Überweisung, Lastschrift & Co: Was tun, wenn das Geld beim falschen Empfänger landet?

When transferring money, a tiny mistake in the IBAN can result in the funds landing in someone else's account instead of the intended recipient's. So, what should be done when this happens? We have answers to key questions. How do you get an overpayment back? Overpayments can often not be retrieved due to their rapid execution times.

"With real-time transfers, this is practically excluded," says Andreas Framke from the German Banking Association. When is an immediate cancellation possible? If you realize a mistake, contact your bank or credit union as soon as possible. They may be able to stop the transfer until the end of the business day before execution. For SEPA transfers, stoppage is only possible as long as the bank or credit union has not processed the order.

How do you request an overpayment reversal? If the money has already reached the recipient, only they can return it. "To contact the recipient, banks offer a service called 'recall'," says Hanne Roggemann from the Institute for Financial Services. The sender's bank or credit union contacts the recipient's bank or credit union and asks them to send the transferred money back.

"There is no clear right to return," Roggemann explains. Are there costs for the return? Overpayment returns may incur costs. "The amount depends on the individual institution, the account model, and the nature of the transaction," Framke says. These fees are listed in the price and service catalog of each bank or credit union. Additional costs may be incurred from the recipient's bank or other involved parties.

What if the bank makes unauthorized transfers? If a payment is unauthorized, the bank must refund the amount. "If you notice such a payment, you should immediately block the account, report it, and request the returned amount from the bank," Roggemann advises. If the bank refuses, legal pressure from a lawyer or legal representative can be considered.

What about direct debits - can they be reversed? With SEPA basic direct debits, you can request a refund within eight weeks of the charge, without needing to specify a reason. "Refunds can often be initiated directly in online banking," Framke says. Alternatively, you can contact your bank. If the direct debit was unauthorized, the refund right generally extends to 13 months after the charge, according to Framke.

Can credit card payments be canceled? After authorization, credit card payments cannot simply be canceled. "However, reversal options exist under certain conditions," Framke explains. This may be the case when a merchant does not deliver the purchased goods or does not provide the agreed service. What applies to internet payment services like PayPal?

When money is sent via PayPal, returning it is very difficult, similar to transfers. "In most cases, affected parties can request a refund and communicate with the sender or recipient," Roggemann says. If both sides do not reach an agreement, PayPal settles the dispute through its buyer protection procedure. This may happen, for example, if a merchant does not deliver the purchased goods.

What to do if an overpayment is caused by fraud? Affected parties should inform their bank or credit union as soon as possible. If the transfer has not yet been executed, the financial institution may be able to stop the transaction. If the money has already been transferred, the bank or credit union can contact the recipient's bank for assistance in retrieving the money.

Important: "Account holders should regularly check their account movements to detect suspicious activities early," Framke says.