HELP - I made a "faster payment" to the...

[spags1909]

Hi Everyone.

I've just made a really stupid mistake!!! I know it was completely stupid and will never do it again but I really need some help to sort it now.

Here is the problem:

Today I made a "faster payment" via telephone to a Mr AAAAAA and I gave the sort code and account number to my bank. They then made the payment.

I shortly after realised that I had the payment to the wrong account.

I telephoned my bank (Barclays) and they told me there was nothing they could do. The sort code and account number I gave them existed so the payment was made and put into the wrong account.

Is there anything I can do to get this money back? My bank said they can't/won't help me.

I think I remember from somewhere (a long time ago) that if I gave the bank the name of the person who's account I wanted the money to go into for example Mr AAAAAA and gave the wrong account number I would be entitled to a refund. This is because its not going into Mr AAAAAA account but instead it goes into Mr BBBBBB account. Is this correct?

If not, why do they need a name when paying someone. Surely this is for security! If not, they why do we need to give a name.

Thanks guys

[stclair]

Originally Posted by spags1909

Hi Everyone.

I've just made a really stupid mistake!!! I know it was completely stupid and will never do it again but I really need some help to sort it now.

Here is the problem:

Today I made a "faster payment" via telephone to a Mr AAAAAA and I gave the sort code and account number to my bank. They then made the payment.

I shortly after realised that I had the payment to the wrong account.

I telephoned my bank (Barclays) and they told me there was nothing they could do. The sort code and account number I gave them existed so the payment was made and put into the wrong account.

Is there anything I can do to get this money back? My bank said they can't/won't help me.

I think I remember from somewhere (a long time ago) that if I gave the bank the name of the person who's account I wanted the money to go into for example Mr AAAAAA and gave the wrong account number I would be entitled to a refund. This is because its not going into Mr AAAAAA account but instead it goes into Mr BBBBBB account. Is this correct?

If not, why do they need a name when paying someone. Surely this is for security! If not, they why do we need to give a name.

Thanks guys

Youll need to ask barclays to write too the other bank and ask them for the money back.

When banks make payments its generally routed via the account number and sort code.

Unlike BACS faster payments can not be recalled by the bank.

How do you know the account number and sort code really exist? Was it going to another barclays account?

[Floxxie]

http://www.dailymail.co.uk/money/article-1219492/700-wrong-account-wont-return-it.html

This gives you a few options but it depends on how much you have sent and how much it will cost you to get it back.

[jonesMUFCforever]

You will not like this answer but you have no recourse from your bank they have done nothing wrong.
You may have to get a court order (very expensive) to get the receiving bank to name the customer even then if they have spent it will it be worth it?

[pcombo]

lol wish it was my account that got. Tbh use online banking and mistakes wont happen.

[flyingscotno1]

Originally Posted by pcombo

lol wish it was my account that got. Tbh use online banking and mistakes wont happen.

Unless you mistype

[spags1909]

Thanks for the replies everyone.

I'm in no way blaming my bank. I was just hoping they could help me by writing to the other bank. The other bank could then check what account (and name) it went into and then decide wether to refund it or not!

Unfortunately, they won't do that.

I guess I either forget about the money or report it to the police.

Does anyone else reccommend anything else?

Thanks Again

[stclair]

Originally Posted by spags1909

Thanks for the replies everyone.

I'm in no way blaming my bank. I was just hoping they could help me by writing to the other bank. The other bank could then check what account (and name) it went into and then decide wether to refund it or not!

Unfortunately, they won't do that.

I guess I either forget about the money or report it to the police.

Does anyone else reccommend anything else?

Thanks Again

The best thing to do is to ask barclays to write to the bank concerned for you and try and reclaim the money back.

Plus how do you know the bank details really exist?

[rb10]

If you are sure that the account actually exists, then you could always make contact with the recipient yourself? Write a letter to them, and then take it into a branch of the bank that holds their account asking them to forward it in the stamped envelope that you give them to the account holder.

[jonesMUFCforever]

Originally Posted by rb10

If you are sure that the account actually exists, then you could always make contact with the recipient yourself? Write a letter to them, and then take it into a branch of the bank that holds their account asking them to forward it in the stamped envelope that you give them to the account holder.

Good idea!
However you are dependent on the account holder to respond and repay. There are plenty today that won't!

[agsnu]

Originally Posted by stclair

Plus how do you know the bank details really exist?

Because with the Faster Payments infrastructure, the sending bank gets a confirmation that the amount was credited successfully... So Barclays can see that the credit was successful.

[ray123]

It may be possibe to track down the branch location via the sort code

[stclair]

Originally Posted by agsnu

Because with the Faster Payments infrastructure, the sending bank gets a confirmation that the amount was credited successfully... So Barclays can see that the credit was successful.

The only reason I ask is because I had a very similar case the other week. The sort code was correct but the account number wasn't and the funds was just sitting in a holding account.

[G_M]

Interestingly this is reason Nationwide give me repeatedly for not rolling out FPs outbound. Because once it's gone, it's gone and they don't trust their customers not to make mistakes and then holla (my words/interpretation).

[JPD23]

Originally Posted by stclair

Plus how do you know the bank details really exist?

https://www.afd.co.uk/tryit/bank/Val...rocess=Account

[agsnu]

Originally Posted by G_M

Interestingly this is reason Nationwide give me repeatedly for not rolling out FPs outbound. Because once it's gone, it's gone and they don't trust their customers not to make mistakes and then holla (my words/interpretation).

As I understand it, the reason Nationwide haven't rolled out FPs properly is because their computer systems are ancient and decrepit and they're struggling with a grand plan to improve them but it's all massively behind schedule.

[cottager]

Originally Posted by agsnu

As I understand it, the reason Nationwide haven't rolled out FPs properly is because their computer systems are ancient and decrepit and they're struggling with a grand plan to improve them but it's all massively behind schedule.

Sounds more likely

There'll always be a risk of human error with FP, as with many other things, but the banks (or b/soc in Nationwide's case) who sign up to it shouldn't be using that as any excuse to lag behind. On that basis they'd never do it, and it simply doesn't wash in view of the full unfettered FP service available elsewhere.

I'm constantly frustrated with those 'dragging their feet', but I do appreciate FP is hugely expensive to implement and not as simple as flicking a switch and there it is.

[realaledrinker]

Originally Posted by agsnu

As I understand it, the reason Nationwide haven't rolled out FPs properly is because their computer systems are ancient and decrepit and they're struggling with a grand plan to improve them but it's all massively behind schedule.

They are implementing SAP Banking - first in UK.

[realaledrinker]

Originally Posted by spags1909

I guess I either forget about the money or report it to the police.

On what grounds?

[henryg]

Online banking is best because you set up your paying information and it remembers it for next time you need to pay the same person. All you have to do is be sure to enter the correct numbers the first time around, and this is more fool-proof as the numbers are there in front of you to see before submitting!