May 14, 2012 we wish to inform you that we have marked a lien on the incorrect beneficiary account.


Please be informed that as per bank's process a mandate is required from the beneficiary authorizing bank to debit his account in case of incorrect funds transfer. On receipt of the mandate, the amount is reversed to the customer's account.

We wish to inform you that our branch officials have contacted the incorrect beneficiary and a communication was sent to the beneficiary on May 17, 2012 seeking his authorization to debit his account. In absence of the authorization, we regret our inability to reverse the funds to your account.

Thank you for writing to us.

Sincerely,

Uma Lakhani
Senior Manager – Senior Management Desk


5. Keeping in view the foregoing, in the RTGS / NEFT / NECS / ECS Credit products, it has since been decided as under :

i) Responsibility to provide correct inputs in the payment instructions, particularly the beneficiary account number information, rests with the remitter / originator. While the beneficiary’s name shall be compulsorily mentioned in the instruction request, and carried as part of the funds transfer message, reliance will be only on the account number for the purpose of affording credit. This is applicable both for transaction requests emanating at branches and those originated through the online / internet delivery channel. The name field in the message formats will, however, be a parameter to be used by the destination bank based on risk perception and /
or use for post-credit checking or otherwise.

ii) Originating banks may put in place an appropriate maker-checker system to ensure that the account number information furnished by their customers is correct and free from errors. This may entail advising customers enjoying online / internet banking facilities to input the account number information more than once (with the first time feed being masked as in case of change of password requirements) or such other prescriptions. Customers submitting funds transfer requests at branches may be required to write down the account number information twice in the application form.

iii) For transactions requested at branches, the originating bank shall put in place a maker-checker process with one employee expected to input the transaction and the other checking the input.

iv) Banks should put suitable disclaimers on the funds transfer screens in the online / internet banking platform and funds transfer request forms advising customers that credit will be effected based solely on the beneficiary account number information and the beneficiary name particulars will not be used therefore.

v) Destination banks may afford credit to the beneficiary’s account based on the account number as furnished by remitter / originating bank in the message / data file. The beneficiary’s name details may be used for verification based on risk perception, value of transfer, nature of transaction, post-credit checking, etc.

vi) Member banks shall take necessary steps to create awareness amongst their customers about the need for providing correct account number information while making payments through RTGS / NEFT / NECS / ECS Credit.

vii) The system of providing mobile / e-mail alerts to customers for debit / credit to their accounts will be another way of ensuring that the debits / credits are genuine and put through / expected by them, and preferably, should be extended to all customers for all funds transfer transactions irrespective of value.

viii) The above notwithstanding, in cases where it is found that credit has been afforded to a wrong account, banks need to establish a robust, transparent and quick grievance redressal mechanism to reverse such credits and set right the mistake and / or return the transaction to the originating bank. This particularly needs to function very efficiently and pro-actively till such time customers are comfortable with the new arrangements.

-----Original Message-----
From: Vipin Singh Rawat (vipinrawat@tradeindia.com)
Date: Monday, May 14, 2012 09:55 AM
To: Kunal Shriodkar (senior.management@icicibank.com)
Subject: Re: ICICI Bank Ltd

Dear Kunal,

Thank you. Against your reply, I want to ask, will the incorrect beneficiary ever add funds to his account? He is a fraud, he will never add money to his account so does that mean I will never get my money back. If he were a genuine person, he would have returned the money by now. You know the person who has committed the fraud, he is an account holder in your bank. Is it not a responsibility of your bank to file an FIR against the person and help me get my money back. Merely marking a lien to the account will not help. You guys are requested to take strong action against the person involved as you are in a position and are responsible for helping me get my money back.

Secondly, you says that the amount is transferred as per the account number present, all other fields are not matched. Don't you think this a security failure on the part of your bank. By merely matching the account number, you are transferring the funds to the person whose name, ifsc code, branch doesnt match and above all generating a receipt with the wrong information. As you say, only account number is considered during transaction, does that mean my money could also have been transferred to some other bank having the same account number (say in Bank of baroda, bank of maharashtra)? Also, at least at the time of issuing the transaction receipt, the software can give a message that the name of the person or branch doesnt matches with the account number you have entered. Or the receipt displays the original name of the incorrect beneficiary, so that we could have known that we have entered something wrong while doing the transfer. You have to admit the failure of your software systems.

