What happens if wrong sort code provided for internet money transfer?

turbobob

I arranged for someone to transfer money to me using online banking. Somehow, I managed to give the wrong sort code :mad: I transposed the last two parts of the sort code so instead of (example) 40-20-30 I gave 40-30-20 but other details were correct.

Is it likely this has now been paid to someone else and I've lost the money?? Or will it be more likely to bounce back to the sender? Does the receiving account name need to match?

I understand that the first part of the sort code is the bank e.g. 40 is HSBC and the rest signifies the branch. Would HSBC have only one customer with my account number and just use the sort code as a cross check, or would it be the case that there are several accounts with the same account number at different HSBC branches??

Thanks for any info in advance :cool:

turbobob

Thanks. Gives me some hope I have already contacted the sender and will ask them to recall the payment.

bonniedog

Hi - I worked for LTSB insurance - we sometimes made incorrect payments.
If the account exists they can take it back out - if not they seem to have 'holding' accounts where it sort of 'rests' - if the money came out of a known account they should just be able to send it back.
Contact the bank tell them what happened they should be able to find this money with little fuss!:beer:

ManAtHome

Will come back if they can't resolve it - may take a couple of weeks though. Wouldn't have thought there would be a big chance of somebody with the same account number on a different sort-code.

oldwiring

Al_Mac wrote: »

One in ten

True for the whole account and sort code sequence. However if the account number is garbled. or rather the part that is 'examined', then the system used by HSBC is far more robust, so that transpositions are almost 100% likely to be rejected.

digerati

turbobob wrote: »

...Is it likely this has now been paid to someone else and I've lost the money?? Or will it be more likely to bounce back to the sender? Does the receiving account name need to match?

You haven't lost your money, merely the sender has misplaced it.

If the funds were sent to an valid bank account number, then they will remain there until reclaimed. The receiving bank account holder is contacted to say that the funds were sent to the wrong account and that they will be reversed unless they wish to dispute it.

If the funds were sent to an invalid bank account number, then go into a suspense account until reclaimed.

The receiving account name does not need to match exactly as many banks do not match names to accounts due to the high number of mismatches.

turbobob wrote: »

...I understand that the first part of the sort code is the bank e.g. 40 is HSBC and the rest signifies the branch. Would HSBC have only one customer with my account number and just use the sort code as a cross check, or would it be the case that there are several accounts with the same account number at different HSBC branches??

UK bank account numbers are not unique and since regular UK domestic bank transfers contains no check sum (unless you use the IBAN), errors are occasionally possible when digits are transposed.

Fortunately this is impossible with IBAN transfers - transposed digits or letters are detected and rejected before the transfer is made. France and several other European countries use a similar check sum system for domestic transfers too.

kyoob

This has happened to me, as it happens the sort code i sent it to is owned by the same people (First Direct owned both the intended and mistake codes) The account number for the wrong sort code also exists

First direct have been helpful but have said that they need the person that has been credited (apparently it's a she) to 'authorise' the reversal.

Now i'm wondering, what happens if she's already spent it/won't authosrise it?

Your Worriedly

Chris:eek:

tom188

If she had money appear in her account that she knew was not hers and went out and and spent it, she would be committing theft and could be prosecuted.

AnitaB_2

What do you think??? I am just in the situation at work that a payment has been made to a HSBC account but the last 2 digits of the sort code were incorrect and so it has gone to another branch which apparently has an active account with the same account number. We have informed our bank and tried to get in touch with HSBC but you can't speak directly to the branch - which is down South and we are up North. Ourselves and our bank have faxed and sent a letter to HSBC but they havn't replied. The money has now been in the wrong bank account for over a week and we havn't got any closer to retrieving the money. What do you think?? What shold we do??

Joe_Bloggs

I would leave it to your bank branch or their telephone banking to sort this out. There is a clear record of where the money went, so it is not lost but misplaced.
I reversed the last two digits a few weeks ago and it took two weeks for the receiving bank to find the money. I was transferring money between accounts held with different banks so I was able to contact both banking parties to eventually discover my error. If you do not have an account with the receiving bank then I doubt that they will deal with an unknown party.
J_B.

ROM29

If you've entered the wrong sort code and it also happened to be linked to a valid account then it's tough luck. The bank may contact the account holder to ask if they would allow the money to be taken, but they can't be forced to do so.

You made the mistake, not the bank.