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It only takes a few minutes: this is how you can get the transferred money back

2024-03-19T04:32:37.842Z

Highlights: It only takes a few minutes: this is how you can get the transferred money back. Since 2009, according to the EU directive on banking transactions, financial institutions are no longer obliged to compare the name of the payee with the customer ID. You have eight months to complain about a direct debit that has been incorrectly debited. If there is no direct debit authorization, the deadline is extended to 13 months. For the so-called chargeback procedure, you must fill out a form issued by the bank.



As of: March 19, 2024, 5:14 a.m

By: Laura Hindelang

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Getting money back is difficult – but not impossible.

It is important that you act quickly.

Because the time window is narrow.

A transposed number in the IBAN, one zero too many, an incorrect recipient name – mistakes in the transfer can happen quickly.

Theoretically, the money can be recovered.

In practice, however, this is rarely easy.

The chances are highest if you notice the error immediately after making the transfer.

Because in payment transactions it often only takes a few minutes.

To get the transferred money back – you should act immediately

According to the Civil Code, online transfers in the European Economic Area may take a maximum of one banking day.

They are typically completed within three to 24 hours.

If the sender and recipient bank are identical, the transfer usually takes place in real time, informs

Volksbank

.

If the money has not yet been withdrawn from your account, the process can usually be stopped.

Either use the “Call back transfer” function in online banking or contact your bank by telephone.

In order to get back transferred money without any problems, you have to react quickly.

© Imaginechina-Tuchong/Imago

Things become more difficult once the amount has been credited to the recipient's account.

The bank then no longer has access to the money.

However, you can request a refund.

To do this, your financial institution contacts the recipient's bank, which is then asked to repay the money, explains the

Finanztip

portal .

The recipient is legally obliged to refund you the incorrectly transferred amount.

But if he has already spent the money or refuses to do so, you have bad cards.

According to

Volksbank,

your last chance is to submit an advertisement.

Double transfers are easier to get back

There are also fees of up to 50 euros for the return service.

If it is only a small amount, the effort is usually not worth it from a financial perspective.

The situation is different with a double transfer, i.e. if you have transferred the identical amount twice to the same recipient with the same purpose.

The money can then be retrieved without any problem, writes

Wirtschaftswoche

.

The situation is similar if you have entered an incorrect IBAN and the account does not exist.

In online banking, the error is immediately noticeable because the system displays a corresponding message.

Even if the money goes out of the account, it comes back automatically, usually within three days, the

savings bank

informs .

Things are less complicated if you request a refund of an amount of money that was debited by direct debit or credit card.

In both cases you have significantly more time:

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  • Direct debit

    : You have eight months to complain about a direct debit that has been incorrectly debited.

    If there is no direct debit authorization, the deadline is extended to 13 months.

    To do this, you can usually use the “return direct debit” function in online banking.

    You don't have to give reasons for the chargeback, explains the

    Finanztip

    portal .

  • Credit card:

    You have 120 days after the debit to get the money back.

    For the so-called chargeback procedure, you must fill out a form issued by the bank.

Since 2009, according to the EU directive on banking transactions, financial institutions are no longer obliged to compare the name of the payee with the customer ID (the IBAN) when making transfers.

Since then, bank customers have been liable for their own entries.

All information such as name, intended purpose and IBAN should be checked carefully before each transfer.

Would you like valuable money-saving tips?

Merkur.de's “Clever Save” newsletter always has the best money-saving tips for you every Thursday.

This also applies to your account statements, which you should check regularly.

Not only could you notice incorrect withdrawals, but also whether your account has been hacked.

Source: merkur

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