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Credit Union !!!! Up
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Calmallama
Posts: 12 Forumite
I recently took out a loan with my credit union. The funds were due to be transferred to my bank account today. I was told to expect them between 4-6pm.
At around 5pm I logged on to my CU account, and noticed the funds had been sent to the wrong account. I have 2 bank accounts on file with them, both with different banks.
They have sent it to sort code of account A, but account number of account B.
Unfortunately, the details of the bank they've sent it to are real and so that money is sat in a stranger's account.
The CU stop accepting calls at 3, so I have no way to contact them until 10am, and I've been in a mad panic all evening.
Will I have to wait for them to sort this before I receive my funds? What can be done?
Obviously this is 100% error on their part so I'm just wondering what I can do. ☹️
At around 5pm I logged on to my CU account, and noticed the funds had been sent to the wrong account. I have 2 bank accounts on file with them, both with different banks.
They have sent it to sort code of account A, but account number of account B.
Unfortunately, the details of the bank they've sent it to are real and so that money is sat in a stranger's account.
The CU stop accepting calls at 3, so I have no way to contact them until 10am, and I've been in a mad panic all evening.
Will I have to wait for them to sort this before I receive my funds? What can be done?
Obviously this is 100% error on their part so I'm just wondering what I can do. ☹️
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Comments
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It's their error, needs to be taken up with them. If it were a bank I'd be expecting them to reclaim that money and pay you correctly now. Whether you should be more lenient as it's a Credit Union is really up to you, I don't think I would be.0
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How do you expect they 'sort this' if money is in your account? As it was their fault, the only way will be to make a second transfer to the correct account, that I don't think they will do easily.
Transfer money from the 'wrong' account to the 'right' one? Both are yours, what's the problem then?
I think there's a good chance the payment has not gone through as OP suggests and will bounce back to the Credit Union, perhaps it has already.0 -
I misread the OP and deleted my post.0
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Calmallama wrote: »Unfortunately, the details of the bank they've sent it to are real and so that money is sat in a stranger's account.
How do you know this if you haven't been able to speak to the CU? Even if entering the sortcode and account number used into a checker shows that the combination is valid does not mean that the account number has actually been allocated to a customer. I'd agree with Will that there is a good chance the money will have already bounced back to the CU.0 -
I think there's a good chance the payment has not gone through as OP suggests and will bounce back to the Credit Union, perhaps it has already.
I agreeSaved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44:starmod: for the 'Save 12k in 2017' #157
2017 Womble #35 £3463.27Sept NSDs 4/15:staradminCCCChl 9/12 months:DSept PPChl#002 Pts 71
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Credit union are chasing it up but have said they won't pay me until they get the funds back. Surely this makes them in breach of contract?0
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Calmallama wrote: »Credit union are chasing it up but have said they won't pay me until they get the funds back. Surely this makes them in breach of contract?
So complain.0 -
Calmallama wrote: »Credit union are chasing it up but have said they won't pay me until they get the funds back. Surely this makes them in breach of contract?
If you charge in shouting 'breach of contract' they may just revoke the offer. They are not obliged to lend you money.
Aside from that, it is a c o c k-up that really shouldn't happen, and I would be looking for some sort of apology...........but not compo.......not from a CU.I came into this world with nothing and I've got most of it left.0 -
Calmallama wrote: »At around 5pm I logged on to my CU account, and noticed the funds had been sent to the wrong account. I have 2 bank accounts on file with them, both with different banks.
They have sent it to sort code of account A, but account number of account B.
Unfortunately, the details of the bank they've sent it to are real and so that money is sat in a stranger's account.
What can be done?
Check on something like https://www.sortcodes.co.uk/ to see if the sort code and account number could be a valid combination
Even if it is, it doesn't mean that it's currently in use by the bank.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Calmallama wrote: »I recently took out a loan with my credit union. The funds were due to be transferred to my bank account today. I was told to expect them between 4-6pm.
At around 5pm I logged on to my CU account, and noticed the funds had been sent to the wrong account. I have 2 bank accounts on file with them, both with different banks.
They have sent it to sort code of account A, but account number of account B.
Unfortunately, the details of the bank they've sent it to are real and so that money is sat in a stranger's account.
The CU stop accepting calls at 3, so I have no way to contact them until 10am, and I've been in a mad panic all evening.
Will I have to wait for them to sort this before I receive my funds? What can be done?
Obviously this is 100% error on their part so I'm just wondering what I can do. ☹️
I've had three loans from a credit union so far, mainly to tweak my credit history, and on all three occasions I received a written offer which included details of the payment arrangements and re-payment arrangements. That included the bank sort code and account number the money was to be paid into. I had to sign it to approve ir in order to get the loan. Did you not receive that? If you did and you approved it then it's your fault. If not then it's the CU's fault.
The same applies to the CU that applies to anyone else: They can recall the money if the recipient has not withdrawn it. which means that they have to be informed in good time.
Lastly, related to previous posts, if a bank receives money for a non-existent account they return it.
Avoid similar difficulties in future by getting a CU prepaid card or a cheque.0
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