What happens if you send money to a closed account?
I’m ever going to get the money, or will bank take the money. I saw this question asked by some users, and I’m here to make things clear to you. What happens if i transfer money to a closed account.
This is usually the case if your employer, business associate, friends or family still has your old bank account number. This has happened to me, a friend of mine sent money into my old bank account without notifying me first.
After sending the money, he called to ask if I have received the money. I went mad when I found out that he sent the money to my closed bank account.
And this is what happened.
What happens if you send money to a closed account
I’m writing this post based on my experience with cases like this “what happens if you send money to a closed account”.
This two things will definitely occur;
1. Bank will reverse the money
Bank reversing the money is most likely to occur, and this was happened in my own case. My friend sent the money to my closed bank account, and when he notified me about that I immediately contacted the bank.
It didn’t take up to three working days and the money was reversed back to his bank account. However, even if you didn’t contact the bank, after few working days, the money will be sent back to the sender’s bank account.
As long as the bank account is no longer available, bank will definitely reverse the money back to the sender’s bank account. If you think that bank will take the money as your bank account is no available, you’re mistaken.
That will never happen.
If they do such, then they have gone beyond the ethics and code of conduct. Though it is commendable to notify the bank if such case occurs.
Going back to the question, what happens if you send money to a closed account. The bank will definitely reverse the money back to the sender’s bank account.
2. Reopen your bank account
Reopening of a customer’s bank account is the second thing bank will do if money is sent to a closed bank account.
Honestly I hate that, though they (banks) know their reason for that. What I hate about this is that they won’t notify you prior to reopening of your bank account. You will only be notified when they are done, they will contact you to let you know about it.
Bank reopening of a customer’s closed bank account do happen if the customer recently closed the account, and the account data or information is still in the bank database.
As the bank account details is still in the bank database, they will reopen your closed bank account, and you will receive the money. Afterwards the bank will notify you about the account reopening, and the transaction made in your bank account.
You can choose to withdraw the money and close the account, or maybe continue using the bank account.
This is the second answer to the question on what happens if you send money to a closed account.
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3. Transfer the money to your new bank account
This is the case whereby the person called the bank immediately to notify them about the transaction, instead of reversing the money back to the sender’s bank account, or reopening the old account, they will transfer the money to another bank account as requested by the person.
This is very possible especially contacting the bank immediately before they take the next action. The bank will then transfer or move the money to your new bank account as requested by you.
With the answers, I do hope to have answered the question on what happens if you send money to a closed account.
Generally, money sent to a closed bank account is usually reversed to the account number used in sending the money.
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What happens to money transferred to a closed account
The bank will probably reversed the money back to the sender’s bank account, or reopen your bank account is the case that your bank information is still in their database.
You don’t need to worry on what happens to money transferred to a closed account, bank will not take the money, rather they will return the money back to the sender, or reopen your old bank account with them.
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Mind you, we’re still on the topic of today, what happens if you send money to a closed account.
Will money bounce back if account is closed?
Yes, money will bounce back if account is closed. As long as the account information is no longer available in the bank database, meaning that it was permanently closed, bank will bounce back the money.
This is same with what happens if you send money to a closed account. In this case, it is called reversal. As the bank account is no existing, the money will be reversed or returned back to the senders bank account.
Like I said, no need to worry or fear that you have completely lost your money.
How long does it take for money to bounce back from a closed account?
Usually, it takes a maximum of five working days for money to bounce back from a closed account, though it shouldn’t exceed seven working days.
If it does, kindly contact your bank.
In my own case, it took about three working days for the bank to reverse the money back to the sender’s bank account. And from what I have seen so far, it is usually five working days at maximum though some banks may reverse the money immediately.
Can you reopen a closed bank account
In most cases it is not possible to reopen a closed bank account unless you recently closed the account, and your account details or information is still stored in the bank database.
Once you permanently closed your bank account, you will have to open the account just like when you’re opening a new bank account.
In some some cases whereby the bank account was recently closed, but personal details or information are still in the bank database, bank can reopen the account as requested by the customer.
If your personal data are no longer available in the bank database, you will have to open a new bank account, and will be given a new account number.
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How to check if bank account is closed
First, I want you to know that there’s a difference between a closed bank account and a frozen bank account. Bank cannot close a customer’s bank account without notifying the person. This is quite different from freezing a customer’s account.
A bank can freeze a customer’s bank account without informing the customer. The customer will know about it if debit transactions fails.
Upon contacting the bank about the issue, that’s when he or she will be informed of the frozen account. However, such thing will not happen if the bank closed the account.
Definitely they will notify you about that.
But I must say that it is very rare to see a bank closing a customer’s account without the customer requesting for the account closure.
Going back to the question, how to check if bank account is closed, you will need to do this;
1. Check account information
Try to check your bank account information like the account number and account balance, if it didn’t show anything or maybe shows this account number does not exist, then you should know that your bank account is closed.
2. Contacting the customer service representative
This is the next step to take after you couldn’t retrieve your bank account information. Kindly contact your bank customer service representative and give your account number to run a check.
It your bank account is closed, the customer service representative will then inform you about that.
These are the only way to check if bank account is closed, checking your account information and contacting the bank immediately.
There’s nothing much to say again on this post on what happens if you send money to a closed account. And as I said, generally the money will be sent back to the sender’s bank account, or they will reopen your bank account, or you can call them to transfer the money to your new bank account.
You need not to worry if you’re more concerned on what happens to money transferred to a closed account. Bank will never take the money, it is against the bank ethics and code of conduct.
With this I come to the conclusion of this post on what happens if you send money to a closed account. Your suggestions or comments to this very topic or article is highly welcomed as sharing is caring. Lastly please don’t forget to share this post using the share buttons.