Money transfers - Transfer made to wrong bank account
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If your transfer has been made to the wrong bank account, get in contact with the organisation making the transfer as soon as possible. It is possible that the transfer has yet to be processed, and the organisation may be able to cancel it.
If the transfer has already been processed, you should double-check that the mistake is not the result of an error on your part. In the event that you have made a mistake, the organisation making the transfer is not automatically responsible for reversing the transaction since there is no way for them to determine your intentions regarding the transfer. If, however, the mistake has come as the result of an error made by the organisation arranging the transfer, they are responsible for correcting it.
This may, however, take some time. While the person who incorrectly received your money isn’t allowed to keep it, their bank can’t automatically take money from their account if the recipient contests your claim that it was sent in error. In addition, the bank can’t withdraw the money if it would put the recipient into their overdraft (or if they’ve already spent it).
If this is the case, you will have to take the recipient to court to get your money back.You should know
- Money transfers are covered by the Consumer Rights Act
- Complaints about money transfers can be escalated to the Financial Ombudsman
- All money transfer firms are regulated by the Financial Conduct Authority (FCA)
- Always be wary of firms and individuals asking for payment via money transfer – many frauds and scams run using money transfers
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