Electronic transfer with wrong account number

eskbanker

innovate wrote: »

Also, picking a valid sort code /account number combination by making a 1 digit mistake is basically impossible since account numbers aren't allocated consecutively

That logic may apply if the wrong digit happened to be the last one of the account number but it could have been any of the digits for all we know!

Hazzanet

Nationwide is an interesting example in the bank/sortcode modulus check world.

In general, there is either 1 check published, or two checks published. Where one check is published, the sortcode/account number combination must always pass the one test. Where two are published (e.g. a MOD10 & MOD11) then both tests must pass.

With Nationwide, for example on the 07-01-16 sortcode, the publish a MOD10 and MOD11 test, but...



Which means that the number of sortcode/account combinations in the sortcode range is much higher (and hence more prone to hit a valid number even if miskeyed).

Other foibles are that Co-Op bank don't check the sortcode against the account number at all (i.e. a miskeyed sortcode could result in hitting a valid account number on another sortcode).

And Metro Bank do not modulus check their account numbers at all (i.e. 00000000-99999999 are all valid).

innovate

I am not talking about modulus check. I am talking about faster payments. You cannot make a faster payment to a non-existent bank account since the faster payments system will reject it. Try it.

Hazzanet

innovate wrote: »

I am not talking about modulus check. I am talking about faster payments. You cannot make a faster payment to a non-existent bank account since the faster payments system will reject it. Try it.

Innovate - I agree absolutely; but you miss my point (I was responding to Point 2).

Because Nationwide allocate numbers that pass both modulus checks in isolation, the probability of hitting a number that has been allocated to a live account is increased which (a) reduces the efficacy of the modulus check and (b) increases the risk of it happening to the customer.

07-01-16 is practically full now from what I gather.

meer53

But if the account number typed in (incorrectly) matches with an exisiting account, the faster payment will be sent. It's very easy to transpose digits in an account number and for it to match an account somewhere. This is what the OP has done, it's their bad luck that their incorrect account number matches with a live account.

innovate

eskbanker wrote: »

That logic may apply if the wrong digit happened to be the last one of the account number but it could have been any of the digits for all we know!

Try finding a valid sort code/account combination by randomly changing one or more digits in the account number. You'll probably have to at least sign up for a trial, more likely purchase the validation software since you are extremely likely to have to make a huge number of tries before you find a valid combination, if you find one at all before dying of boredom.

http://www.postcodeanywhere.co.uk/bank-account-validation/pricing/

innovate

meer53 wrote: »

But if the account number typed in (incorrectly) matches with an exisiting account, the faster payment will be sent. It's very easy to transpose digits in an account number and for it to match an account somewhere. This is what the OP has done, it's their bad luck that their incorrect account number matches with a live account.

I dispute this, I don't believe it is very easy.

Perhaps the OP could post what the correct sort code/account number should have been, and the erroneous one used, so we can stop talking theories.

innovate

nidO wrote: »

This information mentioned by several people is incorrect. You only have to confirm a bank account with PayPal in order to send money from your bank to PayPal, however an unconfirmed account can be perfectly well used to withdraw money from PayPal.
In fact, when following the withdrawal process you are given the option to add a new bank account and are asked for an acct number/sort code, PayPal then accepts these details and sets the new unconfirmed account as the target for that withdrawal without even prompting/questioning whether you would like to confirm the account first.

This only applies up to certain amounts. Once you reach a given limit, you will not be allowed to make further withdrawals until your account is fully verified.

Hazzanet

innovate wrote: »

Try finding a valid sort code/account combination by randomly changing one or more digits in the account number. You''don't probably have to at least sign up for a trial, more likely purchase the validation software since you are extremely likely to have to make a huge number of tries before you find a valid combination.

http://www.postcodeanywhere.co.uk/bank-account-validation/pricing/

innovate

Can you also explain what the warning sign means?