B
Hi
This could be a serious problem for you.
Check out this thread and a few others where people have made mistakes.
http://www.askaboutmoney.com/showthread.php?t=75897
Brendan
It seems to be the case that when the Bank lodge funds to an incorrect account the Bank CAN withdraw these funds but when it comes to joe bloggs making the same mistake it's a long drawn out process to rectify the problem. The funds came from YOUR bank at YOUR request and therefore I do not understand why the bank will not accept YOUR request to undo the error.
It seems to be the case that when the Bank lodge funds to an incorrect account the Bank CAN withdraw these funds but when it comes to joe bloggs making the same mistake it's a long drawn out process to rectify the problem. The funds came from YOUR bank at YOUR request and therefore I do not understand why the bank will not accept YOUR request to undo the error.
You've said that the money has been transferred to an account in UB. Assuming your own bank is not UB, then you bank simply would not be in a position to know who the UB customer is, not alone pass on their contact details. Banks have a legal duty of confidentiallity towards their customers.
However, if you are not satisfied with how your own bank is dealing with this then I suggest you ask for a copy of their complaints procedures and file a formal complaint. If you don't get your funds back then you will need to do this before taking any case to the Financial Services Ombudsman
Secondly I suggest you contact UB College green and ask them if they can identify the customer involved(if you know the dates involved, they should be able to), and then ask them to see if they will freeze the funds pending resolution. They probably won't but no harm in asking. If the UB customer is a corporate customer (and UB College Green is their largest branch for corporate customers), then even if they won't tell you who the customer is, ask them to ask the relationship manager in the branch to speak to the customer on your behalf.
Make sure you follow up with everything in writing so you have a full record of your actions if this does go to court
You could also contact IPSO and see if they can help. IPSO are the industry self regulatory body for payments and they lay down and enfore the "clearing rules" for cheque and electronic payments. They may be able to advise you as to some other options. for more information
If this were a lodgement slip in the branch lodgement, then the OP would have a strong case as the account name and address would not match the account number. So if the money was lodged in the wrong account then the bank is liable as if the name/address doesnt match the account number, the lodgement process should fail and the money be returned to the customer.
Was the recipients name/address or any other details included with the online transfer?
This is the amazing thing. There is NO cross referencing between account name, sort code and account number. If you key in the correct sort code and an incorrect account number but if that account number is a valid account then the money gets made. Rediculous but true
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