Though Singapore’s law allows individuals to recover bank transfers made by mistake, it is more challenging in practice if the recipient does not cooperate, says SUSS law lecturer Ben Chester Cheong.
of a man being fined for withdrawing and spending S$20,000 that was mistakenly sent to him via PayNow has sparked questions about the process for reversing erroneous payments.
Crucially, banks must remind recipients that knowingly retaining erroneously transferred funds is a criminal offence. To enable this process, account holders must provide detailed transaction information. In other words, even if the sender reports the mistake, the recipient’s bank is not authorised to remove funds from the recipient’s account to rectify the error.
Given these complexities, banks often adopt a hands-off approach when a recipient refuses to consent to a reversal of a payment. The onus then falls on the sender to initiate legal action against the recipient to recover the mistakenly transferred funds. There is a need for more accessible, cost-effective methods to resolve such disputes, regardless of the sum involved or the individual’s financial standing.One solution would be to empower banks to mediate and resolve more of these situations directly through legislation.
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