Excessive transferred funds: concept, return methods and sample letter

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

No one, ever, anywhere is immune from mistakes. This idea was most accurately expressed by US President Theodore Roosevelt:

The one who does nothing makes no mistakes.

Of course, the original source of this idea was born many centuries before him. Roosevelt simply translated a phrase from antiquity into a modern, understandable language. But in general, it is clear to everyone - everyone is mistaken. And indeed, the modern rhythm of business everyday life is such that it is difficult for a person, and sometimes not able to fully comply with it. In our article, we will present information about errors when working with money. What is especially important - with other people's money.

Mistakes in their listing are different:

• to the wrong recipient,
• for the wrong purpose,
• not on time,
• and finally, the redundant enumeration.

Here we will present information about the last error in detail in our article.

Where to start

So, an error has occurred. Excessive funds transferred. It is noted that the more people are involved in the production chain, the higher the probability of committing wrong actions. Someone said something to someone, he misunderstood, conveyed something wrong - and the other hurried, and so on …

Any amount paid incorrectly will be considered an over-transfer, regardless of the type of error and the reasons for its origin.

And what to do? In a fright, grab your heart, write a letter of resignation? Or in general, to escape to a desert island? Of course not. Calmly and quickly fix the mistake. Reimbursement of overpayments is required. But how to do this without losing self-respect, we will try to tell in our article.

First - do not start looking for the culprit at the moment. Leave this for later, so that in a calm atmosphere you can figure out the reason and avoid such a repetition in the future.

Let's try to stop the payment at our bank

Second - try to stop the wrong payment. Contact a banking specialist directly. For this, a secret code word is provided that will stop all operations on the account. But what if this word is unknown or forgotten? Do not hesitate, run to the boss as soon as possible. Ask him to urgently contact the bank's management as the first person - the manager of finances.

If the time is not lost, the bank will stop the payment. But he will definitely require a written order.

Sample letter to your bank

Urgently write an outgoing letter in the Internet banking system. Here is a sample letter for the return of excessively transferred funds for the bank to help.

To the Bank Manager, from the General Director of LLC "---". Payment order No. _ dated _._.20_ for the amount of _ (in numbers and words) rubles _ kopecks, purpose of payment _ (destination of payment according to payment order), funds were erroneously sent to the payee _ (name of the recipient by payment order) by details _ (details by payment order). I ask you not to execute the Order No. _ dated _._.20_. General Director of OOO "---".

Do not forget to sign the letter with an electronic signature, send it to the bank and immediately establish a connection. Modern technologies will deliver the letter in seconds. A little more necessary delay - and the money will be returned.

Let's try to return the payment from the beneficiary's bank

But alas, most often it happens that the payment has already passed and the funds have been transferred to the recipient's bank. If the money has not yet been credited and is on the internal account of a financial institution, then at this stage there is also a chance, however small, to return the payment back:

• contact the payee in any way urgently. With a manager or an executor - it already depends on your cooperation between firms;
• let the recipient contact his bank with a request not to credit the erroneous payment and return the money to the sending bank;
• infavorable case, perhaps the money will be returned on the same day.

Composing a letter to the recipient

In this case, you will also need a letter. Here is a sample:

To the General Director of OOO "---" from the General Director of OOO "---" Payment order No. _ dated _._.20_ for the amount of _ (in numbers and words) to the address of LLC "---" at the details _ (details by payment order) erroneously transferred funds. This amount is currently in the Bank. Due to a particularly important commercial reason, please contact the Bank regarding the return of money to the Bank of our organization from which the transfer was received. Appendix: p/n No. _ dated _._.20_ General Director of OOO "---".

For reinforcement, attach a payment order with a bank transaction and certified by your bank manager.

There are exceptions, there are refunds in this order. But, more likely, you will receive a refusal - either from the recipient, or from his bank. And the answer will be this - wait for the money to be credited to the account. Let's move on to this option.

Return money after bank transfer

The third option is possible only at the end of the trading day, when the statements will be finalized and the transactions will be reflected in the balance - yours, the recipient and the banks.

But in this case, be sure to contact the recipient, otherwise he can use your moneyfor their production purposes.

Sign an act of reconciliation with the recipient

Actions will begin with the signing of a bilateral reconciliation act. Unnecessarily listed funds will be reflected in it. After that, on the basis of the signed act, a letter is written on the return of the excessively transferred funds. His pattern:

To the General Director, Chief Accountant of OOO "---" from the General Director, Chief Accountant of OOO "---" Payment order No. _ dated _._.20_ for the amount of _ (in figures and words) rubles _ kopecks, purpose of payment _ (destination of payment by payment order), to LLC "---" by details _ (details according to p / p) funds were erroneously transferred excessively. This is confirmed by a bilateral act of reconciliation of settlements between our organizations dated _._.20_ Please return the indicated amount to LLC "---" according to the details: _ (full bank details.) General Director, Chief Accountant of OOO "---"

We only consider those situations in which your firm cooperates with bona fide partners. In other situations, you will have to contact law enforcement agencies, but this is another topic.

So, the act of reconciliation between the parties is signed. The letter was sent, received and considered. The answer must be yes, and you can expect a refund the next day.

If the error is detected after some time, and the amountlarge, be prepared to wait for your partner's financial ability.

What to do if money is overpaid to government agencies

We considered options for excessive transfer of funds in cases of business cooperation between organizations. But such situations also occur when making mandatory payments to the budget and non-budgetary bodies. If the difference is small and your boss does not feel sorry for her - let her go to the account of future payments. Otherwise, prepare mentally and physically for a lengthy procedure.

Returning money from the budget is much more complicated, and the steps are something like this:

• funds should be in your account - approximately three business days;
• after that, electronically send a request for reconciliation of payments and receive information on it with an electronic signature of the head of the state body - from one to three business days;
• send a letter electronically to the head of the state body for the return of overpaid funds with attached information on reconciliation of settlements;
• find out the result of the consideration of your letter and find out who is appointed as the executor - you will receive all further information from this specialist;
• get the decision of the head of the state body on the return of overpaid funds;
• wait for the money to be returned to the account.

Please note - a positive result will be only if your organization does not have anyarrears in payments to government agencies.

We hope this article helped you. A sample letter has been submitted for the return of overpaid funds. A mistake is not so terrible when the options for getting out of the situation are known.

In conclusion, here is the second part of Theodore Roosevelt's phrase:

Don't be afraid to make mistakes - be afraid to repeat mistakes.

You can only add to this - and know how to fix the mistake.