Faster payment mistake... whoops

GingerFurball_2

MNM2903 wrote: »

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?

Santander are fobbing you off.

They can liase with Lloyds and ask that the payment be returned.

YorkshireBoy

GingerFurball wrote: »

Santander are fobbing you off.

They can liase with Lloyds and ask that the payment be returned.

They MUST, according to the PSRs.


However, they MAY also charge for their assistance, again according to the PSRs!

MNM2903

well the details were invalid and the payment was returned to me.

Lesson learnt.

It seemed to have sent the payment and then it was stuck in limbo but within 24 hours the payment bounced back.

I imagine this is because it was being sent externally from santander to lloyds which is why it wasnt instantly rejected however im not sure.

Thanks for all the replies. I probably have been naive but i wont be in future

anoncol

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?

Yes that's what I did when we first paid our gardener.

Ballard

Just to come back on a point or two which have been made:

1. Whilst it's not inconceivable that Lloyds Bank will know whether or not an account number at RBS is valid, it's unlikely. The possibility of Lloyds knowing whether an account at an agency (non clearing) bank is valid is zero.

2. With 8 digit account number there are 100m possible account numbers before duplication. This means that there will be more than one account holder per account number throughout the system.

3. A bank is not entitled to debit a customer account without their permission. If someone erroneously sends me £10 I could realistically keep it as it wouldn't be worth the remitter's trouble trying to recoup it. I hasten to add that I wouldn't hang on to it. I check my account every day and would send it back immediately.

MNM2903

I gues the lesson from this thread is dont be an idiot check your details ha, i had no excuse really it was my own bank account i sent it to i just done it late on and tired and mis-read one digit. Luckily all is well

alanq

MNM2903 wrote: »

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.

Not true. You may not get your money back but the sending bank is supposed to do more than just tell you that there is nothing to be done.

http://www.moneysavingexpert.com/news/banking/2014/04/sent-money-to-the-wrong-bank-account-youll-soon-get-more-help-getting-it-back

jonesMUFCforever

YorkshireBoy wrote: »

They MUST, according to the PSRs.


However, they MAY also charge for their assistance, again according to the PSRs!

Incorrect I'm afraid.
They can contact the receiving bank to ask for the return of funds but it will be on a best endeavours basis only.
If the receiver does not agree to send it back then OP has 2 choices - the legal route or the gnsahing of teeth route and write it off.

YorkshireBoy

jonesMUFCforever wrote: »

Incorrect I'm afraid.
They can contact the receiving bank to ask for the return of funds but it will be on a best endeavours basis only.

I was responding to this...

They can liase with Lloyds and ask that the payment be returned.

...when I said...

They MUST, according to the PSRs (liaise, ie ask the receiving bank for co-operation in getting it back).

So I think you'll find, once you apply some context, that my statement was, indeed, correct.

jonesMUFCforever

YorkshireBoy wrote: »

I was responding to this......when I said...So I think you'll find, once you apply some context, that my statement was, indeed, correct.

Sorry I read that your reply said they had to refund the funds which is not correct.