HELP - I made a "faster payment" to the wrong account

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
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  • stclair
    stclair Posts: 6,844
    Name Dropper First Anniversary First Post
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    edited 26 October 2009 at 8:11PM
    spags1909 wrote: »
    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?
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • Floxxie
    Floxxie Posts: 2,852
    Combo Breaker First Post First Anniversary
    Forumite
    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.
    Mortgage start September 2015 £90000 MFiT #06
  • 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
    pcombo Posts: 3,429 Forumite
    lol wish it was my account that got. Tbh use online banking and mistakes wont happen.
  • pcombo wrote: »
    lol wish it was my account that got. Tbh use online banking and mistakes wont happen.

    Unless you mistype:o
  • 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
    stclair Posts: 6,844
    Name Dropper First Anniversary First Post
    Forumite
    spags1909 wrote: »
    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?
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • rb10
    rb10 Posts: 6,334 Forumite
    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.
  • rb10 wrote: »
    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
    agsnu Posts: 1,457 Forumite
    stclair wrote: »
    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.
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