Mis-sent bank payment

sceneparade

To all who can help,

I recently wanted to send money to a relative, but I accidentally sent it to a wrong bank account.

I have contacted my bank who have said they will request it back, but that it can take a while - implying days to weeks.

What can I do to reclaim my money if they cannot reclaim it - i.e. the recipient has spent it?

Thanks for your advice.

Rachel_Scope

Hi @sceneparade. I've found this information from HSBC about issues with reclaiming your money. https://www.hsbc.co.uk/current-accounts/online-transfer-mistake/#:~:text=They%20should%20contact%20the%20bank,to%20get%20your%20money%20back. .

They can dispute it which will lead to an investigation. The final steps are contacting the person yourself or the Financial Ombudsman. Fingers crossed it all goes through smoothly and you get your money back soon. It's an easy mistake to make!

sceneparade

Hello Rachel,

Thanks for you reply.

What happens if they dispute it? What happens if they spend it?

I recall a case a number of years ago, where I sent it to the wrong account, and it was given back to me by my bank who recalled it.

I have been informed and I have researched that if someone spends the money that isn't theirs before the request of a recall goes in, then ultimately the recipients bank will show up as in debt to whatever money wasn't theirs. Is this correct?

Rachel_Scope

If they dispute it, the bank will conduct an investigation (I'm not sure what this entails).

If you scroll to the bottom of this page https://www.which.co.uk/consumer-rights/advice/how-do-i-get-money-back-that-i-ve-sent-to-the-wrong-account-azEmi4q7sePx#what-if-the-money-cant-be-returned it states that if the recipient of any monies accidentally transferred to them spends that money, they could be 'charged with retaining wrongful credit'.

I'm not sure about anything more than this as it's not something I've dealt with before. I've got my fingers crossed that you'll get the money back with no fuss.

sceneparade

Okay, fingers crossed.

Thanks