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.
