# I made an error on an IBAN transfer - how can I rectify matters?



## banter

Having read the other replies in this forum regarding IBAN errors I would really appreciate any advise on the following and also encourage others to be aware of what can happen:

I made an online transfer of money from a large Irish bank to an UK bank account. I entered all the information correctly such as name of benificairy, address, sort code etc but the Iban number was entered incorrectly. The money was transfered to this IBAN number. (it was somebodies actual account in that branch, a large corporate customer). So that account now has the money and I cant get it back. I quote the following from an email my bank sent me (I removed dates):
_"__Our payment screen cannot match the bene name field to the IBAN field - when the transfer reaches the destination bank it would be upto them to cross check this information before crediting their customer. _
_We raised a query with the beneficiary bank on xxxxxx and they requested the customer who had the funds to return them. As per procedure they requested this numerous times with no response._
_As per email dated xxxxxx we cannot get involved in a debit authority case"._
My Irish banks online "customer care" team say they cant help me since the IBAN was validated. The benificaries bank (another large bank chain in the UK) say they cant deal with such confidential account matters and that I must ask my bank to correspond directly with them.
I assumed that while I was entering all the benificiaries details they would be cross checked to ensure that the money went to the correct account but no. All that is checked is the IBAN number and if thats valid the money goes there.
This is a real and certain error in the online banking system.
Does anyone have an experience of how I might get my money back?
And for everyone who uses online banking be very very aware of getting the IBAN correct.
Any help will be really appreciated.


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## ClubMan

*Re: beware online banking errors-help needed*



boiiban said:


> I entered all the information correctly such as name of benificairy, address, sort code etc but the Iban number was entered incorrectly.
> ...
> 
> This is a real and certain error in the online banking system.


I don't understand - surely the error was yours?

I am surprised that the banks involved don't seem to be able to help. Have you contacted the mistaken recipient of the money directly?


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## banter

*Re: beware online banking errors-help needed*

Thanks Clubman, OK the IBAN was wrong but all the other information was correct. There was no cross checking by the online banking to ensure that the information was correct. In fact the online banking system only used the IBAN number to process the transaction and ignored all the other information. 

The English bank of the benificary will not discuss this matter with me and say I must contact my own bank. I have not contacted the benificary but by searching google with the IBAN I have found out who they are. I will contact them next. I do not know what regulations are in place to stop this happening again. For instance I saw one post in this forum which refered to the account holders name being required. And is the person with the money in the account entitled to keep it, I wonder if the bank transfered money in error to my account would they leave it there?


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## MugsGame

*Re: beware online banking errors-help needed*

Your bank doesn't have access to account details of the destination bank, so can't check them. All your bank can do is check the IBAN is valid before accepting the transaction. The destination bank is supposed to check that the IBAN corresponds to the account holder named on the transfer. I think your bank handled the transfer correctly.

However, your Irish bank should be willing to raise your error with the foreign bank who failed to fully check the transaction. Contacting the recipient is a good idea as it may lead to the quickest resolution if they are willing to cooperate. I'd also write to your bank asking them again to contact the foreign bank, and then escalate through your bank's complaints procedure.  Mistakes like this must be quite common and the banks should have systems and procedures in place to deal with them. Don't be too apologetic about your error. It could happen to anyone...


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## bond-007

*Re: beware online banking errors-help needed*

Surely there is no obligation on the receiver in this case to return the gift he has received?


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## banter

*Re: beware online banking errors-help needed*

My bank, BOI,says they have done all they can. The highest I have so far escalated the matter with them is the head of their online customer care team. 
Legally they are providing a service so is there not a duty of care on them to ensure it is carried out correctly?

The money transfer seemed to go from BOI, to LLoyds before unding up in a Barclays account. I can only presume that BOI use Lloyds as some sort of agent to move the funds because the transfer money was only intended for Barclays.


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## Mpsox

*Re: beware online banking errors-help needed*

Why is it an error on the online banking system. It's no different then if you walked into a branch to lodge the money into the intended receivers account and wrote the wrong account number on the lodgement slip.

Banking is driven by account numbers and sort codes, the banks systems simply do a modulas check on all of these and if it is a valid sort code and account number then the money will be posted to the account, no banking system that I am aware of will actually check to see if the payee name matches the account details you put in

Harsh reality of this is that you lodged the money to the wrong customers account. That is not BOIs fault and I don't see why they have any responsibility here. They cannot check the receiving customer details as they don't have it.

