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

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