Wrong amount transferred to customer account
Ravi giri
(Querist) 20 March 2019
This query is : Resolved
I am working in a bank by mistake a wrong amount has been transferred to a customer account due to clerical error in the month of june 2018 and now the drawer of the cheque has informed the bank that excess amount has been transferred to the beneficiary account. We had contacted the beneficiary to return the excess amount credited to his account and he has agreed to return the amount at the earliest. In case he does not return the amount what are the course of action available to the bank.
Please guide
Dr J C Vashista
(Expert) 21 March 2019
When beneficiary has agreed to return excess amount, what is the apprehension?
If s/he do not refund it is personal responsibility of concerned bank official.
However, is there any dispute involved for consideration and obligation of experts ? There is no legal point involved in your statement.
Satya nand aggarwal
(Expert) 21 March 2019
Mistaken credit by the bank in the account of a person – such person is bound to repay or return such amount and he is also liable to pay interest.
If he do not return the same, it can be recovered by initiating civil proceedings, but it may not be any criminal liability. The Bank would be entitled to recover this amount by initiating proceedings. Limitation –starts to run when mistake is discovered.
See Law Point in the Journal P&H. 2008-2-ISJ-344-P
Mistaken credit by the bank in the account of a person – such person is bound to repay or return such amount and he is also liable to pay interest.
If he do not return the same, it can be recovered by initiating civil proceedings, but it may not be any criminal liability. The Bank would be entitled to recover this amount by initiating proceedings. Limitation –starts to run when mistake is discovered.
See Law Point in the Journal P&H. 2008-2-ISJ-344-P
Mistaken credit by the bank in the account of a person – such person is bound to repay or return such amount and he is also liable to pay interest.
If he do not return the same, it can be recovered by initiating civil proceedings, but it may not be any criminal liability. The Bank would be entitled to recover this amount by initiating proceedings. Limitation –starts to run when mistake is discovered.
See Law Point in the Journal P&H. 2008-2-ISJ-344-P
Mistaken credit by the bank in the account of a person – such person is bound to repay or return such amount and he is also liable to pay interest.
If he do not return the same, it can be recovered by initiating civil proceedings, but it may not be any criminal liability. The Bank would be entitled to recover this amount by initiating proceedings. Limitation –starts to run when mistake is discovered.
See Law Point in the Journal P&H. 2008-2-ISJ-344-P
P. Venu
(Expert) 21 March 2019
How the mistake occurred?
sachin sharma
(Expert) 02 April 2019
Of course criminal proceedings too can be initiated. It is a case of criminal misappropriation of property. Further recovery proceedings are also an option in civil court.
