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What to do when the bank makes a mistake in your favour
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
Imagine this: You visit an ATM to withdraw Rs 10,000, and as you check your balance, you notice an extra Rs 25,000 in your account that you didn't deposit. Confused, you double-check your balance on the ATM machine and the mobile banking app, but the amount is still there. You finally decided to check your account statement and realise that the bank has made a mistake in your favour.
Banks are the backbone of a country's financial system. Every day, people rely on their banks to receive their salaries, conduct payments, obtain loans, make investments, open a savings account online, and save their hard-earned money. And while bank errors are rare, they can happen due to a number of reasons such as a technical glitch, a human error, or some other unforeseen event. If it happens in your favour, what should you do?
Remember, the money isn't yours. In fact, it can lead to some serious legal and financial issues if not handled properly. Thus, you must handle the situation in a responsible and ethical manner. Here are the steps you can take.
Let your bank know about the error immediately. You can reach out to your account representative via email, contact the bank's customer service, or visit a branch directly. Provide them with all the necessary information, including account number, transaction date, and deposited amount.
Document every communication you make with your bank and keep copies of any correspondence. Keep copies of any letters or emails you send or receive and write down the date and time of all phone calls. This will act as evidence for any future references and formalities.
From competitive interest rates to cashback and rewards, there are many benefits of savings accounts provided by your bank to enhance your banking experience. So, as a responsible account holder, you must report any discrepancies promptly to maintain the accuracy of your financial records and contribute to a healthy and transparent banking system.
Request a confirmation from your bank once they have made the correction and check that your account has been debited appropriately. A written confirmation detailing the issue and its solution should also be requested from the bank. This written proof can serve as evidence of the incident, which can be kept for your personal records and any future reference.
Also, make it a habit to review your bank account at least once a week. This can help you identify any issues early on, such as unauthorised transactions, over-charging, and other mistakes.
Ending note
Just like banks offer competitive savings bank interest rates and other perks to give you more convenience and flexibility, it is equally important to adopt a responsible approach when you unexpectedly receive favours from the bank. Not only will this protect you from any future complications, but it also allows the bank to correct the mistake promptly. Moreover, a responsible approach helps you build trust with your bank and ensure a positive long-term relationship.
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