Refund of money on currency card - change of bank query

johnisworried

Hi all,

I have a currency card which had a small balance on it and it was cancelled.

I no longer had the bank account that I used to load funds on to it a long time ago, so I requested the refund of the money on the card to my new bank account.

The company want to see proof I own this new account before refunding - do they have a right to demand this?

My thinking is that it is my money and I can request it be moved to a different bank account, in my name, if i want?

grumbler

johnisworried wrote: »

My thinking is that it is my money and I can request it be moved to a different bank account, in my name, if i want?

Your thinking is wrong as the name isn't needed/checked for bank transfers.

jonesMUFCforever

OP what if you had stolen the card or just found it on the street?
Thet want to protect themselves and you - up to you to decide what to do.

johnisworried

Hi,

They know this is my currency card as I have to go through security every time I speak to them etc.

johnisworried

Anyone else?

SuperHan

They will likely have money laundering policies in place to stop people refunding to accounts that aren't theirs (prepaying cards and then getting refunds sounds like a good layering process to me). They policy will allow them to refund to other accounts owned by the same person, but they need to check this. They have no way of knowing if the account number and sort code you have provided belong to you.

Relatively recent cases have meant that financial institutions tend to go OTT on money laundering regulations to cover themselves. It's unlikely that they'll back down, just in case.

Just provide them with the evidence they are asking for, or if it bothers you so much forget about the refund.

eskbanker

johnisworried wrote: »

My thinking is that it is my money and I can request it be moved to a different bank account, in my name, if i want?

You're not the first and won't be the last to try the "it's my money" line of argument but when you've put your money into the custody of a financial institution then this is ultimately irrelevant, as what happens to it thereafter is governed by the Ts & Cs of the product that you signed up to (plus associated statutory regulations, etc, of course), what do they say about this?

Anthorn

I differ and agree with the OP: What counts is that you are you and that you can provide relevant ID. When you have proved your ID your instructions as to where and how the money is to be paid is irrelevant unless abiding by your instructions will incur extra charges in which case they will charge you.

The OP is correct: His money and his to do with as he pleases.

jonesMUFCforever

Anthorn wrote: »

I differ and agree with the OP: What counts is that you are you and that you can provide relevant ID. When you have proved your ID your instructions as to where and how the money is to be paid is irrelevant unless abiding by your instructions will incur extra charges in which case they will charge you.

The OP is correct: His money and his to do with as he pleases.

So what is wrong with providing a copy bank statement to show name and address?

johnisworried

Previous to this, because of an ongoing complaint, they were not just asking for ID (and proof of address) - they were demanding I sign a letter stating I would take no further action, legally, regarding all my complaints, and they repeatedly refused to send me my money until I sign it.

johnisworried

I didn't sign it though.