Recalling a bank transfer made in error

kimgent

Please help! I have set up a payment to a new instant access savings account from my UK bank current account. However, I used the incorrect sort code for my new savings account and I have since found out the sort code I actually used was for a bank in Gibraltar! I have reported my error to HSBC but they have told me they cannot guarantee return of my payment! This payment was for several thousand pounds. Hence I am very concerned I may not get this back. What are my legal rights?

d123

kimgent wrote: »

Please help! I have set up a payment to a new instant access savings account from my UK bank current account. However, I used the incorrect sort code for my new savings account and I have since found out the sort code I actually used was for a bank in Gibraltar! I have reported my error to HSBC but they have told me they cannot guarantee return of my payment! This payment was for several thousand pounds. Hence I am very concerned I may not get this back. What are my legal rights?

You have no legal rights to a refund, if the recipient doesn’t dispute the transfer was in error it should be returned reasonably quickly. Your problem only happens if the recipient is uncooperative.

Read this

https://www.moneysavingexpert.com/banking/send-money-wrong-account/

xylophone

http://www.fasterpayments.org.uk/consumers/what-happens-if-i-have-sent-payment-wrong-place

Bank and building societies in the UK that offer Faster Payments follow procedures known as the credit payment recovery process, that set out how the help they must offer customers that have accidentally made a mistake when sending a payment.

When you notify your bank or building society that you have made an electronic payment to the wrong account, your bank will commence action on your behalf within a maximum of two working days.
Where your bank finds clear evidence of a genuine mistake, they will contact the receiving bank on your behalf with a request to prevent the money being mistakenly spent. As long as the recipient does not dispute your claim, you will subsequently receive a refund of the protected funds within 20 working days from when you notified your bank.
In cases where the circumstances of the claim are not clear cut, your bank will still contact the receiving bank on your behalf. The recipient will be contacted by their bank to ask for consent to debit their account. No funds would be removed without the consent of the receiving customer.
If it is not possible to reclaim a payment you have sent in error – for instance if the recipient disputes its return – you will be notified of the outcome within 20 working days from the point of your enquiry and in many cases much sooner.
If funds cannot be recovered through the standard central process your bank will give you clear and accurate information on the options you have available – such as court action against the recipient.
The industry procedures do not change the legal rights and responsibilities of you, your bank or the recipient of the funds. Anyone that intentionally spends money that does not belong to them is committing a crime, which can be reported to the police.
If you do not get the service you should expect under the new procedures you can firstly follow your provider’s formal complaints procedure. If you are not happy with the outcome, your bank will provide you with information on how you can take your complaint to the independent Financial Ombudsman Service.

Rainbowgirl84

For the future always transfer a nominal sum of £1 first to be sure you have keyed in the correct details.