Likewise the responsibility of the receiving bank is limited as well, basically you lodged money to one of their customers accounts. 

The banks have done nothing wrong here, you gave them the wrong instructions


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## Brendan Burgess

*Re: beware online banking errors-help needed*

Banter

Bank of Ireland has done nothing wrong here, from what I can make out.

You asked them to transfer money to a particular IBAN number and that is what they did. 

They have followed up on your behalf, but if Barclays or their client don't respond, there is little that the Bank can do.

It's a very interesting question - how do you recover from such an error made by yourself?  It's the first I have heard of it happening, so I am guessing that it's not that widespread. 

Try the European Consumers Centre as it deals with international transfers. They may well know how to resolve it. If it's from one Irish bank to another, it gets fixed very quickly.

Brendan


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## ClubMan

I have edited the thread title to more accurately reflect the nature of the original query.

Seems surprising that an erroneous _IBAN _would happen to match a real account? I made a similar error with a domestic transfer and the erroneous account details did not hit a real account. See here. I would have thought that chances of making a mistake with an _IBAN _and it validating OK (e.g. via whatever checksum is used) and hitting a real account were very slim?


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## banter

Thanks for all the responses. You may be interested to note that the BOI online system made me input the sort code and the account number which where correct, it was only the IBAN number that was wrong. As I understand it the IBAN number is generated from the sort code and account number so it would have been very easy for BOI to have a simple computer generated check to see if the relevant fields match. And then I would have got a "computer says no" response which I read here banks are quite fond of.
How many of us have made transactions on the internet using our credit card and been asked for the ccv (last three digits on back of card), I assume they are cross checked. Similarly an online banking system should have some form of cross checking. How else are we to feel secure using it?

Regarding how unlikely it is to carry out such an error I dont agree because if one gets the first part of the IBAN correct (which I did) you have in reality entered the sort code, ie you've chosen the branch, then all thats needed is to make an error on the remainder to hit an account.


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## bond-007

You are saying that BOI ask for the sort code and account number as well as the IBAN/BIC? Strange indeed. AIB only asks for the IBAN/BIC first and only if this is not available will it allow you to enter the old fashioned sort code/account number.


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## Mpsox

IBANs are based around a country code, a bank code and then your normal sortcode and account number. If the BOI system allows you to input the payees sortcode and account number and then their IBAN elsewhere and the 2 did not matchup, I'd describe it more of a design failure on their behalf, rather then a fault

However, are you absolutley sure you input everything correct?


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## banter

Bond 007
Yes BOI ask for the sort code and account number as well as the IBAN/BIC. They even go on to ask for the swift code, bank name, bank address, country code and the beniciaries name and address. I have a screen shot of the transaction which I will post when I figure out how to get it on the web.


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## banter

Mpsox said:


> IBANs are based around a country code, a bank code and then your normal sortcode and account number. If the BOI system allows you to input the payees sortcode and account number and then their IBAN elsewhere and the 2 did not matchup, I'd describe it more of a design failure on their behalf, rather then a fault
> 
> However, are you absolutley sure you input everything correct?


Yes, I have double checked and everything is completely correct. 
The online system asked all the right questions, had all the information, yet it didnt not carry out simple cross. I'd like to think it was a fault rather than a design failure.


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## mathepac

Mpsox said:


> IBANs are based around a country code, a bank code and then your normal sortcode and account number. If the BOI system allows you to input the payees sortcode and account number and then their IBAN elsewhere and the 2 did not matchup, I'd describe it more of a design failure on their behalf, rather then a fault
> 
> However, are you absolutley sure you input everything correct?



There is a good description and discussion of IBAN here http://en.wikipedia.org/wiki/International_Bank_Account_Number 
This may not be definitive, but the indications are that the current system is a bit a kludge as internally the clearing banks vary in their implementation of account numbers, sort and routing codes on a country by country basis.

I agree that banks could and should do more to ensure that the details entered are "correct", but I have a little routine that I go through to test that my money goes to the correct beneficiary via electronic payment systems.

Having set up and stored the beneficiary's details on the on-line banking system, I initiate a small payment, send it off into cyberspace and look for confirmation that it has reached the correct beneficiary before sending off big lumps of cash to God knows where.