The receipt that i got:

From Account 13851000003963
Beneficiary Name Meena
Beneficiary IFSC Code ICIC0000378
Beneficiary Account Number / Credit Card Number 137801500022
Bank Name ICICI BANK LTD
Transfer Amount 100,000.00
Transfer Description lic
Mode of Communication SMS
Communication detail 9818809979
02 Apr 2012 NEFT DR-1385F12093000001-Meena ICIC0000378

I was made aware of the fraud only when i checked the original beneficiary and she told me that the funds are not transferred. After checking with customer care, I was told that a wrong digit was entered in the account number and the money has been transferred to someone else. This clearly indicates that online transfers are not safe and anybody can easily commit a fraud. This issue can happen with anyone and the bank has all the responsibility towards it customers.

Just to inform you, there have been instances in the past when such a thing has happened and the banks have returned the amount. You cannot add a beneficiary if the name doesn't matches and even if the funds got transferred to the wrong person, the beneficiary bank returns the amount in matter of few days.

The RBI guidelines also states that:

Q.20. What are the pre-requisites for originating a NEFT transaction?

Ans : Following are the pre-requisites for putting through a funds transfer transaction using NEFT –

Originating and destination bank branches should be part of the NEFT network

Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the beneficiary bank branch should be available with the remitter

For net banking customers, some banks provide the facility to automatically pop-up the IFSC once name of the destination bank and branch is highlighted / chosen / indicated / keyed in.

4.6 A bank branch may reject a customer's request for funds transfer when, in the opinion of the sending branch,

i) the customer has not placed funds at the disposal of the sending bank;
or funds placed is not adequate to cover the sum to be remitted and the
service charge; or

ii) the beneficiary details given in the NEFT Application form are not
adequate to identify beneficiary by the beneficiary bank. The essential
elements of beneficiary's identification are:

Beneficiary's Name :
Beneficiary branch Name :
Beneficiary Bank Name :
Beneficiary's Account Type :
Beneficiary's Account No. :
Beneficiary’s Branch IFSC :

URLs for reference:
rbidocs.rbi..org.in/rdocs/content/pdfs/67253.pdf
rbi.org.in/scripts/FAQView.aspx?Id=60

It has been over a month now. You are requested to take some concrete action in this regard at the earliest. I want my money back at any contact. This is my final mail to your bank and after getting reply from your side, I will contact the banking obudsman and if required, will take legal action against your bank.

Regards
Vipin Singh
9818809979




----- Original Message -----
From: "Kunal Shriodkar" <senior.management@icicibank.com>
To: "Vipin Singh Rawat" <vipinrawat@tradeindia.com>
Sent: Monday, May 7, 2012 9:36:50 PM
Subject: RE:'ICICICARE=002-166-778' ICICI Bank Ltd

Dear Mr. Rawat,

We refer to your e-mail of May 03, 2012 addressed to Managing Director which has been forwarded to the undersigned for due analysis and redressal.

At onset we sincerely regret the inconvenience caused to you.

We wish to inform you that, as per the process we have taken immediate steps and marked a lien to incorrect beneficiary account. However, until the incorrect beneficiary is not able to get the said amount in his account the money cannot be refunded back to your account. We would like to bring to your notice that, amount get transfer ed as per the account number present in the NEFT request and not as per the name. RBI guideline is this regard is attached for your reference.

Our branch is constantly trying to get in touch with the beneficiary of the funds, however, he is not reachable. We wish to inform you that the funds will be returned back once they are avaialble in the beneficiaries account.
Thank you for writing to us.

