Money debited from account after failed IMPS transaction,what to do now?

quicky008

quicky008

Technomancer
Yesterday i attempted to perform an IMPS transaction from my Indusind bank salary a/c to a savings a/c that i have at bank of baroda,using indusind's mobile app.I have done this a couple of times in the past and there were no issues.However last night the transaction failed with a request timed out error but the money was debited from my account.

I immediately checked by BOB a/c balance and discovered that the funds have not been transferred to this a/c,even though the money was gone from my indusind a/c.

I've waited almost 12 hrs since then but the money has not yet been credited to my bank of baroda account.

So i am worried about this and wondering how can i recover the lost money-is it gone permanently or is there any way to get it back?

I have written to the customer care of indusind but till now there has been no response from their end(apart from a customary acknowledgement email).Please advice what steps should i take now recover the missing funds.
 
bssunilreddy

bssunilreddy

Chosen of the Omnissiah
quicky008 said:
Yesterday i attempted to perform an IMPS transaction from my Indusind bank salary a/c to a savings a/c that i have at bank of baroda,using indusind's mobile app.I have done this a couple of times in the past and there were no issues.However last night the transaction failed with a request timed out error but the money was debited from my account.

I immediately checked by BOB a/c balance and discovered that the funds have not been transferred to this a/c,even though the money was gone from my indusind a/c.

I've waited almost 12 hrs since then but the money has not yet been credited to my bank of baroda account.

So i am worried about this and wondering how can i recover the lost money-is it gone permanently or is there any way to get it back?

I have written to the customer care of indusind but till now there has been no response from their end(apart from a customary acknowledgement email).Please advice what steps should i take now recover the missing funds.
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For me once when I tried to withdrew money using icici debit card from tamilnadu mercantile bank ATM money did not come out of the ATM but it showed as money got withdrawn and I also got the slip. So I immediately went to the tamilnadu mercantile bank and asked them but they told me to approach icici local branch where I have the account and when I went there and told them about the failed transaction they said it will automatically get debited again within 24 hours and it did as said by them.
So need to wait minimum 24 hours to maximum 3 to 5 days depending upon the bank and the transaction made.

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W

whitestar_999

Super Moderator
Staff member
Failed IMPS transactions are automatically reversed in 24 hours most of the time. Only if it doesn't happen within 24 hours do you need to contact your bank.
 
sling-shot

sling-shot

Wise Old Owl
quicky008 said:
The money was credited to the bob account after several hours,so it wasn't gone for good as i had thought.
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This is in reality more troublesome than money being refunded late.

Imagine that you are paying an auto guy or some random shopkeeper somewhere. Your money is debited but does not reach the said person in a reasonable time. Now you are forced to pay again using the same route or a different method. You go back home thinking it will be refunded to your own account. But surprise! It is now paid to the original person for whom you had intended to pay.

Congratulations for the double payment. Depending on where or who was the person who received the said money, it might be difficult to expensive to get it back, if at all.
 
OP
quicky008

quicky008

Technomancer
^ a very pertinent point indeed,and a worrisome one at that-this hadn't really crossed my mind at all.

judging by the honesty level of an avg. indian,i would say getting it back in such a case would be next to impossible.
 
W

whitestar_999

Super Moderator
Staff member
sling-shot said:
This is in reality more troublesome than money being refunded late.

Imagine that you are paying an auto guy or some random shopkeeper somewhere. Your money is debited but does not reach the said person in a reasonable time. Now you are forced to pay again using the same route or a different method. You go back home thinking it will be refunded to your own account. But surprise! It is now paid to the original person for whom you had intended to pay.

Congratulations for the double payment. Depending on where or who was the person who received the said money, it might be difficult to expensive to get it back, if at all.
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quicky008 said:
^ a very pertinent point indeed,and a worrisome one at that-this hadn't really crossed my mind at all.

judging by the honesty level of an avg. indian,i would say getting it back in such a case would be next to impossible.
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That is why it is recommended to wait at least 24 hours before retrying the payment & use IMPS instead of neft. For shops, from experience,amazon pay & I think phonepe seems better in case of pending upi transaction status changing to failed within few hours. For paytm use paytm wallet wherever possible as its transaction status update is much faster in such cases. Of course best option is to use a credit card.
 
bssunilreddy

bssunilreddy

Chosen of the Omnissiah
whitestar_999 said:
That is why it is recommended to wait at least 24 hours before retrying the payment & use IMPS instead of neft. For shops, from experience,amazon pay & I think phonepe seems better in case of pending upi transaction status changing to failed within few hours. For paytm use paytm wallet wherever possible as its transaction status update is much faster in such cases. Of course best option is to use a credit card.
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I use Google pay, Amazon pay & Paytm for online transactions and no probs what so ever.
The above incident happened to me only once and it turned out to be good.
One should not panic and give it some time and if money does not get refunded then approach the respective bank for resolution of the problem and even we can call the customer care of the respective banks like...
For the past 3 months I was unable to do transactions using my icici bank debit card in STEAM and I also posted regarding this here
So I called the banks customer care and they said that they disabled the online transactions on STEAM and after asking my permission they again enabled it
Now everything is working fine. No probs what so ever.

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W

whitestar_999

Super Moderator
Staff member
bssunilreddy said:
One should not panic and give it some time and if money does not get refunded then approach the respective bank for resolution of the problem and even we can call the customer care of the respective banks like...
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Good but only helpful if you used your own bank's app for transfer & that is why it is not recommended to use 3rd party apps like gpay,phonepe etc for doing large amount upi transfer. Always use your own bank's mobile/upi app for large amount transfer as in case of any issue they will be able to help much faster & better. To make it more simple see this example. person A using HDFC bank acc create a upi on phonepe which now use ICICI bank to handle its upi betwork(because phonepe is not a bank unlike paytm which also runs a payment bank) so person A now has his HDFC acc linked to phonepe upi managed by ICICI bank. Person B using pnb acc create a upi on google pay which uses 4 banks(sbi,hdfc,icici,axis) to handle its upi network & get upi id with sbi(@oksbi). Now person A transfer money from his phonepe upi to person B google pay upi & transaction failed/stuck. Now in this case see how many banks & 3rd parties are involved compared to if person A simply transferred money via IMPS using his hdfc netbanking to person B pnb acc.
 
bssunilreddy

bssunilreddy

Chosen of the Omnissiah
whitestar_999 said:
Good but only helpful if you used your own bank's app for transfer & that is why it is not recommended to use 3rd party apps like gpay,phonepe etc for doing large amount upi transfer. Always use your own bank's mobile/upi app for large amount transfer as in case of any issue they will be able to help much faster & better. To make it more simple see this example. person A using HDFC bank acc create a upi on phonepe which now use ICICI bank to handle its upi betwork(because phonepe is not a bank unlike paytm which also runs a payment bank) so person A now has his HDFC acc linked to phonepe upi managed by ICICI bank. Person B using pnb acc create a upi on google pay which uses 4 banks(sbi,hdfc,icici,axis) to handle its upi network & get upi id with sbi(@oksbi). Now person A transfer money from his phonepe upi to person B google pay upi & transaction failed/stuck. Now in this case see how many banks & 3rd parties are involved compared to if person A simply transferred money via IMPS using his hdfc netbanking to person B pnb acc.
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Yes nowadays because of 3rd party apps like Phone Pay & Google Pay things are getting complicated but as far as we do legitimate transactions as specified above by our MOD nothing can or may go wrong. And Brick & Mortar bank branches or Customer cares are there for problem resolution.

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