Transfer to wrong sort code

[Deleted User]

Tried to pay £5000 from my business account to my personal account. Problem is sort code was incorrect so its not arrived.

Spoken to bank and they've said sort code I put is an invalid one so it should be OK and payment will be bounced. I put name on transfer as well.

A bit concerned but I've heard the recieving bank is supposed to check the name quoted as well.

stclair

Does the sort code you used exist at all?

If not it will bounce back into your account within a few days.

[Deleted User]

stclair wrote: »

Does the sort code you used exist at all?

If not it will bounce back into your account within a few days.

Not according to my bank. Is there any way to check myself?

coolesticeking

Have a go with this:
http://www.postcodeanywhere.co.uk/demos/bankvalidator.aspx

Azrael_1701

[quote=[Deleted User];discussion/3457309]A bit concerned but I've heard the recieving bank is supposed to check the name quoted as well.[/QUOTE]

For BACS transfers the ONLY details that are checked is the sort code and the account number.

ChiefGrasscutter

We are getting these 'wrong account details entered' weekly now on MSE.

To the OP, I suggest that in future you are very very careful to get the details perfectly correct in entering up the transactions, next time it may go to a valid account with a valid sort code and your problems will only just be starting in terms of getting the money back.

It is correct that names are not checked as part of the transfer. This is not suprising. Suppose the account name was Mr and Mrs P.W Smith Household a/c, it would be suprising if anyone actually got the full name correct in this example. So if a payment was made to Mr and Mrs P Smith would that be grounds for rejection? As you can see it's not easy to cross check account names - hell, it seems difficult enough for some to get the numbers right!

jalexa

[quote=[Deleted User];discussion/3457309]Tried to pay £5000 from my business account to my personal account. Problem is sort code was incorrect so its not arrived.

[/QUOTE]

For the benefit of others, when creating a new payment arrangement (to an account you know) test with a token payment.

But (separately) the "problem" you identify demonstrates the insidious risk transfer (to the customer) in the attempt to eliminate cheques. You were lucky you didn't quote a valid sortcode/bank account.

[Deleted User]

coolesticeking wrote: »

Have a go with this:
http://www.postcodeanywhere.co.uk/demos/bankvalidator.aspx

Good. Comes up as invalid.

[Deleted User]

ChiefGrasscutter wrote: »

We are getting these 'wrong account details entered' weekly now on MSE.

To the OP, I suggest that in future you are very very careful to get the details perfectly correct in entering up the transactions, next time it may go to a valid account with a valid sort code and your problems will only just be starting in terms of getting the money back.

It is correct that names are not checked as part of the transfer. This is not suprising. Suppose the account name was Mr and Mrs P.W Smith Household a/c, it would be suprising if anyone actually got the full name correct in this example. So if a payment was made to Mr and Mrs P Smith would that be grounds for rejection? As you can see it's not easy to cross check account names - hell, it seems difficult enough for some to get the numbers right!

Yes, I know - totally my fault.

I'd heard that the Banking Code stated that the recieving bank had a duty to check it was going into right account. This meant that if name was added to transfer then this should be checked.

I can see how it can be a problem but apparently transfers made into an account of A JONES should be rejected if account holder is B SMITH etc.

[Deleted User]

ChiefGrasscutter wrote: »

We are getting these 'wrong account details entered' weekly now on MSE.

To the OP, I suggest that in future you are very very careful to get the details perfectly correct in entering up the transactions, next time it may go to a valid account with a valid sort code and your problems will only just be starting in terms of getting the money back.

It is correct that names are not checked as part of the transfer. This is not suprising. Suppose the account name was Mr and Mrs P.W Smith Household a/c, it would be suprising if anyone actually got the full name correct in this example. So if a payment was made to Mr and Mrs P Smith would that be grounds for rejection? As you can see it's not easy to cross check account names - hell, it seems difficult enough for some to get the numbers right!

Looks like its ok because sort code was invalid but just wondered is there a way to get money back if this went to a valid account?

ChiefGrasscutter

[quote=[Deleted User];46553943]Looks like its ok because sort code was invalid but just wondered is there a way to get money back if this went to a valid account?[/QUOTE]

A modified/extracted cut and paste job below from my reply the last time this one came up - about 4 days ago

At one extreme:
We have people being told it's their mistake - learn from it, there is nothing your can do - don't make the same mistake again - check and re-check, read the confirmation screens on the payment details properely before you press the accept key in future.
At the other:
We have stories of people having sums dumped into their accounts in error and then suddenly removed again without them ever being contacted much less being asked to consent.

How many of these are genuine and factually accurate is anybody's guess - this is the internet after all.................

So:
As far as I can make out your best bet is to contact your bank as its generally regarded as the "sending bank's" responsibility to trace lost payments.
They will need to contact the end receipient/bank via their internal channels.
The end recipient will be "asked to consent to the funds being returned" - they will be sent a form to sign and return.
At that point the transaction can be reversed.
N.B Expect the bank to charge you for this service.
Curiously every time we see this problem occuring we never find out exactly what happened at the end despite endless pages being written on it by forum members quoting the theft ammendment acts in respect of the end recipient retaining a wrongful credit etc.
(The problem with the theft ammendment acts is that the "mistaken" credit is not 'wrongful' within the meaning of that word in the acts.).

I really do wish the FSA would regularise this issue and come up with a definitive course of action to take plus applicable charges for sorting out the mess. You will understand the banks cannot simply "remove money from peoples accounts on your say so" so there has to some sort of due process taking place.

Think of it like putting something through the wrong door's letterbox by mistake. You could go back and ask them kindly for it and most people would give it back immediately....on the otherhand you could spend a lot of time taking legal action to get the thing back if the letterbox owner declined to return it.