There is a saying “No one is above mistake”. There are some instances where mistakes or negligence arise in the cause of transferring money from one bank to another bank. For some “unexplained” reasons, the money will go to an unintended person's account. Another related example is money transferred to a fraudster. What then is the fate of the sender?
When it occurs that money is sent to the wrong account, the sender is expected to approach his bank to complain. Receiving the complaint, the bank in line with CBN directives, is to reverse the money to the complainant’s account even without notifying the receiver.
What if the sender's bank is different from the receiver's bank?
The sender is to complain to his bank, while his bank will send the complaint to the receiver’s bank. The receiver's bank is to reverse the money to the sender’s bank account within 14 days of receiving such a complaint, even without the consent of the receiver; this is in line with the CBN directive. However, where the money has been withdrawn, the receiver’s bank shall immediately formally notify her customer that the account was wrongly credited, and as such he should pay back the said amount. The customer shall be notified that the consequence of not funding the account within 24 hours includes watch-listing in the financial system, BVN system, Credit Bureau, and reporting to law enforcement agencies e.g. Police, EFCC, etc.
However, the above is not always so when people go to the bank to report such. Banks, nowadays, for a reason best known to them, will require from the complainant, a Court Order directing them to reverse the money which has been wrongly transferred. So, in line with their tradition, you must first get a court order before the money can be reversed to your account.
What if I was scammed or defrauded of my money through a bank account?
In this case, you sent money to another person and later discovered you have been scammed or defrauded. Well, all hope is not lost. The steps to follow are to report to the police, who will ask for the full details of the suspect. This will enable them to start “tracking” the suspect, since you cannot know his home address, phone number, BVN, etc., you have to approach the bank of the suspect, with a court order to that effect; else no bank will disclose their customer's details. The bank, in receiving the Court order, will provide you with all the details required. Then the police, in receipt of the details, will swing into action. Though, this always takes a longer time, than the complaint may be expecting. Imagine that a case of such was reported in Lagos, whereas the suspect lives in Kano or Enugu. I’m sure you know the tracking and arrest won’t end soonest.
However, lawyers have designed a “quick means” to the benefit of their client (the complainant) in the two cases stated above “MONEY TRANSFERRED TO ANOTHER ACCOUNT” or “MONEY TRANSFERRED TO A FRAUDSTER.”
Immediately you report any of the cases to your Lawyer, he is to institute an action in the court against the receiver’s bank as the first defendant and the receiver of the money or the Fraudster as the second defendant. This suit will enable him to demand the order of the court, asking the receiver's bank to reverse the money to the complainant's account. This is to save time and cost and it is always fast and effective. The complainant does not need to come to court for any reason. You will also agree that no bank will want to come to the court to defend a fraudster.
What if the fraudster has withdrawn the money? In this case, equity will be set in the complainant's favour ("Equity will not suffer a wrong to be without a remedy." The court through the request of your lawyer will order “PND” on his account or BVN and any money paid into such account(s) will be withheld and reversed to you, till you are fully paid.


The above information is not a substitute for professional legal advice. This does not create a lawyer-client relationship, nor is it a solicitation to offer legal advice. If you need legal advice, please send a direct message to jideade99@gmail.com.