Sincerely,

Kunal Shirodkar
Manager - Senior Management Desk
-----------------------------------------------------------------------------------------------------------------------------------
-----Original Message-----
From: Vipin Singh Rawat (vipinrawat@tradeindia.com)
Date: Thursday, May 03, 2012 01:07 PM
To: headnorthzone@icicibank.com (headnorthzone@icicibank.com); managingdirector@icicibank.com (managingdirector@icicibank.com)
Subject: NEFT Transfer Fraud (Need Your Attension)

Sir,

On 2nd of April 2012, i had used hdfc net banking third party transfer for transferring Rs. 1 Lakh to my sisters' AC in ICICI Bank in Delhi. On enquiring, i found out that the amount was wrongly transferred to some other persons' account in your bank.

The receipt confirming the transaction is as follows:

Third Party Funds Transfer - NEFT - Confirm

Please verify and confirm your request for NEFT funds transfer.
From Account 13851000003963
Beneficiary Name Meena
Beneficiary IFSC Code ICIC0000378
Beneficiary Account Number / Credit Card Number 137801500022
Bank Name ICICI BANK LTD
Transfer Amount 100,000.00
Transfer Description lic
Mode of Communication SMS
Communication detail 9818809979
02 Apr 2012 NEFT DR-1385F12093000001-Meena ICIC0000378

A/C No to which the amount is originally meant to be transferred was -

Name: Meena
A/c No: 037801500022
Branch: Janakpuri Address: C-1/4, Janakpuri, New Delhi-110 058 DELHI (DELHI)
IFSC Code : ICIC0000378
Bank: ICICI

A/C No. to which the amount got wrongly transferred to:

Name: Meena
A/c No: 137801500022
Branch: Janakpuri Address: C-1/4, Janakpuri, New Delhi-110 058 DELHI (DELHI)
IFSC Code : ICIC0000378
Bank: ICICI

Senders Details:

My Name: Vipin Singh
A/c No: 13851000003963
Bank: HDFC
IFSC Code : HDFC0000337
Branch: OKHLA PHASE - I, New Delhi.

The transfer procedure itself implies serious security lapses on the part of both the banks (ICICI and HDFC) as far as online transfer is concerned.
RBI guidelines for NEFT clearly mentions the per-requisites for NEFT transfer includes beneficiary name, account number, account type,
name and IFSC of the beneficiary bank branch.

Then how come the account was added in the first case and if that has happened (due to a technical error on the part of the HDFC bank) then how did the beneficiary bank's (ICICI) did not even bother to check the complete details before transferring the amount as everything including name, gender, IFSC code were different from the original beneficiary.

As per my knowledge, if any thing of this sort happens (like account details not matching), the amount is returned to the sender in a matter of few days.

I had clearly mentioned the IFSC code and branch where the money is to be transferred was Delhi. Then how come the amount transferred to a person in some other city? The irony is that even in the confirmation details also we did not get any error.

My legal advisor suggested me to contact the beneficiary bank as well, hence I am writing to you also.

Sir, it has been over a month now and I have been running from pillar to post to get my money back. But till date nothing has happened. I am writing to you with the hope that you will help me out in the case.

Regards

Vipin Singh
9818809979
Find all posts by this user
Quote this message in a reply
26-05-2012, 06:01 PM
Post: #2
RE: NEFT Money by Mistake Credited to Another Account
If RBI circular is indeed correct: "NEFT credits will solely happen on the basis of account number only." then ICICI bank may not return your money.

When you'd detected this incorrect transfer and if you had approached ICICI Bank instead of HDFC Bank immediately after this, they'd definitely have debited the beneficiary account even without mandate I think and it'd have been fully legal -- after all they'd have found out incorrect transfer happened.

It is not the amount that matters. It is more of my self-respect as an educated consumer!Shy
Find all posts by this user
Quote this message in a reply
27-05-2012, 10:39 AM
Post: #3
RE: NEFT Money by Mistake Credited to Another Account
I remember I myself check by Rs. 100 NEFT giving wrong name and did bounce. ICICI bank is looks like most security conscious -- I try to avoid it's netbanking. But allowing transfer without check name of recipient clearly shown it's "true" security measures by not incorporating the most basic security feature. Have you seen ICICI security awareness ads in newspapers? Just an "ad"?

Secondly banks try to assign account numbers randomly. That means if you change any digit in 11-16 digit account number the probability of it being an existing account number is very likely near zero. But it does not seem to be the case with ICICI bank. Looks like it is assigning account numbers serially! It mean my account number ends with 346 and if I just change 6 to 7 it'd work most likely! What a security hole!!!

