Bank transferred to wrong account
Swiggle
Posts: 11 Forumite
I will try and keep this short yet detailed.
I tried to make a transfer from bank A to bank B via telephone. However it has incorrectly gone to Bank C. Bank A has admitted fault after listening back to the telephone call - I gave the correct details. They are now trying to retrieve the money. That was a month ago.
I still have not retrieved the money. Bank A don't know what is taking Bank C so long. Bank C have told me via telephone that they have to give the account holder 20 working days to provide evidence as to whether the money is theirs or not (I know the account holder and they're not helping the situation move forward as we are not on speaking terms), this is despite the fact that Bank A have audio recorded evidence it does not belong to the account holder at Bank C.
They are being very difficult about allowing me to make a formal complaint about their procedures as a non-customer. I want a paper trail showing I have spoken to Bank C - my point is that Bank A have evidence that the money does not belong to the account holder it was incorrectly sent to (telephone call). I have spoken to the FO and they have informed me that the account holder (bank C) has no legal recourse to those funds and that the bank should not have to seek authorisation from them to retrieve the money.
I am also growing increasingly concerned regarding comments I have heard 'through the grapevine' made by the account holder at Bank C regarding how much money they have come into.
I have no idea what my rights are as I am being told two different things by Bank A and Bank C.
I tried to make a transfer from bank A to bank B via telephone. However it has incorrectly gone to Bank C. Bank A has admitted fault after listening back to the telephone call - I gave the correct details. They are now trying to retrieve the money. That was a month ago.
I still have not retrieved the money. Bank A don't know what is taking Bank C so long. Bank C have told me via telephone that they have to give the account holder 20 working days to provide evidence as to whether the money is theirs or not (I know the account holder and they're not helping the situation move forward as we are not on speaking terms), this is despite the fact that Bank A have audio recorded evidence it does not belong to the account holder at Bank C.
They are being very difficult about allowing me to make a formal complaint about their procedures as a non-customer. I want a paper trail showing I have spoken to Bank C - my point is that Bank A have evidence that the money does not belong to the account holder it was incorrectly sent to (telephone call). I have spoken to the FO and they have informed me that the account holder (bank C) has no legal recourse to those funds and that the bank should not have to seek authorisation from them to retrieve the money.
I am also growing increasingly concerned regarding comments I have heard 'through the grapevine' made by the account holder at Bank C regarding how much money they have come into.
I have no idea what my rights are as I am being told two different things by Bank A and Bank C.
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Comments
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Complain to your bank.
Highlight that they have confirmed that they are at fault.
Insist they reimburse you fully, immediately, plus an ex-gratia payment for messing you about.
Then let them do whatever they want to recover the funds as it won't be your problem and should never have been your problem.0 -
Thanks very much Peaceful. I'll call them today. They've been upfront about fault and compensation, but did not realise they could reimburse me before retrieving from Bank C.0
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Thanks very much Peaceful. I'll call them today. They've been upfront about fault and compensation, but did not realise they could reimburse me before retrieving from Bank C.
The procedure they're following is for when you make an error.
They shouldn't expose you to ongoing loss while trying to rectify their own mess.0 -
...(I know the account holder and they're not helping the situation move forward as we are not on speaking terms), this is despite the fact that Bank A have audio recorded evidence it does not belong to the account holder at Bank C.
If the error happened because you have the details of this person saved as a payee, then make sure you delete them to avoid the same thing happening again (next time it could be you making a mistake with a FP transaction).
If it is someone you are having to make ongoing payments to, then I would consider setting up a separate account to pay them from to avoid the risk of future accidental payments."In the future, everyone will be rich for 15 minutes"0 -
Thanks EachPenny, I will be closing the account once the money is reimbursed.
Peaceful, in terms of compensation for a month of stress and financial loss, what is reasonably justifiable?0 -
Your complaint is with your bank, not bank C.
They may offer a token £50 payment. Unless your losses are higher id accept.0 -
I would also ask them to confirm in writing that they made the payment to the other person by mistake and have reimbursed you out of their own pocket. This will be useful if you later need to avoid any issues with tax, or if there are potentially any issues that might arise over you appearing to make a payment to the other person. I don't know the circumstances between you (and there's no need to know), but I can imagine scenarios where making a large payment to someone you are not on speaking terms with might cause subsequent repercussions.Thanks EachPenny, I will be closing the account once the money is reimbursed.
Peaceful, in terms of compensation for a month of stress and financial loss, what is reasonably justifiable?"In the future, everyone will be rich for 15 minutes"0 -
Peaceful, in terms of compensation for a month of stress and financial loss, what is reasonably justifiable?
I'd say £50 plus any costs you may have incurred. Such as overdraft fees, credit card interest etc.
I'd also recommend being more demanding of any bank that makes an error on your account in future.0 -
PeacefulWaters wrote: »I'd say £50 plus any costs you may have incurred. Such as overdraft fees, credit card interest etc.
I'd also recommend being more demanding of any bank that makes an error on your account in future.
So I have now spoken to the bank who made the error. They're being incredibly difficult about the whole thing. I asked to speak to a manager but they wouldn't let me, saying they didn't have anyone available (that was this morning and yesterday).
They said they will do a "temporary transfer" in the next 24 hours. Now I'm worried with the use of the word "temporary"?
The original person dealing with the issue "didn't realise" he could do that. Someone else is now dealing with the situation.I would also ask them to confirm in writing that they made the payment to the other person by mistake and have reimbursed you out of their own pocket.
Thank you this is a very good idea and I will be asking for this.
They are calling me back in 3 hours time.0 -
Your complaint is with your bank, not bank C.
They may offer a token £50 payment. Unless your losses are higher id accept.
I don't think I'd be willing to accept £50 if I'm really honest.
I paid £25 to send the chaps payment in the first place, as it was over the daily limit via telephone. It has also been a month, causing financial disruption and worry, and quite honestly serious issues for my relationships with the people that are involved.
Not only due to their original error, but due to the continued month of errors and incompetence. I have lost count of the number of hours I have lost on the phone dealing with this problem.0
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