Despite the IBAN, this happens faster than you think: money is transferred to the wrong account or sent to the wrong addressee via the Internet and Paypal. One transposed number or one too few underscores in the Paypal address and the money ends up somewhere else entirely. Attentive banks recognize when the account number does not match the recipient’s name and ask questions, especially for large sums, but this is not a guarantee.
With a bit of luck you can still “intercept” the booking, but to do this you have to act quickly and ask the executing credit institution about the options for recalling the transfer. Although there is little hope, it may still work under certain circumstances, especially if “immediate transfer” was not used or bank-free days such as the weekend delay the completion of a transfer.
However, once the money is credited to the counter account, nothing works anymore. Then all you have to do is ask the recipient for a refund. This can lead to problems because the bank holding the account cannot easily provide the recipient’s address details. With Paypal you can at least write to the email address provided, but things are different with a bank account.
Here, communication between two banks should be used as part of a written application. If there is proven urgency, the bank will help – but it does not have to and will refuse if there are doubts about “your story”.
The lawyer Fabian Fritsch, who focuses on banking law, knows: “Banks cooperate in many cases, but they are neither obliged to provide assistance nor to replace the money themselves. In principle, the incorrectly transferred money does not belong to the recipient, but if the recipient refuses to pay it back, private individuals are often unable to enforce their claims!”
If there is a suspicion that the money is deliberately not being returned, a report should be filed with the police, and at the same time the recipient should be sued for the return.
Fritsch: “All of this should be carefully considered and all options should be explored in out-of-court proceedings. You have to keep in mind that the book money ends up in accounts whose statements are not accessed or whose owners have moved away or died. Under certain circumstances you have also transferred to a seizure protection account and the owner cannot simply book the corresponding amount back.”
Depending on the amount, you should hire a lawyer who is experienced in banking law and who can enforce the relevant information obligations. For smaller amounts you should stay in contact with the banks and just show perseverance.
The Hafencity law firm advises on the topic Banking law and financial services nationwide.
