What rights do I have as a consumer if my bank carries out a transfer incorrectly?
April 16, 2022 | 40,00 EUR | answered by Alwin Reuter
Dear lawyer,
I am reaching out to you because I recently had an issue with my bank and I am unsure of what rights I have as a consumer in this situation. My name is Eiko Friedendahl and I am a customer of XYZ Bank.
The situation is as follows: a few days ago, I made a transfer of a large amount of money, but the bank executed this transfer incorrectly. Instead of transferring the money to the correct account, it was transferred to a completely different account. I immediately contacted my bank to resolve the issue, but the reversal process is proving to be difficult and it appears that there may be delays.
I am very concerned as it involves a significant amount of money and I do not know how to proceed in this situation. What rights do I have as a consumer if my bank makes a mistake with a transfer? Are there ways to reclaim my money and how can I hold the bank accountable?
I thank you in advance for your support and advice on this matter.
Sincerely,
Eiko Friedendahl
Dear Mr. Friedendahl,
Thank you for your inquiry and the trust you have placed in me as your lawyer. I am sorry to hear that you have found yourself in such an unpleasant situation with your bank. I will be happy to explain to you below what rights you have as a consumer in this case and how you can proceed.
First and foremost, it is important to know that banks are obligated to handle transfers carefully and without errors. If a bank makes an error in a transfer, as a consumer you have various rights. In the case of an erroneous transfer, you are entitled to have the bank correct the mistake and transfer the money to the correct recipient.
To reclaim your money, you should immediately contact your bank and explain the situation. Request in writing that the bank refund the erroneously transferred amount. If the bank is not willing to correct the error, you can turn to the arbitration board for payment transactions (known as the ombudsman office). They can mediate and assist in resolving the issue.
If the arbitration board is also unable to reach an agreement, you have the option to take legal action. I recommend that you seek assistance from a specialized lawyer in banking law to enforce your claims in court. A lawyer can help you defend your rights as a consumer and hold the bank accountable.
Overall, it is important that you remain calm in this situation and document all steps. Keep all communication with the bank and ensure you have all relevant information confirmed in writing.
I hope that my explanations will help you and wish you success in resolving your issue. If you have any further questions, please feel free to contact me.
Sincerely,
Alwin Reuter
