Credit Payment Recovery

badger09

maxximus75 wrote: »

If your Son had previously sent a payment a couple of years ago to this recipient, does he not know they details of who it is?

My thought exactly.

As a previous genuine recipient, your son must know at least their name, and probably some other contact details:cool:.

PRAISETHESUN

eskbanker wrote: »

Unfortunately there's a world of difference between being in the right and (a) being able to prove this and (b) actually recovering the money....

This. You may well have a case legally, but it will cost you to enforce it if the banks can't help. Also, even if you win the case, if the other party has no more money then you will get nothing. I'm being a bit extreme here, but hopefully you get the point I'm trying to make.

Fingers crossed it's simply a matter of letting the banks do their thing to get the cash back, and making sure to not let this happen again. Most mobile transfers I've ever done give you multiple screens to let you catch your mistakes, and have a big disclaimer saying that any errors are the responsibility of the sender - so make sure to triple check in future

eskbanker

PRAISETHESUN wrote: »

Fingers crossed it's simply a matter of letting the banks do their thing to get the cash back

That was my point though, the banks have done their thing and it didn't succeed - the recipient's bank can't just 'reclaim' money that they don't have access to, so there's nothing else it can do (without court involvement) and the onus now falls onto OP's son to take any further action via the legal route.

Vezzer92

I’m in the same situation. Did you ever get your money back ?

jonesMUFCforever

Vezzer92 wrote: »

I’m in the same situation. Did you ever get your money back ?

I very much doubt it as no posts since last October.

Si_65

I have a similar situation. My mother made a mistake when entering her account number, so the £500 I was sending went into another account. Unfortunately, despite being a random number, it matched an account at her branch (she entered the sort code correctly). I have initiated the Credit Payment Recovery process, so it may well resolve successfully (although reading this thread has not instilled much confidence). What I want to know is, how much responsibility should the bank take? After all, the process has three elements - the sort code, account number and name of the account holder. The transfer appears to have been processed without regard to the account holders name - surely the fact that the two do not match should have raised a flag and initiated a check of some kind?

eskbanker

Si_65 said:

I have a similar situation. My mother made a mistake when entering her account number, so the £500 I was sending went into another account. Unfortunately, despite being a random number, it matched an account at her branch (she entered the sort code correctly). I have initiated the Credit Payment Recovery process, so it may well resolve successfully (although reading this thread has not instilled much confidence). What I want to know is, how much responsibility should the bank take? After all, the process has three elements - the sort code, account number and name of the account holder. The transfer appears to have been processed without regard to the account holders name - surely the fact that the two do not match should have raised a flag and initiated a check of some kind?

Most mainstream high street banks are in the process of implementing Confirmation of Payee to apply such name-based checks but it hasn't been universally adopted yet - which banks were you paying from and to?  If CoP checks were in place then the liability rests firmly with the sender, but prior to its implementation that doesn't mean the bank is liable, so either way round you'll struggle to pin this on your bank....

Si_65

My Mum's account is in Nationwide, but I was using a payment link from Monzo so not sure if this counts as a normal bank transfer. This does not require knowledge to the recipient's account details as it is up to the recipient to enter them. What I was not aware of (until I tested the link myself) was that you not get the opportunity to review what you enter - clicking OK finalises the transaction rather than displaying the account details for a final verification. This may have been a contributing factor as my mother was unaware she had made an error until she realised the money did not arrive in the account.

stclair

badger09 said:

maxximus75 wrote: »

If your Son had previously sent a payment a couple of years ago to this recipient, does he not know they details of who it is?

My thought exactly.

As a previous genuine recipient, your son must know at least their name, and probably some other contact details:cool:.

If they use WhatsApp the person might have a picture uploaded in their profile picture which might jog memories of who the person is. 

colsten

Si_65 said:

I have a similar situation. My mother made a mistake when entering her account number, so the £500 I was sending went into another account. Unfortunately, despite being a random number, it matched an account at her branch (she entered the sort code correctly). I have initiated the Credit Payment Recovery process, so it may well resolve successfully (although reading this thread has not instilled much confidence). What I want to know is, how much responsibility should the bank take? After all, the process has three elements - the sort code, account number and name of the account holder. The transfer appears to have been processed without regard to the account holders name - surely the fact that the two do not match should have raised a flag and initiated a check of some kind?

Have Nationwide confirmed that the money actually went into another person's account? As it would be a great co-incidence if your mother could randomly pick an existing account number. More likely the money went into a Nationwide suspense account and will eventually be returned.

You can see in your Monzo account where the money was actually sent to. May be Nationwide will confirm or otherwise whether this is a valid account number - - if it is, they know who to try and retrieve the money from. But as I said, more likely they will confirm the account number does not exist, and they can return the money from their suspense account in due course. Fingers crossed it will all resolve itself before long.

My guess is that Monzo will not agree to assume any responsibility but they might give you a tenner if you put a complaint in.

Si_65 said:

My Mum's account is in Nationwide, but I was using a payment link from Monzo so not sure if this counts as a normal bank transfer. 

Banks use sort code and account number only when sending money. Whilst Monzo have implemented the Confirmation Of Payee check in their normal Payment function, they have not done so in their 'payment link' function. If you had used the former, Monzo would have told you if the sort code and account number you used did not match the name on the account. You would still have been able to make the payment, even with a mismatch on the name.