So while I agree the validation process could be tighter, I think we as users of the systems also need to be responsible in our use of them, as we need to be with cheque-books, debit cards, credit cards and cash.


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## Gulliver

banter said:


> I made an online transfer of money from a large Irish bank to an UK bank account. I entered all the information correctly such as name of benificairy, address, sort code etc but the Iban number was entered incorrectly. .


 
The core issue of this thread raises an issue which has not been resolved in recent years - the banking issue of whether account name or account number takes precedence in the event of an inconsistency between them.

It may not be widely known that there is no legislation in Ireland which supports the transfer of funds by reference to account numbers. In the absence of such legislation, and the fact that it has not been tested by case law, I believe that the account name takes precedence. On this basis, any bank which credits a transaction by reference only to the IBAN is taking a major risk, and would probably lose if tested in court. 

In the course of drafting the Payment Services Directive (passed by the EU last April) there were attempts to address this issue, and to give such precedence to the IBAN. This directive has not been incorporated into law in Ireland, but the very fact that it was considered suggests that the current position is as above.

As regards the likelihood that a valid account could exist which matches the erroneous account number provided by banter, the chances are fairly remote. The modulus check on an IBAN produces a check digit in the range 1-98. That does not necessarily reject 97/98 of all possible errors in IBANS, but comes close to that. When the IBAN is deconstructed by the destination bank, then the modulus checks of that bank are applied which should eliminate over 90% of erroneous account numbers. So the combination of these checks should trap well over 99.5% of all errors


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## Brendan Burgess

> As regards the likelihood that a valid account could exist which matches the erroneous account number provided by banter, the chances are fairly remote. The modulus check on an IBAN produces a check digit in the range 1-98. That does not necessarily reject 97/98 of all possible errors in IBANS, but comes close to that. When the IBAN is deconstructed by the destination bank, then the modulus checks of that bank are applied which should eliminate over 90% of erroneous account numbers. So the combination of these checks should trap well over 99.5% of all errors


Hi Gulliver

I don't understand the technology you are describing here. But are you saying that if I put in a wrong number there is about .5% of a chance that it will be a valid number and my money will go into someone else's account? 

While that seems quite low, surely there are thousands of such payments every day, and so there must frequently be money transferred into the wrong accounts. 

Is there a protocol for fixing these errors? 

What happens in practice if I transfer money into a wrong bank account in Ireland? I think that the bank just reverses it as soon as they are informed. 

Brendan


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## banter

mathepac said:


> There is a good description and discussion of IBAN here http://en.wikipedia.org/wiki/International_Bank_Account_Number
> This may not be definitive, but the indications are that the current system is a bit a kludge as internally the clearing banks vary in their implementation of account numbers, sort and routing codes on a country by country basis.
> 
> I agree that banks could and should do more to ensure that the details entered are "correct", but I have a little routine that I go through to test that my money goes to the correct beneficiary via electronic payment systems.
> 
> Having set up and stored the beneficiary's details on the on-line banking system, I initiate a small payment, send it off into cyberspace and look for confirmation that it has reached the correct beneficiary before sending off big lumps of cash to God knows where.
> 
> So while I agree the validation process could be tighter, I think we as users of the systems also need to be responsible in our use of them, as we need to be with cheque-books, debit cards, credit cards and cash.


I just read the article you refer to and it demonstrates that an IBAN is made up of several recognisable parts. These parts include the sort code  and the account number. These two parts are not altered in the IBAN and actually form part of the IBAN number. The online system required these parts to be input. In my case a simple cross check would have spotted that they did not match and I would have my money now. I only wish I had known of your routine in sending a small amount first.


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## mathepac

Brendan said:


> Hi Gulliver
> 
> I don't understand the technology you are describing here. But are you saying that if I put in a wrong number there is about .5% of a chance that it will be a valid number and my money will go into someone else's account?
> 
> While that seems quite low, surely there are thousands of such payments every day, and so there must frequently be money transferred into the wrong accounts.
> 
> Is there a protocol for fixing these errors?
> 
> What happens in practice if I transfer money into a wrong bank account in Ireland? I think that the bank just reverses it as soon as they are informed.
> 
> Brendan


Below is a link to a description of Modulus 10 , 11 and Alpha check numbering, as implemented by banks and other organisations that want to attempt to eliminate data-entry mistakes at source.

