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 happened because of an error made by the organisation arranging the transfer, they're 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

How long should I wait for a response?

Under the FCA's rules, you should expect a money transfer organisation to give you a prompt response to acknowledge your complaint. This should not take longer than a couple of days.

The money transfer organisation should then aim to give you a final response within eight weeks.

How can I take things further?

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.

The Consumer Rights Act

The Consumer Rights Act 2015 sets out your shopping rights. It replaces the Sale of Goods Act, the Unfair Terms in Consumer Contracts Regulations, and the Supply of Goods and Services Act, giving you clear, simple rights when things go wrong.

The Consumer Rights Act tackles things like faulty goods, products and services that aren’t as described, supply of services, and unfair terms and conditions.

The Financial Ombudsman (FOS) 

The Financial Ombudsman (FOS)  is the UK’s official expert body for sorting out problems with financial services. If you can’t resolve a matter with a business, FOS can give you an unbiased decision and has the legal powers to set things right. Generally speaking, you’ve got six months from the time that a business gives you a final response to escalate a complaint to the Financial Ombudsman.

The Financial Conduct Authority (FCA)

The Financial Conduct Authority (FCA) is the UK’s regulator for financial services. The FCA makes sure that consumers enjoy good protection from unfair business practices and fraud.

If you encounter an unauthorised money transfer service, you can report it to the FCA!

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