It is not the amount that matters. It is more of my self-respect as an educated consumer!Shy
Find all posts by this user
Quote this message in a reply
27-05-2012, 10:46 AM
Post: #4
RE: NEFT Money by Mistake Credited to Another Account
Dear Mr.VipinSingh,

I have seen your post “Yesterday, 05:47 PM” (This post was last modified: Yesterday 05:55 PM by Expert.) in thread NEFT Money by Mistake Credited to Another Account.

Mr.VipinSingh having account in HDFC Bank at OKHLA PHASE – I transferred money to the value of Rs 1,00,000/- to the Beneficiary having account in ICICI Bank at Janakpuri Address: C-1/4, Janakpuri, New Delhi-110 058 on 02-04-2012 through NEFT.

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer.

Originator
My Name: Vipin Singh
Bank: HDFC
A/c No: 13851000003963
Branch: OKHLA PHASE – I
IFSC Code : HDFC0000337

Money Transfer involved: Rs 1,00,000/-

Correct Beneficiary

Name: Meena
Bank: ICICI
A/c No: 037801500022
Branch: Janakpuri Address: C-1/4, Janakpuri, New Delhi-110 058 DELHI (DELHI)
IFSC Code : ICIC0000378

Wrong Beneficiary

Name: Meena
Bank: ICICI
A/c No: 137801500022
Branch: Janakpuri Address: C-1/4, Janakpuri, New Delhi-110 058 DELHI (DELHI)
IFSC Code : ICIC0000378

The mistake happened when entering the A/c No: 037801500022 of correct beneficiary as A/c No: 137801500022 by the originator. The beneficiary bank (ICICI) adjusted the amount in the credit of wrong beneficiary and confirmed this by sms to 9818809979 (I hope this is your mobile number) on 02 Apr 2012 “NEFT DR-1385F12093000001-Meena ICIC0000378”

What to do by the Originator?

“Beneficiary details such as beneficiary name, account number and account type, name and IFSC of the Beneficiary Bank branch were furnished by the originator”.

Request the Beneficiary Bank (ICICI) to check the profile for A/c No: 137801500022

Request the Beneficiary Bank to check the IFSC for A/c No: 137801500022

IFSC or Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system. This is an 11 digit code with the first 4 alpha characters representing the bank, and the last 6 characters representing the branch.

Definetely the profile and IFSC of A/c No: 137801500022 (Wrong Beneficiary) will not be the same as A/c No: 037801500022 (Correct Beneficiary).

If the destination bank, is unable to afford the credit to the beneficiary for any reason, it has to return the transaction to the originating bank. On receiving such a returned transaction, the originating bank has to credit the amount back to account of the originating customer.

Or else you can contact the Wrong Beneficiary personally and request him to transfer the amount of Rs 1,00,000/- (wrongly credited in his account ) to the account of correct Beneficiary with the help of Beneficiary Bank.

If you are not able to succeed in these steps you have to approach the Consumer Court.

Rajgopalan
Find all posts by this user
Quote this message in a reply
27-05-2012, 11:24 AM
Post: #5
RE: NEFT Money by Mistake Credited to Another Account
@Rajgopalan he transferred Rs. 1 Lac from HDFC Bank to ICICI. He typed-in all details correctly except for bank account number ( typed 137801500022 instead of 037801500022). So ICICI Bank credited some rogue guy's holding account number : 137801500022 without even checking IFSC Code and Account Name. That guy is now refusing to return this money and since then has emptied his account in ICICI.

Clearly it is gross negligence of ICICI part, more of when ICICI is projecting itself as most security conscious bank in India when in current case even minimum checks were not done before crediting (incorrectly) the transferred money.

It is not the amount that matters. It is more of my self-respect as an educated consumer!Shy
Find all posts by this user
Quote this message in a reply
31-05-2012, 08:25 PM
Post: #6
RE: NEFT Money by Mistake Credited to Another Account
Dear Mr.VipinSingh,

Please find whether this information is useful to you.

