I don't understand - surely the error was yours?I entered all the information correctly such as name of benificairy, address, sort code etc but the Iban number was entered incorrectly.
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This is a real and certain error in the online banking system.
Yes, I have double checked and everything is completely correct.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?
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?
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. .
Hi GulliverAs 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
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.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.
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.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
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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