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Anonymous
Was doing some online shopping and I transferred X amount to a wrong account. Was missing the last digit. Called DBS for a reversal but the reply email state that "Kindly note that recall of funds is on a best effort basis, as consent from the account holder is required."
I know I screwed up, but does that means that if the recipient does not consent to the refund, I won't get one? So if someone accidentally transfers me 1Mil I can choose not to consent and keep it?
Appreciate the help.
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Kylie Ng Kai Li
14 Jun 2021
Senior Premier Consultant at AIA Insurance Pte Ltd
Hi,
Was it the last digit of account number or the phone number?
If it is the phone number, it would be on a case to case basis, because they did ask you to verify before you proceed so the negligence is upon yourself and yes the consent from another party is required (I kena before). So try to see if you can call the person that you contacted to return your money first before trying to call police for help.
The third party might not know that there’s money sent to his/her account accidentally also.
Anyway, for the million dollar question, technically you can’t. For any large amount of money that goes through your account with any justification, and turns out to be laundered money then you will also be in trouble for not reporting.
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Chris
14 Jun 2021
Owner and Writer at Tortoisemoney.com
I believe you can actually make a report to the police. I seem to recall that there were cases where...
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When such an erroneous transfer occurs, the bank should help by engaging the recipient’s bank, so that the recipient is informed and a refund can be initiated. It is an offence under the Penal Code for the recipient to retain or use the funds when he has been informed that it was sent by mistake. If the wrongful recipient refuses to return the erroneously transferred monies, the sender should make a police report.
Source : MAS Singapore