Cash transferred into wrong account

annie42

When we rang to ask for the bank account details the Barclay's employee was already on the case and had spoken to the recipient. It turns out it was our fault as one of the digits we gave was incorrect. I'm assuming the bank are obliged to make reasonable efforts to trace it despite it being the customers fault. Suspect it is a criminal offence to hold on to funds which are paid into one's account by mistake.

Hominu

annie42 wrote: »

Suspect it is a criminal offence to hold on to funds which are paid into one's account by mistake.

Depends, if it was a banking error then yes, the bank will take back the funds regardless.

However, if you transferred an amount to the wrong account number (by any means) then they can only write to the recipient and ask for it back. They'll make all reasonable measures to get the money back, but you might not get 100% of it back. In some cases, you might get none of it back.

You'll just have to hope that the recipient is honest and allows the bank to bounce the payment back.

Goldiegirl

annie42 wrote: »

What is modulus search QUOTE]

I think this means a system to check the account number is correct.

At the two banks I've previously worked at (unfortunately not Santander) we called it the 'check digit'

e.g.

If a customer's account number was 123456, it might appear on the cheque book etc as 01234567. The check digits would be 0 and 7. Therefore, if a credit was received for 01234568, the system would know automatically that the account number was wrong, as the check digit wasn't correct

chanz4

so how did your son give a barclays sortcode for a santan account?

mgdavid

chanz4 wrote: »

so how did your son give a barclays sortcode for a santan account?

so how did you get the idea that he did?

annie42

He was transferring funds from his Barclay's account to my Santander account.

noizeuk

If it is bank error, you have the right for a refund pending investigation.

If it is originator, ie, D/D, you have a right for a full refund, pending investigation (prima face evidence).

If it is your fault, consider it as a loss. Inform your bank and request a trace/best intentions process whereby they may write to the recipient bank and request the funds back. You may or may not get a refund in the meantime, if you do, don't be surprised if the amount gets re-debited as at the end of the day, the bank will be supplementing you with their money for something you did.

Further reading, google "Payment services directive". Note: my last point will not fall under this.

Miss_Havisham

I'm surprised that a bank would have account numbers with only one digit difference between them. Years ago the bank I worked for used a "modulus 11" algorithm for allocating account numbers, so the numbers were always separated by several digits. I never could work out the calculation though !

I do hope you get back all the money eventually.

Miss H

stclair

Miss_Havisham wrote: »

I'm surprised that a bank would have account numbers with only one digit difference between them. Years ago the bank I worked for used a "modulus 11" algorithm for allocating account numbers, so the numbers were always separated by several digits. I never could work out the calculation though !

I do hope you get back all the money eventually.

Miss H

Especially on the same sort code, very risky business.