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Sent money to the wrong bank account? You’ll soon get more help getting it back
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Former_MSE_Michael
Posts: 95 Forumite
If you accidentally send a payment to the wrong bank account, you'll get more help recovering the money from next month.
Read the full story:
Sent money to the wrong bank account? You’ll soon get more help getting it back
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
Sent money to the wrong bank account? You’ll soon get more help getting it back
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Is this going to result in:
In put payee details and amount
Submit
Input password
Confirm
Re-confirm
Are you sure?
Input password again
Confirm
Can you confirm again?
We sent you a card reader please put your card in.
Confirm
Ok we will send itAll that glitters is not gold.0 -
MSE_Michael wrote: »If you accidentally send a payment to the wrong bank account, you'll get more help recovering the money from next month.Read the full story:
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.The Payments Council, which produced the code of practice, says the changes won't guarantee customers will always recover lost money, but it will ensure people know the outcome more quickly.
So all it does is speed up the time the bank can take to tell you they can't help you and it's up to you to get it off the recipient, via legal means if necessary.
They will have to tell you this within 20 days. Why can't they tell you that when you first contact them???
(It's easy for the bank to quickly check if the sort code and account number actually exists and is live, else the money should automatically bounce back anyway)
No doubt they will still refuse to disclose details of who the recipient is (where the account does exist), as that would be against DPA regulations. :cool:0 -
So all it does is speed up the time the bank can take to tell you they can't help you and it's up to you to get it off the recipient, via legal means if necessary.....
Very likely.:)....They will have to tell you this within 20 days. Why can't they tell you that when you first contact them??? (It's easy for the bank to quickly check if the sort code and account number actually exists and is live, else the money should automatically bounce back anyway)....
It's easy for the bank to check that the sort code exists. Heck it's easy for anyone to check that the sort code exists. However the most the paying bank can do is check that the account number is valid as far as the recipient bank is concerned. The number may well be valid but not exist, which is presumably why paying banks have 20 days to see if they establish whether or not the money is sitting in a suspense a/c somewhere.....No doubt they will still refuse to disclose details of who the recipient is (where the account does exist), as that would be against DPA regulations. :cool:
Well yes, but bear in mind that the paying bank will have no idea of the identity of the actual recipient anyway. Unless of course, the paying and receiving bank are the same.0 -
Not really sure how this links. "If you enter the wrong sort code your money doesn't go to where you intended it to - in that case, have a look at our best buy bank accounts". Not sure that changing banks is going to solve that.When you enter the wrong sort code or account number online, your money can end up in the wrong account – and it's often difficult to get back (see our Best Bank Accounts guide if you're thinking of switching).
I can't see why they can't automatically display the name of the account holder when you input the account number - they do that with PayM now.0 -
Can you quote the relevant part of DPA regulations?...
No doubt they will still refuse to disclose details of who the recipient is (where the account does exist), as that would be against DPA regulations. :cool:
I am asking because pretty often, not to say usually, they are used as a bugbear for refusing pretty much anything.
It makes no sense to me that I cannot know the details of the recipient that received my money, claims that it was a legitimate payment and refuses to return it.0 -
I think you need to re-read how PayM actually works. It uses telephone numbers held in your contacts on the phone and not any outside lookup system.I can't see why they can't automatically display the name of the account holder when you input the account number - they do that with PayM now.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
If they want to help, all they have to do is put in a Recorded Delivery type confirmation handshake mechanism for one off payments.
When you send a payment, a code is generated, which is sent to the recipient by text or e-mail. If he wants the money, the recipient has to type in the code by going online.
For the really useless recipient, the sender will have to call her and give her the code, so the recipient can go to her branch to action the code (I am assuming maximum stupidity where the recipient does not know how to pass telephone security).
For automated payment systems, you must have a reference number, otherwise the system can't possibly know what you are paying for. There should be a protocol for a separate notification channel, where the sending bank sends the reference and the confirmation code. The recipient computer matches up the payment and confirms with the code.
I hope people who set up direct debits and standing orders will take a bit more care.
All this is optional, and potentially a chargeable service like Recorded Delivery. If you care about a payment, use it. If you don't and make a mistake, don't blame the bank.0 -
Can you quote the relevant part of DPA regulations?
I am asking because pretty often, not to say usually, they are used as a bugbear for refusing pretty much anything.
It makes no sense to me that I cannot know the details of the recipient that received my money, claims that it was a legitimate payment and refuses to return it.
I believe it would be Schedules 1, 2 and 3 of the Data Protection Act (particularly Schedule 3) that are relevant.
The recipient would have to give their consent to have their details used by the bank and shared with the sender.
If you claim the transfer was an error but the recipient claims it was genuine who should the bank believe and side with?0 -
My point was that if the recipient claims that it was genuine, i.e. the sender allegedly knew whom they were transferring money to, it makes no sense to make it a top secret for the sender who the recipient was.
Either return the money or reveal your basic details. As simple as that.0 -
Why can't the recipient's name be added to the transfer details? Is it really so difficult in the 21st century to just add a name to the payment data?
Or are the banks, yet again, just dragging their heels against implementing the bleeding obvious?
Warning: In the kingdom of the blind, the one-eyed man is king.
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