I've been mega stupid

RabbitMad

I stupidly sent a bank payment from one of my account to another of my account but mistyped the sort code. the wrong sort code actually exists and belongs to icici bank. what is going to happen, will I get my cash back (approx £400) and how long will this take?

I feel like such a plonker - I always without fail send a payment of £1 first and check that it gets there ok before sending anything larger. The first time I don't do this and look what happens.

ShelfStacker_3

Call your bank ASAP. If it went through the old BACS system, and not the new Faster Payments Service, they may be able to stop it.

RabbitMad

It was sent on Saturday so it will be wherever now. I've contacted both banks and am now waiting.

I've read various web pages and it looks like if the account doesn't exist at ICICI I'll get my money back fairly quickly. If the account actually existed and accepts direct payments in ICICI will have to write to the account hold to get their permission to repay the money.

RayWolfe

That's correct ... and why some of us get cross with plonkers who come here saying "I've just got five hundred quid in sent to my account which is not mine. Can I keep it?"
You should get your money back but it can take time.

[Deleted User]

RabbitMad wrote: »

I always without fail send a payment of £1 first and check that it gets there ok before sending anything larger. The first time I don't do this

So, to be pedantic, you don't always do £1 trials without fail... you failed to do it.

Sorry, couldn't resist.

kelloggs36

If the name doesn't match up with the account it should be bounced back to the account from whence it came.

dairine

I worked for halifax for a while and that kind of think happened all the time. They can trace the payment for you and return it your account (this should be free). Sometimes it can take few days to find it and move it back but I don't think there is any reason you shouldn't get it back.

YorkshireBoy

kelloggs36 wrote: »

If the name doesn't match up with the account it should be bounced back to the account from whence it came.

"Name"? Never heard of that before!

Only sort code and account number are required for most BACS transfers (some exceptions being building society accounts, credit card accounts etc, ie those using collection accounts/reference numbers).

RabbitMad

kelloggs36 wrote: »

If the name doesn't match up with the account it should be bounced back to the account from whence it came.

Unfortunately I reckon payments are matched up by computers and they are really crap at matching names e.g if the account was in the name Mr John Frederick Smith but the computer woulod need to have a fuzzy logic match for all permutations of Mr J F Smith, Mr JF Smith Mr John Smith etc.

Anyway the money is back in my account now as the account number didn't exist for the sortcode

Lucky excape me thinks.

Mikeyorks

RabbitMad wrote: »

Unfortunately I reckon payments are matched up by computers and they are really crap at matching names ....

As post #9 - names don't come into the equation, as there is no attempt to match them. All that is required for a BACS transfer is Sort Code / Account number. The system checks the Account number is in the valid range for the Sort Code you provide for the target account - and that is all that is needed to initiate the payment. But you've been fortunate that Account number is not in use within ICICI.