Our survey reveals that if you enter the wrong account details when transferring money, you may not get it back. Have you accidentally transferred cash into the wrong bank account?
What happens if you enter the wrong payment details when trying to transfer money online? Our survey of more than 5,000 people found that, while only 6% had inadvertently sent money to the wrong account, 16% of those who did couldnât get their money back.
Affected by misdirected payments?
Take Tony Moss â he entered one incorrect digit when trying to transfer ÂŁ742 into his Royal Bank of Scotland account. His money ended up in someoneâs loan account whoâd left the country, leaving their debts unsettled. Tony was told by RBS that his money was irrecoverable â this was confirmed by both the Financial Ombudsman Service and in the small claims court.
Eventually Tony appeared on Nick Ferrariâs radio show on LBC and drew attention to his situation. His money was promptly refunded by RBS. Tonyâs story shows the value of pursuing your provider in this situation – though he had to go to worrying lengths to get his cash back.
Can you get your money back?
The Payments Council recently introduced a Code of Best Practice on âmisdirected paymentsâ. This requires banks to act swiftly on a customerâs behalf if such a payment is reported. But the guidelines canât guarantee that youâll recover their money.
To protect your money, always double check youâve entered the right details. And make sure to check your accountâs T&Cs for your bankâs policy. Though money spent by recipients who canât pay it back is untraceable, transfers to an invalid set of account details will bounce back.
We want to raise awareness around this issue, and we need your stories around misdirected payments to help. So if youâve experienced misdirected payments, tell me your stories below.
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