Tenant has paid rent to someone else's account!

19lottie82

Financial_Virgin wrote: »

The bank then apparently told him the payment 'is floating around' i.e. it's not reached any one's account.!

hmmm re reason the Op the above makes me think that indeed, the T is talking BS. As far as I know this isn't possible? Although if anyone can correct me, please do.

Also, do the bank not check that the details provided match up (name, acc details) when a SO is originally set up? I presume the T is reffering to a DD but he really means a SO (which he may or may not have set up)

chris_m

Financial_Virgin wrote: »

The bank then apparently told him the payment 'is floating around' i.e. it's not reached any one's account.

19lottie82 wrote: »

hmmm re reason the Op the above makes me think that indeed, the T is talking BS. As far as I know this isn't possible? Although if anyone can correct me, please do.

This can, and does, happen if (for example) someone has set up a standing order (or one-off payment) via internet banking but got either the destination sort code or account number wrong. In such cases there is no check made that the details are correct - it may also apply if the details are wrong on a paper form but going to a different bank.

The system tries to make the payment automatically but it fails because the destination is wrong - so it goes into limbo until someone investigates it manually. Eventually the money goes back into the source account unless the manual investigation can identify the correct destination with a high degree of certainty.

It's for this reason that, if I'm setting up a standing order I usually either ask the recipient to keep an eye out for receipt and let me know if it hasn't arrived within a few days, or if it's a large amount I start off with a small payment (a few quid), then when that's confirmed as having arrived safely I follow it up with the balance. Obviously, in the latter case once the first transfer has worked I set subsequent payments to be the full amount in future.

Thrugelmir

19lottie82 wrote: »

hmmm re reason the Op the above makes me think that indeed, the T is talking BS. As far as I know this isn't possible? Although if anyone can correct me, please do.

Money does float around the system. If incorrect details are entered.

One month maybe. Why wasn't the matter resolved for the next.

I suspect FinancialVirgin is losing their virginity the hard way.

19lottie82

Thanks guys, oh well if this is the case and the T is telling the truth hopefully the OP will get his rent.

Thrugelmir

19lottie82 wrote: »

T is telling the truth

Gut instinct says not.

19lottie82

Yup you're right, there should have been an "if" in there, sorry!

Mrs_Imp

19lottie82 wrote: »

hmmm re reason the Op the above makes me think that indeed, the T is talking BS. As far as I know this isn't possible? Although if anyone can correct me, please do.

A few years ago I worked as a waitress. The hotel I worked for managed somehow to mis-type my bank account number in to their computer. My wages floated around somewhere in the ether for nearly a month before anyone could track it down and return it to me. The main problem was that the number they typed in didn't belong to anyone, so it didn't even arrive in the wrong person's bank account, it just floated.

That was a few years ago though, so hopefully issues like that have been tightened up a bit.

ETA, we had something similar happen when we paid someone via the telephone. The money left our account, but before it could reach the company we were paying, their computer system went down, so it never reached our account with them. They didn't realise at the time. It took 2 weeks for them to chase us up for 'non-payment', then another week to find the money.

vectistim

One time Shabby National managed to set up a standing order for rent for us back to front - took the money out of our account and paid it into the tenant's instead.

suited-aces

Can I rent from you ?