Money paid into wrong account advice needed

[seachan1]

Hi

Can someone help me. Because I gave out the wrong account number to a supplier a payment pf £850 was transferred into the wrong account. The people who were paying me tried to get the payment reversed by Santander who have responded that they have tried to get in touch with the recipient but can't. They now say there is nothing more they can do. Does anyone have any experience or understanding of what I can do next?

 

Any help gratefully received

 

Thanks

[fkofilee]

Well at this moment in time, there is very little in the way of protection for these situations.

Sadly not at this point.

[citizenB]

From May 2014

 

http://www.moneysavingexpert.com/news/banking/2014/04/sent-money-to-the-wrong-bank-account-youll-soon-get-more-help-getting-it-back

 

What does the code say?

 

It's the first time banks have agreed a common process to recover money sent to wrong accounts. Here is what customers can expect:

When a customer tells their bank or building society they have made a mistake, it will take action within two working days.

If a bank can't reclaim funds straight away – for instance, if the recipient disputes its return – it will investigate and customers will be told the outcome within 20 days.

If funds can't be recovered, customers will be given clear and accurate information on the options available to them, which includes taking court action against the recipient.

Banks and building societies will make sure their websites, apps and phone services are designed to reduce the risk of a customer making a mistake. This might involve extra warnings or asking customers to input details twice.

 

The Payments Council says it will monitor how the new code works to see if further changes are needed.

 

 

Edited August 25, 2015 by citizenB

[citizenB]

 

Ever been left frustrated when an online banking transfer goes wrong? Now banks can raid accounts to get back cash you sent by accident

HSBC, First Direct and Nationwide can now haul back money that has allegedly been paid into an account by mistake

Other banks expected to follow

Tens of millions of pounds accidentally vanish into strangers’ bank accounts during attempts to transfer money electronically every year

Banks will be able to raid a customer’s account to claw back cash paid in by accident in a ground-breaking move that is set to end the misery of missing payments.

 

HSBC, sister bank First Direct and Nationwide have become the first big names to rewrite their terms and conditions so they can haul back money that allegedly has been paid into an account by mistake.

 

This happens when someone using online banking either mistyped or is given the wrong account number into which to pay funds. As a result, the money ends up in the account of another customer.

 

 

 

 

 

 

Read more: http://www.thisismoney.co.uk/money/saving/article-2784068/Banks-raid-accounts-cash-sent-accident.html#ixzz3jqUa03lS

[seachan1]

Thank you so much for the replies. I appreciate your time. Minefield.

[citizenB]

Lets hope you are successful in receiving your money.

[fkofilee]

I stand corrected... Well I hope you get this sorted,.

[citizenB]

I stand corrected... Well I hope you get this sorted,.

 

I don't think all banks have signed up to this, fk.. so it might still be hit n miss.