My mother asked me to borrow her some money. She told her account number so I went to the bank and transfers her amount she need. But as soon as I was backing home, she called again and told me that she gave me the wrong account number. It was her old account which has been closed for over a year. I run to bank immediately but they already did the transfer. What are my options? Can you make a payment into a closed account?
No, of course not! But it takes time to that money to return to your account. First when you direct the transfer to that account, your bank sends the money to the bank where your mother had old account. When that money gets there they will try to direct it to desired account. Then they will find out that account is regularly closed. Now they will transfer the money back to your bank. This process will last at least three days. So if your mother is in hurry and you have the assets send her another money. Don't worry, the first transfer will surly be given back to you.
