[Explained] Wrong Beneficiary Name but Correct Account Number

Wrong Beneficiary Name but Correct Account Number

 If you entered the wrong beneficiary name but the correct account number, in most cases. As long as the account number is valid, your transaction will go through. In other cases the bank teller will ask you to confirm the beneficiary information before the transfer is processed.

Even if your account name is incorrect, the bank will still send money to your account. However, you may lose the funds if you mistake the recipient’s bank account number or address.

If you ever have trouble sending money from one bank to another, contact their customer service department, and they will help you get it fixed. 

Wrong Beneficiary Name but Correct Account Number
Wrong Beneficiary Name but Correct Account Number

What Will Happen If I Put In The Wrong Beneficiary Name And The Right Account Number? [ Watch Video]

As long as the account number is accurate, it usually doesn’t matter. Some people might use the name to attempt to locate the actual account number if those particulars are incorrect, but it’s more likely that your bank will return the money to your account.

Even though you must mention the beneficiary’s name and IFSC code, the account number is enough to transfer funds. In other words, even if you accidentally type in one digit incorrectly and it doesn’t match the account holder’s name, the transaction will still be processed, and the bank will still transfer the funds. 

What Happens If You Write the Wrong Beneficiary Name?

Mismatched names aren’t that big in cases where the beneficiary’s name isn’t the only detail needed to complete the transaction. The bank will not settle the transaction, and the money will be sent back to the sender’s bank (within 24 hours) if there is any difference in the account number or beneficiary’s name.

If you enter the correct account name, they will be informed that the information matches and can continue with the transaction. However, if the consumer inputs a false name for the account holder, they will be told that the information does not match and directs to get in touch with the person or business they are trying to pay.

Wrong Beneficiary Name but Correct Account Number
Wrong Beneficiary Name but Correct Account Number

Will Money Still Transfer If The Account Name Is Wrong?

Yes, The bank will transfer the money. However, it might not get to the correct account. Sometimes, if a consumer inputs a false name for the account holder, they will be informed that the information does not match and told to verify it.

If there is an intra-bank transfer, the bank may contact the recipient on your behalf and request that the transaction be reversed. The bank will reverse the transaction within one week if the beneficiary agrees. 

What Happens If Account Name Mismatch

Banks can check the name shown on account of the person or business you are paying when setting up a new payment or revising an existing one. The bank will inform you that the account holder’s name you entered is incorrect.

Note: If you enter the proper account name, you will learn that the information is accurate, but you can continue with the payment. You will be given the account holder's actual name to check if you provide a name similar to theirs. To validate the details, you can either get in touch with the intended recipient or edit the information and try again.
Wrong Beneficiary Name but Correct Account Number
Wrong Beneficiary Name but Correct Account Number

In the current banking system, anyone wishing to send money must input the name, account number, and sort code of the intended receiver. To combat fraud, verifying the name of the recipient of a payment is crucial. 

This system’s introduction by banks has been criticized for being slow. However, it is made to stop situations when fraudsters pose as legitimate companies and try to con consumers into depositing money to their accounts.

What Will Happen If I Put The Wrong Beneficiary Name And The Right Account Number In IMPS?

For IMPs, The likelihood of the transaction being denied is relatively high if the beneficiary information needed to make a transfer, such as a name, MMID, or cellphone number, is incorrect. 

Please double-check your account number if you are sending money, especially when using the beneficiary name as part of the relevant details.

What Will Happen If I Put The Wrong Beneficiary Name And The Right Account Number Into Google Pay?

If you face the issue when using Google Pay, you will receive a prompt about the error and be asked to correct it. In other words, the transaction will be unsuccessful until the provided details are correct. 

While using the digital payment option to send money, we often enter the wrong account name or other details during the transaction, which results in an unsuccessful transaction. If you need help, you can contact customer service using the official Google Pay website or app to request assistance or verify the details with the beneficiary.

Wrong Beneficiary Name but Correct Account Number
Wrong Beneficiary Name but Correct Account Number

Wrong Name But Correct Account Number GCASH

With Gcash, if you enter the wrong name and your transfer request is rejected, you’ll receive a message instructing you to check or update the account information. Simply modify the recipient’s name to continue. Additionally, you can occasionally change their bank or mobile money account information.

You’ll get an SMS and an email to confirm the modification once we’ve finished it. The first step is to verify your updated information before they can notify you that “Your modification request has been received.” They will email you to confirm the modification once it has been done.

Wrong Beneficiary Name In a SEPA Instant Transfer

for SEPA Instant transfers, The bank doesn’t really care about what name you put in the name slot, As long as you had the IBAN and the reference number correct, your transfer would be routed without issues. And even if it bounces, it would probably return automatically to your account.

The only thing that matters is that you have the right person’s name and account number.

You can also try using a SEPA transfer form instead of an instant transfer.

Wrong Beneficiary Name but Correct Account Number
Wrong Beneficiary Name but Correct Account Number

Payee’s Name Mismatch

The bank will notify you if you input an incorrect name or reference, so you can contact the person or business you’re trying to pay.

If you send money using incorrect information, it might not go to the correct account, and the bank might not be able to get its money back. Never send money when the data isn’t accurate.

The name on the account you’re paying will be displayed for you to review to see if it’s the correct person. Before sending any payment, you should check the information twice and make another request for a Confirmation of the Payee check.

Can You add beneficiaries on Sunday?

You can add them between 6 a.m. and 8 p.m. (IST). The internet banking system will activate the beneficiary addition within four hours, according to the SBI website. The following day, after 8 a.m., beneficiaries approved after 8 p.m. will be activated (IST).

Is online money transfer possible on Sunday?

Online money transfer primarily operates during the banks’ business hours and is unavailable on Sundays or holidays. The processing of transactions started after the cut-off times is delayed until the following working days, although they are debited immediately.

Wrong Beneficiary Name but Correct Account Number
Wrong Beneficiary Name but Correct Account Number

Can I get my money back if I sent it to the wrong account?

Yes, you must immediately request a transaction reversal from your bank if you accidentally transferred money to a beneficiary you don’t know. Although the bank cannot instantly undo the money that has been moved, you can always submit a written complaint to the bank.

Conclusion

With this, we will be wrapping things up on this topic. Most of the time, a review and verification of the facts will be required unless the bank has approved the beneficiary name to be accurate. You should exercise caution when moving money to a bank account.

Fred Wolf
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