[broken link removed]

Despite check digiting, there is still a (remote) chance that an incorrect but existing account number can be used, which is why banks now issue personalised cheque books and lodgment slips with pre-printed account numbers and sort-codes. I believe this is also why on generic Express Lodgment slips which are not pre-printed, there is a space for the depositer to fill in their mobile number in case of a query.

It is probable that no protocol exists for retrieving money lodged internationally to the wrong account, and I have no idea how this would work in Ireland, other than through a process of negotiation between the relevant parties. I can't see a bank in Ireland giving me back money I lodged to your account just because I say it was the wrong account, as it is now your money, unless someone (me) can prove differently!


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## Gulliver

Brendan said:


> Hi Gulliver
> 
> I don't understand the technology you are describing here. But are you saying that if I put in a wrong number there is about .5% of a chance that it will be a valid number and my money will go into someone else's account?
> 
> While that seems quite low, surely there are thousands of such payments every day, and so there must frequently be money transferred into the wrong accounts.
> 
> Is there a protocol for fixing these errors?
> 
> What happens in practice if I transfer money into a wrong bank account in Ireland? I think that the bank just reverses it as soon as they are informed.
> 
> Brendan


 
1.... The standard for IBAN includes a form of Modulo 97 check digits, in accordance with ISO 7064. The method by which this is applied in the case of IBAN is described in Chapter 6 of Document EBS 204 on the ECBS (European Ctte for Banking Standards) website www.ecbs.org 
2.... Most credit payments are effected by pre-printed stationary or electronically, and so the incidence of error is low. When hand-entered or hand-written numbers are involved, people are generally very careful of transactions involving money. And banks will use other checks.
3.... SEPA, which is in operation since end Jan is intended for straight-through-processing, and as this progresses, further new checks will be made
4.... Self checking numbers (originally developed in Ireland for the ISBN number which appears in every book) only reject a percentage of erroneous numbers, and are never relied upon as the sole check. The system based on Mod 97 as used in IBAN appears to have an efficiency of well over 90%. The type of check described further up this thread only checks that the IBAN satisfies the modulo 97 calculation. It does not prove that the IBAN number exists or is a valid number.
5.... In Ireland, if a bank posts a credit to a wrong account, the bank cannot simply reverse the transaction. It must first seek permission from the holder of the account which was wrongly credited. If that permission is not forthcoming, then there are certain legal processes which may be followed. The precedent case here, as far as I recall involved Team Aer Lingus.


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## banter

Thanks for the responses to date on this topic.
To summarise it appears that online banks only check that the IBAN is valid and this validation is based solely on the digits in the IBAN number. There is no cross check on account number & sort code even though they are entered in the online banking transaction screen. 
It also appears that there is no protocol or regulations for retrieving money lodged to the wrong account. 
Hence anyone using such online systems must be very very careful in entering the IBAN number.


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## banter

Here is  a link to what the BOI online banking input screen looked like when I made the transaction. I have deleted all the data I entered naturally.
http://profile.imageshack.us/user/onlinescreen/


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## bond-007

Did it give you another screen where everything was confirmed before transfer after you filled out the form and submitted it?


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## banter

I honestly cant remember if it gave me such a screen but I presume so as the transaction went ahead. 
I have been trying to get my money back for over one year now and have not used the system since. 
I have resorted to bank drafts and registered letters. More time consuming but it works.


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## banter

I now feel its time to seeks some legal advice on this matter. What do you fellow readers recommend?


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## Brendan Burgess

Hi banter

I am not sure that the legal route would get you anywhere. 

It seems to me that the whole IBAN and, accordingly the Singe European Payments Area, is deeply flawed if it does not have a mechanism for correcting normal human errors. 

At this stage, you should submit a formal question to the who are responsible for the roll out of the Single European Payments Area. Ask them what is the mechanism for resolving an error in an IBAN resulting in a payment going to a wrong account. 

You should also alert the Financial Regulator to the issue. 

You should also contact the European Consumer Centre who are very proactive in sorting out these sort of issues. 

When you have exhausted all these, then you could try the legal process. 

Brendan


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## jpd

There wasn't an error in the IBAN number, the OP entered the wrong IBAN number!


