Money sent to wrong bank account - nightmare

[Floridarules]

Originally Posted by nasty

I worked in a bank for 25 years and I tell everyone to this day, if you’re setting up a new payee, send £1 only as the first payment. Then ask the person who you’ve sent it to to confirm receipt, then and only then, send the rest of the money.

That way if the information is incorrect, you’ve lost a £1. I understand banks are bringing in new regulations on money transfer soon so this may not be necessary going forward but I always err on the side of caution x

Edit. Glad you have it back. Huge relief xx

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Good she has it back, £1 is a great piece of advice. I do this 😄

[Blue nose]

Originally Posted by nasty

I worked in a bank for 25 years and I tell everyone to this day, if you’re setting up a new payee, send £1 only as the first payment. Then ask the person who you’ve sent it to to confirm receipt, then and only then, send the rest of the money.

That way if the information is incorrect, you’ve lost a £1. I understand banks are bringing in new regulations on money transfer soon so this may not be necessary going forward but I always err on the side of caution x

Edit. Glad you have it back. Huge relief xx

See more...

This can cause problems now though.

Banks freeze accounts if it looks likely dodgy transactions. Happened to my builder.

[Donaldfan]

Originally Posted by nasty

I worked in a bank for 25 years and I tell everyone to this day, if you’re setting up a new payee, send £1 only as the first payment. Then ask the person who you’ve sent it to to confirm receipt, then and only then, send the rest of the money.

That way if the information is incorrect, you’ve lost a £1. I understand banks are bringing in new regulations on money transfer soon so this may not be necessary going forward but I always err on the side of caution x

Edit. Glad you have it back. Huge relief xx

See more...

This is what I do. A friend recently did some plumbing work for me. I transferred £1, he got it then I transferred the rest.

[tiggertastic]

Originally Posted by Donaldfan

This is what I do. A friend recently did some plumbing work for me. I transferred £1, he got it then I transferred the rest.

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I do this too. I recently did it with rent as changed account it had to be paid to.

[ERICSMUM]

Originally Posted by sully301

you should be able to get it back. I had someone transfer some money into my account once. I highlighted it to the bank and they took it back. if the other person had highlighted it too they would have acted apparently

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In my day working for a bank, only the account holder could give permission for the money to be taken back out of their account. You’d be surprised how often they refused and swore blind it was rightfully theirs 🤬.

From what you say, this procedure must have changed.

[Geordie Al]

Originally Posted by nasty

I worked in a bank for 25 years and I tell everyone to this day, if you’re setting up a new payee, send £1 only as the first payment. Then ask the person who you’ve sent it to to confirm receipt, then and only then, send the rest of the money.

That way if the information is incorrect, you’ve lost a £1. I understand banks are bringing in new regulations on money transfer soon so this may not be necessary going forward but I always err on the side of caution x

Edit. Glad you have it back. Huge relief xx

See more...

Things have now changed. There is now in existence a new policy called 'Confirmation of Payee' This will be in all banks from if memory serves me right March 31st and is already in place where I work.

What happens is this; You enter the Name sort code and account number and it will tell you if these details are a match. If they do it tells you likewise if they do not it will tell you they don't match and give you the option to either proceed with the incorrect details or to go back and check.
Only people choosing to proceed with the incorrect details run the risk of losing any money