Sending money to the wrong bank account

Apathy

What are the chances of getting a refund on transactions made 6 years ago or so?

jonesMUFCforever

Apathy wrote: »

What are the chances of getting a refund transactions made 6 years ago or so?

Absolutely nil - no chance whatsoever!!

blakeee

I omitted a decimal point and sent a subcontractor £7550 instead of £755.
He quickly cleared the money from his account.
Is he entitled to keep /spend this money? He knew of the overpayment but will not return the money.

pmduk

No, but you now have to get it back. That's going to be the problem

Thrugelmir

blakeee wrote: »

I omitted a decimal point and sent a subcontractor £7550 instead of £755.
He quickly cleared the money from his account.
Is he entitled to keep /spend this money? He knew of the overpayment but will not return the money.

How do you know that he cleared his account quickly? Did he tell you.

eskbanker

blakeee wrote: »

I omitted a decimal point and sent a subcontractor £7550 instead of £755.
He quickly cleared the money from his account.
Is he entitled to keep /spend this money? He knew of the overpayment but will not return the money.

The good news is that no, he isn't entitled to keep this money, unless you owed him the larger sum and were only intending to make a partial payment.

However, the banks concerned won't be in a position to play any role in recovering any overpayment and so you'll need to take him to court to do so if he's unwilling to comply....

CMC_MONEY_AWARE

I sent money to the wrong account by typing in the wrong bank account details. When I realised I contacted my bank who contacted the receiving bank. The receiving bank have not contacted the account holder and have replied to my bank saying 'K Due diligence checks show funds credited intended beneficiary (without contacting beneficiary) Account is still open and active.

This means they have not even asked the recipient to return the money. I thought they had to at least ask the recipient.

I have been advised to take legal advice. Any other suggestions?

eskbanker

How can the recipient's bank unilaterally determine that the recipient was the intended beneficiary?

The industry-wide process is documented at http://www.fasterpayments.org.uk/consumers/what-happens-if-i-have-sent-payment-wrong-place and clarifies that:

If you do not get the service you should expect under the new procedures you can firstly follow your provider’s formal complaints procedure. If you are not happy with the outcome, your bank will provide you with information on how you can take your complaint to the independent Financial Ombudsman Service.

Legal action is a last resort and is tricky and expensive when you don't know who the recipient is....