Sending money to the wrong bank account

uniqua30_2

Hi

Firstly, apologies if this is in the wrong forum area!

I'm a landlord and use a letting agency to collect rent on my property.

I gave them my new bank details for where the rent should be paid into however, I gave them my correct sort code but an account number of one of my other bank accounts with a different bank.

The payment was made by them earlier this month, (this was the first payment to this account). After checking over Easter I noted that the payment hadn't hit the account. After checking I realised my error in sending them the wrong payment details.

I have contacted my letting agent today to let them know of my mistake and they are contacting their bank to find out if we can get the money back. However, they feel it is unlikely that the payment will get sent back. It hasn't been flagged as a non existent bank account their end.

I realise that this is my mistake but would be grateful for any advice.

Thanks

Helen

grumbler

Before asking for an advice you did read the updated guide, did you not?

Read this MSE news as well:
Sent money to the wrong bank account? Now it should be easier to get it back

Your agent are possibly not up to speed on the latest changes.

uniqua30_2

Thank you Grumbler, I will forward the link onto my letting agent.

Fingers crossed, I can get the money returned.

afly

A simple and effective way to fix this would be an "account name" that can be shared across banks, editable by the account holder.

I supply the sender with my details,

Sort: 30-87-84
Number: 34123429
Account name: afly

Sender inputs sort code and acc number, bank goes off and displays the account name associated with that account: afly

Sender now knows for absolutely sure that the recipient will be correct.

Allowing receivers to set up requests for money would be effective too. Jesus there are so many easy ways to solve these issues. The biggest problem is the banks have no real incentive to fix them

agrinnall

afly wrote: »

A simple and effective way to fix this would be an "account name" that can be shared across banks, editable by the account holder.

I supply the sender with my details,

Sort: 30-87-84
Number: 34123429
Account name: afly

Sender inputs sort code and acc number, bank goes off and displays the account name associated with that account: afly

Sender now knows for absolutely sure that the recipient will be correct.

Allowing receivers to set up requests for money would be effective too. Jesus there are so many easy ways to solve these issues. The biggest problem is the banks have no real incentive to fix them

Only works if both banks are full members of Faster Payments and there is real time communication in place at the point the payment is initiated. In other words, it's ain't going to (a)fly!

xylophone

http://www.thisismoney.co.uk/money/saving/article-3979010/Online-bank-payments-shake-means-extra-information-go.html

eskbanker

afly wrote: »

Jesus there are so many easy ways to solve these issues. The biggest problem is the banks have no real incentive to fix them

Another pretty big problem is the way that uninformed people speculate that because something might sound simple in ultra high level conceptual terms then it must be straightforward to implement across a massively complex and highly regulated industry largely underpinned with ancient and inflexible IT systems....

dlk

afly wrote: »

Sender inputs sort code and acc number, bank goes off and displays the account name associated with that account: afly

Sounds like an awesome way for a fraudster to find out the registered name attached to any sort code and account number they want to research.

windup

eskbanker wrote: »

Another pretty big problem is the way that uninformed people speculate that because something might sound simple in ultra high level conceptual terms then it must be straightforward to implement across a massively complex and highly regulated industry largely underpinned with ancient and inflexible IT systems....

Changing anything for the better seems to take a decade or more in this country, there are no excuses, they should just get on with the important work and shelve the makeover projects. The proposed solution doesn't eradicate fraud, Mr S Smith and Jones is going to be very popular, so they will have to go back to the drawing board again in a few years when fraudsters work around the system

GingerFurball_2

They wouldn't need to if people educated themselves on common scams and didn't fall for them.