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## Brendan Burgess

The OP made a mistake. He entered the wrong IBAN number. 

there has to be a mechanism to correct this.

Brendan


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## dewdrop

while it may not seem very helpful surely banks investment in technology is to avoid manual checking.


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## Brendan Burgess

Yes. But where an error is made by either the bank or the customer, there should be a mechanism in place to fix it. There doesn't appear to be one in this case.

Brendan


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## dewdrop

agree


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## Kiddo

You say in an earlier post that you can identify the beneficary of your transfer and that its a corporate. Have you tried to contact their finance department? They should have an unidentified receipt on their bank statement and maybe willing to transfer it back to you. 

Its worth a shot...


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## mathepac

dewdrop said:


> while it may not seem very helpful surely banks investment in technology is to avoid manual checking.


This manual intervention is called "managing" or "problem solving", if you prefer, and its what people do when the technology fails or is incomplete, as appears to be the situation in OP's case.

Unfortunately, there doesn't appear to be any management or problem solving system in place to help OP, which is a disgrace.


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## ClubMan

Kiddo said:


> You say in an earlier post that you can identify the beneficary of your transfer and that its a corporate. Have you tried to contact their finance department? They should have an unidentified receipt on their bank statement and maybe willing to transfer it back to you.
> 
> Its worth a shot...


Yeah - I wondered that in the second post in this thread!


ClubMan said:


> Have you contacted the mistaken recipient of the money directly?


and the original poster replied:


banter said:


> I have not contacted the benificary but by searching google with the IBAN I have found out who they are. I will contact them next.


but I can't see anything that suggests that they followed through on this suggestion which certainly seems like a more obvious option to try before suggesting some sort of legal route!


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## banter

Good news. I finally got my money back. 
 I got my money back by finding out who had the IBAN I used, phoning them and after several conversations and leters they kindly returned my money.
 Importantly the banks where of absolutely zero assistance.


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## thomasd

I'm a bit surprised at the posts suggesting the Bank is somehow partly at fault here.

The Bank simply acted on customer instructions.

If my bank makes a mistake, I expect them to rectify it. If I make a mistake, I might contact the bank to see if anything can be done - but I certainly wouldn't be running to the Financial Regulator over a situation that's of my own making.

Whatever happened to personal responsibility?


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## davydd

Hi, I have a similar problem. I transferred €6000 from my German bank (I worked in Germany for 6 months) to my UK bank and gave the wrong IBAN and SWIFT numbers - I Googled them thinking they were branch specific numbers. So now my money is at this travel agent (the first result I got from Google) and the travel agent has confirmed that they have my money - but they appear very cagey and unwilling to help, saying that they want to talk to their bank manager (who would be my manager as we are at the same branch). My UK bank is completely unhelpful saying that they didn't do the transfer therefore cannot even trace it. The travel agent has not come back to me after they said they would once they had discussed this with the bank manager, more than two days ago. I first discussed this with them 5 days ago. 
If anyone has any advice I'd really appreciate it as I feel this situation is driving me completely insane.


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## roro123

5.... In Ireland, if a bank posts a credit to a wrong account, the bank cannot simply reverse the transaction. It must first seek permission from the holder of the account which was wrongly credited. If that permission is not forthcoming, then there are certain legal processes which may be followed. The precedent case here, as far as I recall involved Team Aer Lingus.[/quote]


Well that depends on who gets the money in their account.- Back in my student days my buddy went to the drink link and check his balance in AIB, there was an extra 300,000 in the account and we debated for all of 3 seconds whether this was an error, and should we be good decent citizens and inform the bank on the monday morning about the error-- Man that was some weekend.... and his max daily withdrawal limit of 260 worked fulltime for the 2 days and nights we spent on the rip. He kept it going until Tuesday morning when debit of 300,000 was passed to his account and he was left with an  balance of -780. During that 3 second debate at the drinklink I suggested the urban myth that they wont be able to take the money back out without your permission, but on the tuesday they did. 
He went on his J1 to the states 2 weeks later and that was that. He was too sickened to go and challenge AIB, and morally he shouldn't have either.
Even though it wasn't my account, I did feel somewhat guilty and ashamed but I can tell you that was some weekend. He ended up having to get his dad to sort out the debt in his absence.

