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Accidentally sent money to the wrong account, what now?

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  • yes my dear i work for a bank too and can tell you that the bank are under no obligation to sort out someones mistake when they cant copy and paste an account number correctly
  • Techhead_2
    Techhead_2 Posts: 1,769 Forumite
    Hasn't this exact spreadsheet error been posted here several times previously?
  • Keeping your friends banking details on a spreadsheet on a computer connected to the internet probably isn't a good idea either.
    Olipro wrote: »
    doesn't matter a jot.

    Can't someone use your account number and sort code to set up a direct debit though?
  • rb10
    rb10 Posts: 6,334 Forumite
    adamc260 wrote: »
    I've heard of banks requesting for the payment back too, seems like nationwide just dont care =/

    BACS payments can be recalled, up to a certain time limit after they are sent. This is probably what you are thinking of.

    Faster Payments, however, cannot be stopped or amended after they are sent. The only way of getting the money back is for the recipient to send it back to you.
  • themull1
    themull1 Posts: 4,299 Forumite
    yes my dear i work for a bank too and can tell you that the bank are under no obligation to sort out someones mistake when they cant copy and paste an account number correctly

    Yes they are, and please don't use the term 'my dear', i was offering advice to the op, and in my experience, getting an MP involved will always ' hurry up' the investigating process.
  • dunstonh
    dunstonh Posts: 119,679 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I,m sorry to break this to you, but i work with Banks, and if an MP gets involved, the Banks will sort it out quickly. So i think that you're the one talking rubbish.

    MPs will get involved in cases where the bank has done wrong and they are not responding on a correct manner. However, apart from some inexperienced staff giving out inaccurate information there is no wrong doing by the bank/building society (put both as its generic to both types of institution even though Nwide is not a bank).

    Whilst they law puts the responsibility with the individual as it is their fault, there has been a case where the FOS upheld a complaint against a bank for a customer putting in the wrong details where there was no warning on screen about the risks of making online payments. The FOS generally considers not just law but fairness as well. Since that case was upheld, the banks have increased the warnings and if one is present you would expect any complaint to be rejected.

    Once the money has left the bank there is little they can do to get it back using a faster payment. They can contact the receiving bank to let them know it was an error and the request the money back but the receiving bank may just pass the notification on to the account holder and rely on their goodwill to agree for the money to be returned. If they refuse then thats it.

    However, there is a very good chance that the account number you sent it to doesnt exist or is not in use at this time. In which case it will get diverted to a suspense account and if the receiving bank cant apply it to any of their accounts they will return it to the sending bank and it will be placed back in your account. This can take up to a week. The sending bank can contact the receiving bank to see if it is coming back or not. That said, whether the sending bank staff really want to do it or not is a different matter. Front line call centre staff may not. Local branch staff or if you can get through to back office call centre staff may be more willing to do it. Unfortunately, the banks don't train the staff like they used to. (a consequence on what the consumer market wants - low costs at the expense of quality service).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • adamc260
    adamc260 Posts: 2,055 Forumite
    rb10 wrote: »
    BACS payments can be recalled, up to a certain time limit after they are sent. This is probably what you are thinking of.

    Faster Payments, however, cannot be stopped or amended after they are sent. The only way of getting the money back is for the recipient to send it back to you.

    Ahh right :) Thanks

    Was sure I heard of something but wasn't sure

    Looks like OP is going to have to take the hit on this one then unless the recipient will give the money back
  • If you go into your local branch and explain to someone the situation face to face you may find them more helpful. I hate bank call centre staff with a passion, in my experience if the call relates to something that is not at all simple or straightforward they simply cut you off rather than trying to resolve the problem for you! I find that if I actually go into the branch I get a totally different response and they actually try to sort the problem out!
    MFW 2011 challenge - Aim: Overpay £414.26 a month/£5,000 a year. Overpayment Total to date: £414.26:jMortgage start 28/9/07 £46,217.00 :TMortgage balance as of 25/05/11 £24,490.58 :T
    Interest saved as of 25/05/11: £2,849.84 Projected term reduction as of 25/05/11: 9 years 11 months
  • whitewing
    whitewing Posts: 11,852 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    You could possibly go into the Natwest branch and ask them if the payment has gone into a suspense account, and then see how to get it returned. If it hasn't gone into your friend's cousin's acct you may be complicating the situation unnecessarily if you start trying to contact him. (I'm thinking they may not be able to disclose if it has gone to his account).
    :heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.
  • MrAmazing wrote: »
    What do the people of Money Saving Expert suggest?

    Contacting him, if possible, is your best bet. With the help of Google, Facebook, email, directory enquiries, etc. you might be able to contact him, if not directly then perhaps through mutual friends or relatives. If he doesn't have a card reader and card perhaps he could send you a cheque or use Paypal to refund you.
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