Faster payment mistake... whoops

Ed-1

grumbler wrote: »

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

I agree. Given you've entered incorrect details the chances of the details matching a valid account are actually quite high and certainly not as low as matching all 6 numbers on the lottery.

grumbler wrote: »

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.

I disagree with this. It is up to the receiving processing bank to check the details match a valid account, however you'd expect it to reject the payment straight away if it is major clearing bank such as Lloyds:
http://www.fasterpayments.org.uk/about-us/how-faster-payments-works

Once Mike’s bank has received the transaction, it checks that the account number is valid (note, it does not verify that the account name and number match), and then sends a message back to the Faster Payments Service that it has accepted (or rejected) the payment.

Goldiegirl

As it's a big bank like Lloyds, if the sort code / account number combination is invalid, or there is not an open account with this combination, I'd also expect the payment to bounce back very quickly.

Chances are, if the money hasn't been returned by now, then it's gone to an open account.

Ballard

MABLE wrote: »

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

There's plenty of doubt. If that's a valid sort number/account combination it will have been credited to that account.

colsten

grumbler wrote: »

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.

Ed-1 wrote: »

I disagree with this.

I am with grumbler on this one. It's easy enough to check. Find a non-existing sort code/account number combination and try sending a tiny amount. I am pretty certain it won't be sent if the combination doesn't exist. I tried with Santander a while back.

Ed-1

colsten wrote: »

I am with grumbler on this one. It's easy enough to check. Find a non-existing sort code/account number combination and try sending a tiny amount. I am pretty certain it won't be sent if the combination doesn't exist. I tried with Santander a while back.

Are you sure it doesn't send and then get recredited to your account immediately (i.e. rejected by the receiving bank)? I'm not going to start playing games like this with any amount, nomatter how small but I can't imagine after you click 'send/confirm payment' with invalid account details that it flags up before the payment gets sent through the faster payments system that it can't be sent due to invalid account details (perhaps it would if you were sending it to another account within the same bank/group).

colsten

I am sure it doesn't get sent as I can't even set up the payee

paragon909

Why dont you contact lloyds and ask them, The money might be in a holding account or something.

Semple

I don't see how a bank can just say "it's your mistake, nothing we can do". I've come across a few stories online where some people have had very large sums (millions) deposited into their account from companies by accident, and they've had no problems reversing the charge.

grumbler

'deposit' and 'charge' isn't the same, is it?

grumbler

colsten wrote: »

I am sure it doesn't get sent as I can't even set up the payee

It's worth noting that a combination can be either absolutely invalid (because of wrong check-sum or similar) or valid, but non-existent. This can possibly make a difference.