What to do if you've accidentally sent money to the WRONG bank account
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Ever had that sinking feeling when you discover you've transferred money into the wrong account – and you don’t know where it's gone?
Then you’re one of 10% of bank customers who have accidentally done this at some point – and almost one in six have lost some or all of their cash.
This happens most often when people transfer money online or via mobile apps, according to research from Which?
When transferring money, banks request a name, account number and sort code but they don’t check the name matches these details.
If you mistype a number and it doesn't match an existing account the money will bounce or go into a holding account – making it easier to get back.
But if you make a mistake and an account exists with your mis-typed number and sort code, the money will be transferred.
You cannot recall the money, even immediately, if it has gone into an account.
Harry Rose, Which? Money editor, said: "People can take simple steps to check they’re sending money to the right person, such as transferring a small sum first to make sure it’s received.
"If you realise you have transferred money into the wrong account, contact your bank immediately to stop the payment."
Banks are not legally liable for any losses if you make a transfer into a wrong account, although there are plans to bring in a "confirmation of payee" which will let you check the name before cash leaves your account.
This is expected by 2020.
What to do if you've accidentally made a mistake
(Photo: Getty)
If you've sent money to the wrong bank account, it's likely to have been processed as a 'Faster Payment'. This is a guaranteed fast delivery service - which often takes no longer than two seconds - although can be stretched out to up to two hours.
If you accidentally make this mistake, you need to contact your bank straight away to let them know what has happened - offer as much detail as possible. While banks can't stop payments that have already been made, contacting it as soon as possible will help speed up the process of sorting it out - or freezing the funds at the other end.
Although with Faster Payments there's no guarantee you'll get your money back, if the person who accidentally received the money does not dispute returning it, it will be returned to the sender within 20 working days.
Where there is clear evidence of a genuine mistake, your bank will contact the receiving bank on your behalf requesting that the money isn't mistakenly spent by the person who accidentally received it.
It’s a good idea to keep a note of all correspondence you have with the bank and also to make note of exactly when the error was made. Take screen grabs if it's through online/mobile banking, jot down names of staff members and of course the bank details of the wrong receipent.
If the bank need to investigate the issue, you should be aware that you may not see your money for up to 20-days.
Inform your bank as soon as possible. Call their emergency line if necessary.
Ask to cancel the payment if possible.
Note down all the payment details - and the error you've made.
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