Bank transfer - possible mistake

[Fullofjitters]

I've been waiting for a payment to come into my bank account but it's been 3 days and still not showing so I'm thinking it's more and more likely that there has been a mistake. The money has left the senders account and they are going to check it out tomorrow but I am stressing about it tonight.

If there has been a mistake and the payment has gone to a different account what should happen next?

Sometimes the bank stop payments for security checks. The person sending the money will see it go out of their account but actually the bank are holding it until they can confirm its a genuine payment. I work for a bank and this happens to help protect customers from fraud, ask the payee to check with their bank x

Has the sender definitely sent it?

With Confirmation of Payee, it’s less likely now to make a mistake as the name has to match up with account details.

Thank you for replying!

Yes, the sender has confirmed they sent it and it has left their account. I've (triple) checked and the details I gave were correct. They are going to look into it tomorrow but it's reassuring to hear that there might be a reasonable explanation - I tend to jump to worst case scenario and was imagining it going to someone else and a whole big drama

What kind of payment was it?

BACS will take days to clear

Faster payment usually instant

It was BACS

If you have given the correct details and they have entered them, it will turn up! Not all payments are "faster payments" and can take 3 Or 4 banking days to arrive in your account.

Then it's totally normal to take 3 days to clear. It should show up tomorrow or the next day depending on payment time.

Thanks everyone!

Should be there tomorrow.

BACS can be 3-5 working days.

Has the other person definitely sent it that's what is be thinking.

If it's person to person it will be faster payments not BACS. Only businesses use BACS and that takes 3 working days including the date of sending and receipt.

Unless the payment was more than a few hundred pounds, it should have gone instantly. Larger payments can take time due to security and it could be that the money is in a holding account because the sender hasn't answered the security questions to the bank's satisfaction. But after this amount of time there's always the chance they've sent it to the wrong account which can be a nightmare to resolve.

All sorted today, they had made a mistake and the money was returned last night. Transferred to my account again today. And now I feel very silly for jumping to the worst case scenario 🤣

I once sent my initial rent payment to the wrong account. It was a horrible few days but it came back. The bank told me that the account holder had spotted the error and asked their bank to send back the payment. I was lucky it went to someone so honest. Since then I have always checked, double checked and triple checked anything over a tenner