Sending bank payments, scope for error?
- Thread starter EarlofBarnet
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We_are_Stevo
Old School Grand Master
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The only reason the Account holder who made the mistake can't get their money back is because they don't know who to ask...
...how many permutations are there to an eight digit account number?
If they had 'written' the account number down erroneously the bank could identify which account the money had gone to; as it is the account number was obviously miss-typed at the time, see above!
...how many permutations are there to an eight digit account number?
If they had 'written' the account number down erroneously the bank could identify which account the money had gone to; as it is the account number was obviously miss-typed at the time, see above!
garethlewis
Dirt Disciple
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Surely it would show on their account the sortcode and account number of where the money went. It's then easy enough to find what bank the sortcode relates to. But the bank still can't return the money.
not all the permutations are valid due to check digits, the use of IBAN (http://en.wikipedia.org/wiki/Internatio ... unt_Number) by banks eliminates the risks with single transcriptions, if the account doesn't exist it will still leave your account and will end up in limbo in a suspense account where it may sit for a while having bounced back from the bank where it was sent, the bank in question can send a message along the same trail that the payment went requesting the money be returned, I know of cases where this has been done and money returned. If people refuse to authorise the return then believe legal action can be taken, I think that permanently keeping something that's not yours even if innocently obtained is still theft once aware of error, but sure someone may know legal bit
We_are_Stevo
Old School Grand Master
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garethlewis":2bx9csxf said:
Not with a mis-typed online payment; the only info recorded would be the account 'name' which is just a reference for the account holder making the payment, not electronically transmitted info to the receiving bank...
...hence all the warnings not to finally press send/enter/etc until you are sure the details are 100% correct.
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Think I'm sorted! Got a message from an RB member yesterday who had sent me some funds a while ago. When using a banking app on his phone has selected my details by mistake and send over some more money. Hopefully a happy ending. Thanks for the advise above.
TheGreenRabbit
Retrobike Rider
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Recently had a customer over pay me by £12000 ! mistakes do happen, usually EBKAC (Error between keyboard and chair)
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£12k is a fair error! Working in Finance I heard of £25m or £27m that had got lost between parties when being invested. They knew which parties it had got lost between but neither could find it. Was sorted within a few days, but there was some sweating done in that time!
