Let’s learn how to get back money that was accidentally transferred to an incorrect account. Occasionally, an awkward situation may arise due to a mistake such as entering the wrong account number. Let’s find out how to get it back cleanly in that case.
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Error remittance return support system
A remittance by mistake refers to a transaction in which a transfer is made by incorrectly entering the financial company or recipient’s account number due to an individual’s mistake. Recently, as account transfers via smartphones have become more frequent, this has become a frequent occurrence when sending money.
It is said that erroneous remittances often occur because people send money without carefully checking the account number and name of the recipient.
How to get money back from account transfer by mistake
1. Contact the bank where the money was withdrawn
First, visit the bank in person or contact customer service to request a refund of the erroneous remittance. The information required when applying is as follows:
Name/Full Name of Remitter
Amount sent (money to be returned)
Recipient’s name/full name
Recipient account number
If the account is from the same bank, it is processed quickly, but if it is from a different bank, it takes a considerable amount of time to process.
2. Contact the recipient bank
In principle, it can be processed only after a return claim is received, but if the recipient withdraws the money before then, it becomes quite complicated. The return request consent process is as follows.
The recipient’s bank requests the recipient to request a refund.
If you agree, you can get your money back when the return request documents arrive (takes 2-3 days).
If you have received money by mistake, you don’t have to make a separate inquiry; just wait and they will contact you (the bank transfers it without you having to return it yourself).
3. Apply for return assistance
If the recipient refuses to return the money, apply for the return support system implemented by the Deposit Insurance Corporation.
Previously, if the recipient refused to return the money, you had to file a lawsuit and win to get it back. This procedure was so complicated and time-consuming that I gave up about half of it.
Therefore, the Korea Deposit Insurance Corporation has established a new erroneous remittance return support service starting in July 2021.
4. Return application eligibility screening
Applying for the return support system does not mean that everything will be completed, but if it is approved after qualification review, the return process will proceed. The application conditions are as follows:
If the application date is within 1 year from the remittance date
If you first applied for a refund through a bank or securities company, but the refund is not received, you can use the support system.
The remittance amount is more than 50,000 won and less than 10 million won.
Not possible if the recipient is not in the country or is dead.
5. Return support process
If you apply for the return support service on the Korea Deposit Insurance Corporation website, the process will proceed in the following order.
Entered into a transfer agreement for unjust enrichment refund claim
Secure recipient information using financial companies and administrative agencies
The Deposit Insurance Corporation recommends voluntary return to the recipient and recovers the erroneous remittance amount within 3 weeks.
If you do not comply, the court will send a payment order to the recipient and seize the property to recover it.
Image explaining the return support process
Return support procedure
6. Amount refunded
The Korea Deposit Insurance Corporation will return the remaining amount minus the execution costs incurred for the return from the recovered amount. If the account from which you received the money in error has been seized or delinquent, you cannot apply for return assistance.
Error remittances that occur during simple remittances without using an account number are not eligible for return support. If the receiving account is a foreign bank without a domestic branch or was opened at an overseas branch of a domestic bank, application is not possible.
The Korea Deposit Insurance Corporation’s main number is 1588-0037, and for face-to-face applications, it is the mistaken remittance return support counseling center on the first floor of the Korea Deposit Insurance Corporation headquarters.