What happens if money sent to correct A/c no but wrong name

[experience]

I was wondering what happens if the person sending the funds from a bank enters the name wrong, like completely wrong. Instead of Rahul Kumar, he writes Saurav Singh but the account & IFSC is right.

What happens then?

 

[Nishant]

I doubt the name matters. I've transferred money to a current account where I (very badly) misspelt the name of the company and they still got the money.

 

[hitech0101]

I am not able to find a article which i had read a while back. According to the article only the account no. matters even if you get other things wrong and the correct account no. the transaction goes through. But if the account no. is wrong then there is very little to do get your money bank it is a long process and depends on who received the money if it is an invalid account no. the money is reversed to your account. Banks are stupid not to educate customers on transfers as they might be under the impression the transaction goes through only in case everything is correct which i do not think is the case. My suggestion is if you intend to make a big transfer do a trial run first with Rs1/- even if charges are deducted it is worth the peace of mind.

 

[arafat]

did it so many times ... name doesnt matter . a/c number should be correct

 

[raj2007]

My suggestion is if you intend to make a big transfer do a trial run first with Rs1/- even if charges are deducted it is worth the peace of mind.

Rs 1????? AFAIK its not possible. Minimum is Rs.100..right?

 

[hitech0101]

i have done transfer Rs 1 long time back when adding a new beneficiary.

 

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[hitech0101]

If the minimum is 100/- you can try that or read the account no. twice carefully still if sum is large better to split the amount. My largest payments have been via cheque not transfers i did do many transfers but sums were not too huge hence did not do trial runs.

 

[hitech0101]

did it so many times ... name doesnt matter . a/c number should be correct

I think even if IFSC is wrong the transaction may go through.

 

[arafat]

never tried with wrong ifsc

 

[mhsabir]

Thats primarily because all banks have moved to core banking. My ICICI Bank A/c was shifted to nearby branch based on my address by ICICI for easier banking - and they did mention dont have to worry about asking people who intends to do NEFT to change anything as it does not matter.

 

[aekae47]

Name doesn't matter the least bit. I have so many beneficiaries with nicknames but the transfers always work. Even a few banks' form while adding beneficiary mentions 'Nickname' instead of name.