Free Legal Advice.
Erroneous Money Transfer.

You mistakenly or erroneously transfered money to a wrong account and you want the receiver bank to reverse the payment. This is more common now than ever because of online or e-transfer platforms which most, if not all, banks use.

What is the remedy?

I am afraid to say that your only remedy in this case runs through the courtroom and the courtroom only.

No, the Police cannot directly order the bank to reverse the payment without a court order. Even if the money was induced by fraud, they will still need a court order to freeze the account and get the money out.That's because the Law does not joke with Banker-Customer Confidentiality obligations.

Here are necessary steps you must take once you find out you've mistakenly or erroneously made a tranfer to an unknown or known receiver/beneficiary.

1. Make a complaint to your transfer bank ASAP, preferably in text-format or in writing. It will be useful, necessary evidence in court.

The Court will be more favourably disposed to making the order once it is proved that you've made a complaint to your bank and the bank has acknowledged or confirmed the transfer, and also that your bank has made efforts to address the issue by contacting the receiver bank but to no avail. This is very important.

2. Save or keep the evidence of tranfer and debit from your account to the receiver's account and bank. Electronically generated debit alert is good and credible evidence of this. Or you may request for your bank statement for that particular day showing the transfer.

Note: Normally your bank should seek to resolve the issue by contacting the receiver bank, but it would be easier if the receiver uses the same bank as the sender. However if he doesn't use the same bank and he refuses to return the money, he cannot be forced by your or his bank or even the Police to reverse payment, except by order of court.

3. Consult a lawyer who will file what we call an Originating Motion at the Magistrate Court (if the money tranferred is less than N10M) or High Court (if the money transfered is above N10M).

The lawyer will support the Motion with an Affidavit stating the facts in terms of details of the erroneous transfer such as the account name, account numbers and bank of the transferor or sender (you); account name, account numbers and bank of the transferee or receiver; evidence of transfer and debit or bank statement showing date and time the transfer was made; official complaint to the bank as mentioned in (1) above; response(s) from the bank, if any, and other relevant facts.

He must also state that the transfer was erroneous and not intended for the benefit of the receiver. That the receiver was either not known to him or that he was known but he had no business dealing with the receiver to warrant such transfer.

4. The lawyer will ensure that the NECESSARY PARTIES in the case include the bank of the receiver and the receiver himself.

5. The lawyer must ensure that the receiver bank and the receiver are served with the said Motion.

But how do you serve the receiver personally if you don't have his address or email since they are confidential information they bank won't divulge? The way out is to obtain a court order to serve him by substituted means through his receiver bank. The bank will then ensure that he is served. Once this is done the Motion will be ready for hearing and the order will be made.

Usually the receiver bank will not file any opposition to the Motion and may not even make an appearance in court, but that's only where they are already aware of your complaint through your bank.

6. The lawyer will then obtain a certified true copy of the order and serve it on the receiver bank who will be obligated and mandated to reverse the payment ASAP.

Note: That once you serve the Originating Motion on the receiver bank, it acts as a freeze on the receiver's account. That means the bank has a duty to put a "Post No Debit" on the account and communicate same to the receiver until the Motion is finally heard and decided, otherwise the bank might be held in contempt of court.

7. Once the order for reversal is made, the receiver has no say in the matter. He is merely an observer at this point. His bank will and must carry out the order of court.

Basically this is your only remedy in law when you make an erroneous transfer of money.

Please note that erroneous does not mean transfer induced by fraud. That is a separate issue and it invites a separate procedure.

That's why you must be meticulous and vigilant when transacting on any e-banking platforms because the remedial process is somewhat arduous, not to mention the legal cost.

Imagine seeking to reverse money of 100k and you have to pay a lawyer another 100k for his court appearances and professional fees.

Oh yes, the lawyer must still earn his fee regardless of how much you want reversed. It doesn't diminish his professionalism.

#truthissacred
Selah.


