The international one has applied in Germany and Europe since 2014 SEPA Transfer using the 22-digit IBAN of each bank account. However, one inaccuracy is sufficient and the transfer will either be canceled or incorrectly ended up in a different account than intended. As a consumer, you can sit at both ends of the payment flow, which means you can mistakenly receive a sum of money or your own transfer order ends up in the wrong account.
However, it is a legal requirement how one has to behave so that the error can be annulled afterwards. However, if the prescribed procedure is deviated from, there is a risk of loss of the money if an incorrect order was placed, or legal consequences if money received in error is withheld.
Wrong transfer received
If you have mistakenly received an amount of money in your account that was originally intended to end up in another account, the amount may not be withdrawn, spent or transferred.
In the Civil Code (BGB) it is anchored that the sender has a right to the surrender of the money according to Paragraph 812. “Anyone who obtains something through someone else’s service or in any other way at his own expense for no legal reason is obliged to surrender it,” says the text of the law. In the case of the transfer received, the account holder was unwillingly but falsely enriched. Accordingly, he is obliged to surrender the full amount.
Accordingly, the amount of money can either be returned by return mail, or the money can remain in the account untouched until the amount is claimed by the bank or asked for a return transfer. The limitation period for this is three years. If the account holder does not act as prescribed, legal penalties can be expected. Excuses that you have not taken advantage of the increased account balance do not apply in court. According to the law, you have to check your own account balance regularly.
If the transfer was made to the wrong account
A transfer error is particularly annoying if it happens to the detriment of yourself.
If the wrong target account does not even exist, you are spared your own action. In this case, the transfer order will be canceled and returned to the original account after a few working days. If this error occurs during an electronic transfer, most systems usually recognize it immediately and do not allow the process to take place in the first place. If the transfer slip was filled out in the same way, the bank will check the accuracy of the information.
However, if money is transferred to the wrong account, which also exists, the client has two options to reverse the transfer. If the amount of money has not yet been credited to the recipient’s account, the order can still be canceled. If the error is detected early, the house bank should be informed as soon as possible, because the transfer order usually takes one to three working days to be processed.
However, if the order has already been executed, your own bank has no more room for maneuver. However, it will request a return transfer from the recipient, but the recipient does not have to comply with the request of his own free will. If the recipient refuses to surrender, the claim to surrender from Section 812 of the German Civil Code (BGB) must be legally asserted.
Henry Ely / editors Forex-news.com.net
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