Faster payment mistake... whoops

MNM2903

Okay so just done a faster payment from my santander to a new lloyds account I opened. It was only for £150 but the account number I entered was correct however I put the wrong sort code. Instead of 30-93-55 I put 30-94-55.

I contacted my bank who said to wait 24 hours and if it's not returned we will not be able to do anything as it's my error. I was just wondering if anyone knows the chances of this being returned. I would imagine the sort code and account number would have to match and that lloyds wouldn't have duplicate account numbers with different postcodes?

grumbler

The sort code is apparently valid: http://www.fasterpayments.org.uk/consumers/sort-code-checker.

Nobody can tell you the chances of an account with the same number as yours existing in combination with this sort code.
Try http://www.postcodeanywhere.co.uk/demos/bank-validator/ or google for similar checkers.

I contacted my bank who said to wait 24 hours and if it's not returned we will not be able to do anything as it's my error.

MSE article: Sent money to the wrong bank account?

MNM2903

Thanks for the reply. The good thing is the link you sent to check the details say the account number is invalid with that sort code so hopefully it will find its way back to me.

Everynamestaken

A nice lesson learnt without costing you anything.

I personally usually send a couple of quid first to sure its correct. After it is saved in my contacts, I then send the full amount a few minutes later.

Vectis

Everynamestaken wrote: »

A nice lesson learnt without costing you anything.

I personally usually send a couple of quid first to sure its correct. After it is saved in my contacts, I then send the full amount a few minutes later.

How do you know if it's ended up in the intended bank account? Do you ring up the recipient to find out if its arrived before sending the remainder?

YorkshireBoy

Vectis wrote: »

How do you know if it's ended up in the intended bank account? Do you ring up the recipient to find out if its arrived before sending the remainder?

This was a payment to the OP's own account with Lloyds. Presumably they'd have logged in online and checked.


But if you were paying a friend/family member/solicitor/etc then yes, you'd call and ask them to verify the safe arrival.

grumbler

Vectis wrote: »

How do you know if it's ended up in the intended bank account? Do you ring up the recipient to find out if its arrived before sending the remainder?

In most cases the recipient is you. So was the OP.

Personally, I prefer drag&drop (if possible) to entering important details manually.

YorkshireBoy

grumbler wrote: »

Personally, I prefer drag&drop (if possible) to entering important details manually.

Me too, but whilst it's easy for the 8 digit account number (and 16 digit references) it's not usually possible with sort codes (6 digits/6 digits interspaced with hyphens/3 separate 2 digit numbers/etc).

So I double/triple check them.

And then of course there's the 2 stage confirmation process required by the sending bank (are you sure?...are you really sure?).

But, as has been proved here, you can do all that and still get it wrong!

Boils down to how much you can afford to lose if you get it wrong? For me it's £1...others may be able to afford to lose more.

MNM2903

Still no sign of the money. I've always been very laid back when sending money as the chances of putting in the incorrect details and it actually being a valid account seem about as likely as picking 6 correct numbers for the lottery.

I'm still hoping it bounces back but I will definitely be more careful in future.

MABLE

MNM2903 wrote: »

Still no sign of the money. I've always been very laid back when sending money as the chances of putting in the incorrect details and it actually being a valid account seem about as likely as picking 6 correct numbers for the lottery.

I'm still hoping it bounces back but I will definitely be more careful in future.

No doubt the bank are holding this in their holding account. May be an idea to
contact the bank for them to check.

grumbler

MNM2903 wrote: »

Still no sign of the money. I've always been very laid back when sending money as the chances of putting in the incorrect details and it actually being a valid account seem about as likely as picking 6 correct numbers for the lottery.

This is a huge underestimation, not to say a delusion.

I'm still hoping it bounces back ....

I can be wrong, but my understanding is that FP system is supposed to check the validity of the sort code and account number combination before processing the payment.