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farem:
Free Legal Advice.
Erroneous Money Transfer.

You mistakenly or erroneously transfered money to a wrong account and you want the receiver bank to reverse the payment. This is more common now than ever because of online or e-transfer platforms which most, if not all, banks use.

What is the remedy?

I am afraid to say that your only remedy in this case runs through the courtroom and the courtroom only.

No, the Police cannot directly order the bank to reverse the payment without a court order. Even if the money was induced by fraud, they will still need a court order to freeze the account and get the money out.That's because the Law does not joke with Banker-Customer Confidentiality obligations.

Here are necessary steps you must take once you find out you've mistakenly or erroneously made a tranfer to an unknown or known receiver/beneficiary.

1. Make a complaint to your transfer bank ASAP, preferably in text-format or in writing. It will be useful, necessary evidence in court.

The Court will be more favourably disposed to making the order once it is proved that you've made a complaint to your bank and the bank has acknowledged or confirmed the transfer, and also that your bank has made efforts to address the issue by contacting the receiver bank but to no avail. This is very important.

2. Save or keep the evidence of tranfer and debit from your account to the receiver's account and bank. Electronically generated debit alert is good and credible evidence of this. Or you may request for your bank statement for that particular day showing the transfer.

Note: Normally your bank should seek to resolve the issue by contacting the receiver bank, but it would be easier if the receiver uses the same bank as the sender. However if he doesn't use the same bank and he refuses to return the money, he cannot be forced by your or his bank or even the Police to reverse payment, except by order of court.

3. Consult a lawyer who will file what we call an Originating Motion at the Magistrate Court (if the money tranferred is less than N10M) or High Court (if the money transfered is above N10M).

The lawyer will support the Motion with an Affidavit stating the facts in terms of details of the erroneous transfer such as the account name, account numbers and bank of the transferor or sender (you); account name, account numbers and bank of the transferee or receiver; evidence of transfer and debit or bank statement showing date and time the transfer was made; official complaint to the bank as mentioned in (1) above; response(s) from the bank, if any, and other relevant facts.

He must also state that the transfer was erroneous and not intended for the benefit of the receiver. That the receiver was either not known to him or that he was known but he had no business dealing with the receiver to warrant such transfer.

4. The lawyer will ensure that the NECESSARY PARTIES in the case include the bank of the receiver and the receiver himself.

5. The lawyer must ensure that the receiver bank and the receiver are served with the said Motion.

But how do you serve the receiver personally if you don't have his address or email since they are confidential information they bank won't divulge? The way out is to obtain a court order to serve him by substituted means through his receiver bank. The bank will then ensure that he is served. Once this is done the Motion will be ready for hearing and the order will be made.

Usually the receiver bank will not file any opposition to the Motion and may not even make an appearance in court, but that's only where they are already aware of your complaint through your bank.

6. The lawyer will then obtain a certified true copy of the order and serve it on the receiver bank who will be obligated and mandated to reverse the payment ASAP.

Note: That once you serve the Originating Motion on the receiver bank, it acts as a freeze on the receiver's account. That means the bank has a duty to put a "Post No Debit" on the account and communicate same to the receiver until the Motion is finally heard and decided, otherwise the bank might be held in contempt of court.

7. Once the order for reversal is made, the receiver has no say in the matter. He is merely an observer at this point. His bank will and must carry out the order of court.

Basically this is your only remedy in law when you make an erroneous transfer of money.

Please note that erroneous does not mean transfer induced by fraud. That is a separate issue and it invites a separate procedure.

That's why you must be meticulous and vigilant when transacting on any e-banking platforms because the remedial process is somewhat arduous, not to mention the legal cost.

Imagine seeking to reverse money of 100k and you have to pay a lawyer another 100k for his court appearances and professional fees.

Oh yes, the lawyer must still earn his fee regardless of how much you want reversed. It doesn't diminish his professionalism.

#truthissacred
Selah.


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Good read.