In case of non-credit or delay in credit to the beneficiary account, the NEFT Customer Facilitation Centre (CFC) of the respective bank can be contacted (the remitter can contact his bank’s CFC; the beneficiary may contact the CFC of his bank). Details of NEFT Customer Facilitation Centres of banks are available on the websites of the respective banks. The details are also available on the website of Reserve Bank of India at

http://www.rbi.org.in/Scripts/bs_viewcon...px?Id=2070

If the issue is not resolved satisfactorily, the NEFT Help Desk (or Customer Facilitation Centre of Reserve Bank of India) at National Clearing Cell, Reserve Bank of India, Mumbai may be contacted through e-mail or by addressing correspondence to the General Manager, Reserve Bank of India, National Clearing Centre, First Floor, Free Press House, Nariman Point, Mumbai – 400 021.

Rajgopalan
Find all posts by this user
Quote this message in a reply
31-05-2012, 09:54 PM
Post: #7
RE: NEFT Money by Mistake Credited to Another Account
Legally, I think he can't hold ICICI Bank responsible since they've show the rule by RBI and they did follow the minimum desired. My suggestion is that Mr Singh should visit RBI and find out the correct circular or rule for NEFT transfer from RBI. An RTI may be needed.

It is not the amount that matters. It is more of my self-respect as an educated consumer!Shy
Find all posts by this user
Quote this message in a reply
14-06-2012, 10:49 PM (This post was last modified: 15-06-2012 09:03 AM by Expert.)
Post: #8
RE: NEFT Money by Mistake Credited to Another Account
i am also facing the same problem, what the neft guys doing i dont know, there is not security for money transfer, what the hell they doing, same i did mistake in one digit amount transferred to another account, i contacted customer care, but they not giving proper answer,
(26-05-2012 05:47 PM)vipinsingh Wrote:  Dear Sir,

I am writing to you for a payment of 1 lac rupees through NEFT transfer on 2nd April 2012 to my sister Meena A/C ........
Find all posts by this user
Quote this message in a reply
03-10-2012, 06:44 PM (This post was last modified: 03-10-2012 07:43 PM by Expert.)
Post: #9
RE: NEFT Money by Mistake Credited to Another Account
Hi Vipin,

Similar issue happened with be , I use Oriental Bank of Commerce , I had Transferred 15000/- to a wrong account by gods grace contacted bank manager in turn he provided contact details ,I was lucky that the guy who received funds from my account was very honest and genuine , He Sent my money back to my account within 24hrs .
How ever My bank Manager clearly stated that try your luck as we cant reverse I can only assist as my customer and help you contact the customer

regards
Farhan Rasheed
Find all posts by this user
Quote this message in a reply
18-02-2013, 07:43 PM
Post: #10
RE: NEFT Money by Mistake Credited to Another Account
This issue happened with me today on 18 Feb 2013.
I transferred from Canara bank to hdfc. the account is mis entered. the first four digits of hdfc account number is that of ifsc code. i rightly entered ifsc code. but, when i entered account number the prefix 4digits of ifsc code misentered with a single digit. The supposed branch in madura. where as the credited branch in J&K. Beneficary name and branch code not checked by HDFC. Seems HDFC merely based on account number credited. neither check of ifsc code nor beneficary name has been done apprently. If bank does not take ifsc and name into account for effecting transfer why they are asked to be entered. Are these for cosmetic reasons filled. Will not this type of transaction leads to security issues.
Hope our system will awake to such eventualities.

(03-10-2012 06:44 PM)farhan Wrote:  Hi Vipin,

Similar issue happened with be , I use Oriental Bank of Commerce , I had Transferred 15000/- to a wrong account by gods grace contacted bank manager in turn he provided contact details ,I was lucky that the guy who received funds from my account was very honest and genuine , He Sent my money back to my account within 24hrs .
How ever My bank Manager clearly stated that try your luck as we cant reverse I can only assist as my customer and help you contact the customer

regards
Farhan Rasheed
Find all posts by this user
Quote this message in a reply
Post Reply 


Forum Jump:


User(s) browsing this thread: 4 Guest(s)