As the banking sector has incorporated more technology, bank transfers require less time to reach their recipient. But this also causes a challenge: being able to minimize errors when ordering them. And what happens in that case? Can we cancel them? The Bank of Spain is clear about it.
The Bank transfers are very common for manage all types of payments: from renting our home to purchasing a vehicle. Going through any other transaction in which, due to the amount or nature of the transaction, the use of a card is not permitted. However, despite its everyday nature, its execution is not free of errors. Even more so if we take into account the large number of numbers involved when ordering it.
Over the past few years, the time between the transfer starts until the money reaches its destination is minimal. In most cases, if it does not arrive on the same day, it arrives after just a few hours. A situation that adds extra complexity, since it barely offers the possibility of trying to speak with our entity to explain what happened and cancel the order. Given this situation, what happens if we make a mistake when making a transfer? He Bank of Spain clarifies it: There is only one justified reason.
Cancel transfer in case of error
In the moment in wich we execute the transfer and we detect the error, we must contact our bank so that the entity carries out the procedures relevant in order to try to recover the funds we have transferred. However, and as the regulatory body previously mentioned, “whether they are ultimately successful or not” the managements “It will depend on the will of the beneficiary who has received the money”. In the event that the person who has received the money accepts the return, “the entities may then reverse the operation and the money will return to our account.”
But what happens if the recipient of our money refuses to accept any type of return? In this case, the last alternative we have is go to court alleging a possible crime of misappropriation. And, at that moment, it will be the Justice that determines the final decision.
Only reason allowed
Despite everything previously mentioned, Yes, there is a way that is justified and that will allow us to recover our money regardless of the will of the beneficiary: when the transaction is not authorized or has been carried out incorrectly due to an error attributable to the ordering entity, that is, to our bank.
- Any transfer that is not recognized, The entity must immediately repay the funds withdrawn.
- In the event that the error is “attributable to the entity of the ordering party, for having made the transfer without taking into account the unique identifier or for having duplicated the order, since there was no consent validly given by the ordering party, the operation could be reversed without the need for the consent of the beneficiary”. However, in this case the pertinent communication to the beneficiary, although it is only for informational purposes, without having the capacity to decide on the act itself.
