Check out howbankingworks.ie and you might get some ideas.
Brendan
A far as I know BoI are correct and there isn't much they can do if the German bank sits on the money. What you could try to do is contact the German bank directly yourself, either by phone or by email - you will probably be able to chase it better than BoI
A 'Return' occurs when a credit transfer is diverted from normal execution after interbank Settlement, and is sent by the Beneficiary Bank to the Originator Bank for a credit transfer that cannot be executed for valid reasons such as wrong account number or account closed with the consequence that the Beneficiary account cannot be credited on the basis of the information contained in the original credit transfer message.
The main characteristics of a Return (DS-03) are:
• the transferred amount will be the Original Amount of the Credit Transfer Instruction
• the Return message is routed through the same path taken by the original credit transfer (unless otherwise agreed between the Beneficiary Bank and the Originator Bank), with no alteration of the data contained in the original credit transfer. In the case of a 'Return' message to be sent to the Originator by the Originator Bank, the parties may agree a specific mechanism which may differ from the original path
• a record of the relevant data relating to the initial credit transfer, sufficient to provide an audit trail, is included
• the initial credit transfer is identified by the original reference of the Originator Bank
• 'Return' messages contain a reason code (attribute AT-R3, see below)
'Return' messages initiated by the Beneficiary Bank must be transmitted to the Originator Bank within three Banking Business Days after Settlement Date.
It is recommended that European Interbank Compensation Guidelines (reference [8]) are applicable and are used.
The Beneficiary Bank must send the 'Return' message to the Originator Bank through the selected CSM at the latest three Inter-Bank Business Days after Settlement Date “and at the same time return the Funds.
The Originator Bank must credit the Originator’s account according to the timing agreed with the Originator, and make the appropriate details available to the Originator
Can BOI not send an instruction to amend your incorrect payment details you used? Then the German bank could correctly apply your payment
So wondering if anyone here can give me some pointers? I presume these transfers are governed by EU regulations. It is a bad state of affairs when you are left wishing you had stuffed a bunch cash in an envelope and entrusted An Post to deliver it.
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