As regards the IBAN problem ask the bank to send on a SWIFT message to the receiving bank with the correct details. The fact that you had the correct Sort Code and Account number and beneficiary name means that the receiving bank did not exercise due care and attention validating the correct beneficiary. If there was conflicting information on the transfer then one would assume that the receiving bank would have held the funds in a suspense account while querying the payment with the originating bank. 
Raise an official compaint with the originating Bank (your bank). I'm sure if you had raised your query early enough they should have been able to get it recalled or rediverted to the correct account. In my experience never use an IBAN to send funds to the UK. It is not a requirement unless you are sending Euros. Send GBP and use sortcode & account number(costs a little more but much simpler).
If all else fails , then contact the company that received the funds and see how that goes, if that fails make a claim to your bank that you were a suspect that you are victim of online fraud or you suspect that the funds may possibly be used for terrorist activities, you may not get your money back but it would sure raise hell for all the banks involved as well as the company who refuse to give you back the funds.


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## bond-007

Often a UK company will not tell you its' IBAN anyways. As said sort code and account number is the best way to go.


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## banter

bond-007 said:


> Often a UK company will not tell you its' IBAN anyways. As said sort code and account number is the best way to go.


 To make an online transfer you need IBAN number. IBAN number is made from sort code and account code. Check your bank statement and you will see IBAN code and how it uses your sort code and account number to form IBAN code. 
That said, it is the simplest thing to cross reference IBAN code with these using a very basic programme code. This cross referenceing should be part of all online banking checks so that before a transaction is completed it checks. I know IBAN code is validated but that is obviously not enough.


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## banter

The online banks only care about IBAN codes, just like credit card transcations generally only care about numbers, not name and address.


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## dontaskme

it also happened me one time in a branch when the bank clerk filled in the slip and made an error in one of the IBAN digits. I signed it and a few days later I got a photocopy of the transfer in the post saying that it was not a valid number or did not match the other details. I was lucky that it bounced straight away but they charged me something like 8 euro anyway.  I tried to argue that the clerk had made the error but they said I had signed it so I had approved it.


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## dengksp

I just had a similar experience a few days ago and it totally drives me crazy. The bank clerks made a mistake on the country code from GB (United Kingdom) to BG (Bulgaria). I checked online to see whether the wrong IBAN is valid or not. Hopefully the format of the wrong IBAN cannot be recognized and I think the money will be returned in a few days. If not, I can't imagine what I would do...


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## Towger

the IBAN uses a MOD97 check ([broken link removed]), so the banks computer system should tell the clerk it is invalid as soon as they entered it.


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## Gulliver

I will ask Brendan to put up a prominent warning on the site regarding incorrect account numbers (both IBAN and domestic account numbers), as the legislation has changed since last November.

Until November last, the use of account numbers had no basis in legislation, although they had gained considerable validity due to custom and practice. In those circumstances, there was an obligation on the receiving bank to check both the account name *and* the account number before posting a lodgment or credit transfer, whether domestic or cross-border. In the event of failure of those checks, the customer had a right of redress.

The situation was changed by the EUROPEAN COMMUNITIES (PAYMENT SERVICES) REGULATIONS 2009, which came into force in November last, which reads:-
_Incorrect unique identifiers._
_89. (1) If a payment order is executed in accordance with the correct unique_
_identifier, the payment order is to be taken to have been executed correctly so_
_far as the order required payment to the payee specified by the unique identifier._
_(2) If a unique identifier provided by a payment service user is incorrect, the_
_payment service provider concerned is not liable for non-execution or defective_
_execution of the relevant payment transaction. However, the payer’s payment_
_service provider concerned shall make reasonable efforts to recover the funds_
_involved in the transaction._
_(3) If so agreed in the relevant framework contract, a payment service provider_
_may charge a payment service user for recovery._
_(4) If a payment service user provides information additional to the information_
_or unique identifier that must be provided by the user for a payment_
_order to be properly executed, the payment service provider concerned remains_
_liable only for the execution of payment transactions in accordance with the_​
_unique identifier so provided._

In effect this means that if a transaction is posted by reference to the account number stated thereon, the bank has fully discharged its responsibility and has no liability, even if the account name is different and/or the account number is incorrect. Any obligation which it has to assist in the recovery of funds may be subject to charges (It is unclear whether such charges would require prior approval from the Financial Regulator).

So the message is..... Take great care to check and double-check account numbers before transacting


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