Misdirected faster payments - typo in destination account

Ballard

danlightbulb wrote: »

Dont account numbers usually have check digits in them, so that if you make a typo the account number then doesn't exist? Unless you get really unlucky and happen upon a typo where you land on a correct account number.

IBANS have check digits but I'm not sure about standard account numbers. Perhaps the clearers do but none of the agency banks that I've worked for do.

s_j_w

To close the loop on this - yesterday I got a call from the Coventry BS informing me the monies had been located and returned to my originating account. Apparently the misdirected payments had gone into an account at the Coventry but had been recovered by their payments team. It's been 7 calendar days since I originally reported the issue to the Nationwide and I can't be more pleased. Both organisations has been fantastic in terms of customer service - responding to call and queries promptly and helpfully.

If anyone else has the misfortune I had - my recommendation would be to get all the details of the mistake together and get in touch with both parties as quickly as possible.

agrinnall

Glad that you've got your money back, but the recommendation only works if both the sending and (desired) receiving accounts belong to you. If you had sent the money to someone else and made an error their bank would likely not be prepared to enter into any discussion with you - the correct action is to deal with the sending bank.

s_j_w

I don't know why you bother to sign in and nit pick; anyone who has gone thru this process will understand the dpa rules and that the formal process of recovery starts with the sender. Informing both parties ASAP makes sense to establish a record of events.

colsten

s_j_w wrote: »

I don't know why you bother to sign in and nit pick;

Really?! agrinall posts regularly and is on top of facts.

agrinnall

s_j_w wrote: »

I don't know why you bother to sign in and nit pick; anyone who has gone thru this process will understand the dpa rules and that the formal process of recovery starts with the sender. Informing both parties ASAP makes sense to establish a record of events.

Simply because the recommendation you made is fine in cases such as yours, but not in what is probably the majority of cases. Your post made it seem that contacting both organisations should always be done, but in many cases it's a waste of time and could cause more stress than it relieves.

societys_child

I thought the banks were updating their T&Cs regarding this.

Under a new banking code they can take back the mistakenly transferred money if the sending bank requests it.
They tell you they are going to do it and give you a limited time to contest it (ie. tell 'em why you don't believe it was a mistake)

If it causes you bank charges due to putting you into overdraft etc - tough, you shouldn't have spent the ill gotten gains.

edit: posted and then saw this thread (oops): https://forums.moneysavingexpert.com/discussion/5401840

[Deleted User]

Glad to hear it all worked out OK.

I was about to suggest making a series of 1p payments to the same account you paid originally, with payment references making up the message "Please call me, my" "number is" "07xxxxxxxxx".