We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Credit Union !!!! Up

Options
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. ☹️

Comments

  • WillPS
    WillPS Posts: 5,120 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    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.
  • WillPS
    WillPS Posts: 5,120 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    grumbler wrote: »
    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?
    AIUI there are 2 accounts - a & b - they've used the sort code of a but the account number of b.... which is not an account belonging to them.

    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.
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I misread the OP and deleted my post.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    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.
  • Jo_Blogs
    Jo_Blogs Posts: 753 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    WillPS wrote: »
    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 agree ;)
    Saved Nitty Gritty £7440.75 [149%] / £5000-[Sep] £58.44:starmod: for the 'Save 12k in 2017' #157
    2017 Womble #35 £3463.27 ;)Sept NSDs 4/15:staradminCCCChl 9/12 months:D
    Sept PPChl#002 Pts 71
  • 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?
  • 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?
    It gives you cause for complaint.

    So complain.
  • Shakin_Steve
    Shakin_Steve Posts: 2,813 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 31 January 2017 at 12:18PM
    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 haven't had the money then they won't be expecting any repayments, so the worst that can happen is your loan could be put back for a while.
    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.
  • System
    System Posts: 178,340 Community Admin
    10,000 Posts Photogenic Name Dropper
    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.com
  • Anthorn
    Anthorn Posts: 4,362 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.