Mentioned wrong IFSC code and initiated withdrawal

[mihikapal13]

I accidentally mentioned the wrong IFSC code for my bank account and I received a message saying that my payment has been processed. However, no money has arrived at my account due to the wrong IFSC code I suppose.

Can my money be retrieved OR will it be lost?

[AveryO]

Hi Mihika, 

I checked your account and can confirm that the transaction is successful on our end. If there are any issues with the bank account information you have noted in your payment method, this transaction will be rejected by your local bank, and will automatically be refunded back to your Upwork account. 

If this doesn't happen automatically within eight business days of your withdrawal, please come back here and let us know, and our team will assist you further.

[mihikapal13]

I entered the wrong IFSC code earlier and initiated payment. I was told that the payment would be rejected by my local bank and would be returned to my Upwork account but that hasn't happened yet.

[AveryO]

Hi Mihika, 

As I mentioned in my previous post, if your withdrawal isn't refunded automatically in your Upwork account within eight business days, you can reach out to us and our team will assist you further. The withdrawal was made on 25-December, and your eighth business day will fall on 7-January. You can post a reply here then if this withdrawal still hasn't reflected in your account then.

[mihikapal13]

Hi,
Like you mentioned earlier, the refund should reflect in my account by the 8th business day that is 7th of January which is today. The amount still hasn't arrived in my account. Can someone please help me out with that?
Thanks.

[AveryO]

Hi Mihika, 

A member of the Customer Support Team will reach out to you to assist you further with your concern. 

[mihikapal13]

Within how many days will the Upwork Customer Support Team get back to me? 

I have also enquired with my bank and they have asked me to check with the sender as since the IFSC code is wrong it would have not reached the bank and would have been returned back. So the sender needs to check why it isn't reflecting yet.

[AveryO]

I apologize for the inconvenience this has caused, Mihika. 

I have followed up with the Customer Support Team so that they can reach out to you and issue a trace for you.

[varungs]

You are going to have to talk to your bank, or the bank which the erroneous IFSC code belongs to.

In my experience, the Indian banking system is archaic and has a lot of problematic aspects that make it easy to mess things up. For example, account numbers have no checksum and are consecutive (eg. if your account number is 1005, then another customer may have the account number 1006). This makes it extremely easy for one to send money to someone else by mistake. There is also no proper chargeback system (due to instant settlements, all you can do is file a dispute and hope the bank returns your money).

Long story short, when dealing with Indian banks, triple-check every single number you enter. I learnt this the hard way (I'm down Rs. 50,000 to some random guy in Mumbai due to one wrong digit in the account number). 

[mittalnikita]

Hi Mihika

I wanted to know if you received your funds? How did it go? I entered the wrong IFSC too, and havent received my funds yet. 
Waiting for your quick reply.

[mihikapal13]

Hey Nikita,
It has been a horrible process trying to get back the money. I haven't received my funds yet.Instead Upwork created additional issues for me while trying to trace the funds.

[mittalnikita]

I PMed you. 

[9bf3dac1]

Same thing happened with me. Did you get fund ?

[mittalnikita]

Yes, I did.