We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
MSE News: Sent money to the wrong account? Now it should be easier to get it back
MSE_Luke
Posts: 295 MSE Staff
If you've sent money electronically to the wrong bank account, you'll now be given more help to get it back...
Read the full story:
'Sent money to the wrong bank account? Now it should be easier to get 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? Now it should be easier to get 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.
0
Comments
-
Is this because the banks don't want to lose the typical £5 per day charges it has been heaping on its overdrawn customers in an un-arranged overdraft? :eek:But if the money is sent to an account where funds are not available – for instance, if the account is in an un-arranged overdraft – then you're unlikely to be able to get your money back. So it's vital you inform your bank as soon as you become aware of a possible error
Yes, I agree we should be more careful when sending money. :T
Warning: In the kingdom of the blind, the one-eyed man is king.
0 -
Happy times! I can see a whole lot of small time fraudsters springing into action. Shortly followed by a whole lot of newbie threads on here, complaining that their bank had advised them that their account would be closed "for no reason", and also that they can't get any account at any bank "for no reason" (conveniently omitting to mention that they have a first or second party fraud CIFAS marker).
It's good to see though that most genuine mistakes can be corrected a lot faster.
.What if my money has already been spent?
According to a Faster Payments spokesperson, if money is mistakenly sent to an account and that account is in credit or in a pre-arranged agreed overdraft, it should be returnable.
But if the money is sent to an account where funds are not available – for instance, if the account is in an un-arranged overdraft – then you're unlikely to be able to get your money back0 -
Consumerist wrote: »Is this because the banks don't want to lose the typical £5 per day charges it has been heaping on its overdrawn customers in an un-arranged overdraft?
You are not making much sense. The article saysBut if the money is sent to an account where funds are not available – for instance, if the account is in an un-arranged overdraft – then you're unlikely to be able to get your money back
I.e. the receiving bank would not put the receiving account into an unarranged overdraft. And therefore would not be able to charge them £5 a day etc. for it.0 -
The article says:You are not making much sense. The article says
I.e. the receiving bank would not put the receiving account into an unarranged overdraft. And therefore would not be able to charge them £5 a day etc. for it.
To me that says the account is in an un-arranged overdraft and therefore charges are being made, are they not?But if the money is sent to an account where funds are not available – for instance, if the account is in an un-arranged overdraft – then you're unlikely to be able to get your money back. So it's vital you inform your bank as soon as you become aware of a possible errorWarning: In the kingdom of the blind, the one-eyed man is king.
0 -
Either way all that is needed is a computer system that auto rejects if the name/sort code/ account number don't match up .0
-
ceredigion wrote: »Either way all that is needed is a computer system that auto rejects if the name/sort code/ account number don't match up .
There's many reasons why a name someone is known by isn't the name that's on their bank account.0 -
I don't see any reason why money cannot be recovered from any account. The banks, themselves, recover money which they have credited to an account in error - no 20-day delay involved in those cases.
I understand that there is some cost involved in recovering such amounts so I don't see why some sort of "recovery" charge couldn't be made (and we know how the banks love to charge at any opportunity they get). That too would help to encourage us, their customers, to take more care.Warning: In the kingdom of the blind, the one-eyed man is king.
0 -
ceredigion wrote: »Either way all that is needed is a computer system that auto rejects if the name/sort code/ account number don't match up .
There are simply too many options.
For example, the following for a joint account:
Mr smith
Mr I smith
Mrs smith
Mrs h smith
Ian smith
Helen smith
Mr and Mrs smith
It's simply impractical.0 -
If I was selling something, and someone paid me by bank transfer, and I therefore sent the item believing the money was mine, and then the buyer claimed to their bank that they made a typo in the account details and reclaimed the payment without giving me the time and opportunity to fight the fraudulent claim, I'd be livid.Consumerist wrote: »I don't see any reason why money cannot be recovered from any account. The banks, themselves, recover money which they have credited to an account in error - no 20-day delay involved in those cases.
I understand that there is some cost involved in recovering such amounts so I don't see why some sort of "recovery" charge couldn't be made (and we know how the banks love to charge at any opportunity they get). That too would help to encourage us, their customers, to take more care.
What you are suggesting would destroy trust in the bank transfer system. Payments should only be reversed after giving all affected parties plenty of time to respond to a claim.0 -
There are simply too many options.
For example, the following for a joint account:
Mr smith
Mr I smith
Mrs smith
Mrs h smith
Ian smith
Helen smith
Mr and Mrs smith
It's simply impractical.
The name on many of my FPs is something like "My account 6789", whilst the actual name on the receiving account is "Mrs A. Barnes" or something similar. No program on God's earth could possibly match the name on the FP with the account name in any reliable form.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.6K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.6K Work, Benefits & Business
- 598.3K Mortgages, Homes & Bills
- 176.7K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards