You open your banking app to send your daughter $1,000 for an unexpected car repair. You enter her phone number, confirm the amount, and hit send, only to realize seconds later that you typed one digit incorrectly. Your stomach drops when the transaction says “Completed.” Now, someone you’ve never met may have your money, and you’re wondering whether your bank can reverse the mistake.
Unfortunately, recovering a payment sent to the wrong person isn’t always as simple as calling customer service. Depending on how you transferred the money, the transaction may be difficult or even impossible to reverse. Consumers who enter incorrect payment information may not be able to recover their funds. Here’s what happens when money lands in the wrong account, what protections might apply, and the steps that could give you the best chance of getting it back.
