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What happens if wrong sort code provided for internet money transfer?
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There are various utilities online that can tell you whether the account you sent the funds to is valid - Google search for "bank account validation" and it should return the first link as Postcode Anywhere, you can then use that to check.
If the account sent to WAS valid - and I'd be surprised if it was, effort is usually put in to try to minimize such errors - then you're going to have to ask HSBC to debit that account and return the funds, whatever their procedure for that may be.
If it wasn't valid, you can expect the funds to be sat in a sundry account awaiting allocation. Assuming HSBC operates in a similar fashion to my experience, they will try to locate the intended recipient by name on the quoted sort code, and then explore other routes (i.e. closed accounts, etc). If they can't find it then, they'll send it back.
Based on my experience, the rejected entries account needs to be reconciled daily, so I would not expect you to be waiting a long time for this at all.
Faster Payments near enough eliminates this problem as it should be returned immediately by the switch for having invalid account details.0 -
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??
This will cost you more money of course and who knows if your chances of succeeding are worth it. How much are we talking about here?
Once the payment has been done your bank cannot recall it.0 -
jonesMUFCforever wrote: »Once the payment has been done your bank cannot recall it.
Although growing rapidly irrelevant with Faster Payments, many business users still have their payments process by BACS, which can be recalled on days 1 and 2 of the cycle.0 -
We are talking 20K ......not as if it is few quid. Our bank Natwest managed to get to talk to HSBC and they could inform us that yes the account is active. Surely if the finds are not returned it is theft as the bank has informed the account holder that it was sent in error???0
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We are talking 20K ......not as if it is few quid. Our bank Natwest managed to get to talk to HSBC and they could inform us that yes the account is active. Surely if the finds are not returned it is theft as the bank has informed the account holder that it was sent in error???
It's not theft per se as they did not steal, i.e. they did not take the funds themselves. There is a separate offense for circumstances such as this, however, which is called unjust enrichment.
What you need to do now is to allow HSBC/Natwest to resolve this error between themselves - HSBC will likely have a policy or procedure in place around contacting the customer, etc. and may take time to action this.
If HSBC comes back and says "sorry, no luck" then you could pursue legal action. You'd first have to pursue HSBC legally for the account holder's information - which could be granted by a court order - and then pursue the account holder in turn.0 -
We will just have to sit tight and wait then..... Thanks for the advice.... We are just finding it very frustrating not getting anywhere!!!!0
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Hi
Something similar happened in June when my son sent a payment to the wrong account number (two numbers were transposed). It took Barclays 3 weeks to write to confirm that the money had been sent to the wrong account (derrr) and I have now had to write 2 letters to Abbey to give them the details and also a letter 'to whom it may concern' to inform them that 1100.00 has been paid into their customers account by mistake and would they kindly give it back.
If you look at the current Theft act, it is illegal to spend money that has been sent to your account when you know that it was not meant for you or do not know where it has come from. Don't suppose that stopped anyone though!
Looks like I'm in for a bit of a wait but I'm hopeful that the money will be returned.0 -
That is a similar situation so it looks like we are in for a long wait. I find it very frustrating. Why do we bother putting the name of who the payment is for when that fact is completely overlooked???0
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That is a similar situation so it looks like we are in for a long wait. I find it very frustrating. Why do we bother putting the name of who the payment is for when that fact is completely overlooked???
It's not overlooked, it's merely used as a secondary check - i.e. where the primary details are incorrect or invalid. In your case, they were valid details, so there's no reason to check the name field.
In addition to that, there's the problem with the names given to accounts and the names people send them as. It's fine and dandy for M SMITH, SMITH M, etc. but when you look at businesses etc. it's not necessarily unusual to find a more complex name with abbreviations, making a straight up computer match unlikely.0 -
DevilsAvocado wrote: »It's not overlooked, it's merely used as a secondary check - i.e. where the primary details are incorrect or invalid. In your case, they were valid details, so there's no reason to check the name field.
In addition to that, there's the problem with the names given to accounts and the names people send them as. It's fine and dandy for M SMITH, SMITH M, etc. but when you look at businesses etc. it's not necessarily unusual to find a more complex name with abbreviations, making a straight up computer match unlikely.
I suppose it will be in our favour if things get nasty that we have stated the name on the payment. With a bit of luck this time next week we will laughing about it all..... and the money will back in our account!!! Thanks again for your input.... you certainly seem to know your stuff!!0
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