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Original poster

Transfered all our money into wrong account

188 replies

swimmer55 · 26/04/2022 10:58

First time poster, just had a panicked call from my husband, he has transferred all of our savings in to a new account at a new bank (its been sitting in a current account for a couple of years gaining no interest so now interest rates are rising slightly we decided to transfer), by transposing 2 numbers it has gone to a strangers account, the bank are on it but have said it will take up to 24 days and there's a possibilitythey won't be able to return it, has this happened to anyone else and what was the outcome ? Its all of our savings so we are panicking!

OP posts:
SpidersareTapdancing · 26/04/2022 11:00

Oh no, that's awful!

I haven't done it myself but a family member did and the person didn't give it back so the bank had to reimburse then because it was before all the pop ups that ask if you've triple checked.

Original poster
swimmer55 · 26/04/2022 11:05

I understand there's a protocol the bank must follow but to have it hanging over us for 3 weeks while we find out is going to be so stressful, hoping for some instances of positive outcomes on here!

OP posts:
Neverreturntoathread · 26/04/2022 11:06

Only banks can help you now OP, keep pressuring the bank.

I did once make a (small) mistkae
transfer ro a tradesman I didn’t trust. Asked the bank 5 mins after transfer to get the money bank. They got me to fill in forms and said they would try. Didn’t work but luckily I got in touch with the trasdeman who returned it.

HappyCup · 26/04/2022 11:11

How stressful! Did the online banking not warn him that the number and the name of the account didn’t match?

if it helps there have been a few threads where mysterious sums of money have turned up in people’s accounts. They’ve basically been the recipients of someone else’s error. And they’ve always returned the money.

WoodenClock · 26/04/2022 11:12

Has it definitely gone to another account? If it's just two numbers transposed, that shouldn't be possible, banks don't use consecutive account numbers for this very reason.

Usually when money ends up in another account it's because someone sent it to the wrong person - I.e they picked the wrong account number from a list, if there's just a digit wrong it will usually reject. Those are easy to return. If it is on another account, they need the account holder's authority to debit the account. If the account holder can show they spent it in good faith, the law doesnt require them to repay.

Blarting · 26/04/2022 11:14

HappyCup · 26/04/2022 11:11

How stressful! Did the online banking not warn him that the number and the name of the account didn’t match?

if it helps there have been a few threads where mysterious sums of money have turned up in people’s accounts. They’ve basically been the recipients of someone else’s error. And they’ve always returned the money.

This is so spooky, I've just received £150 from an unknown source!! I've just posted about it.

ComDummings · 26/04/2022 11:15

Blarting · 26/04/2022 11:14

This is so spooky, I've just received £150 from an unknown source!! I've just posted about it.

Show quote history

Maybe it’s your council tax rebate?

Blarting · 26/04/2022 11:16

Oh thank you so much @ComDummings ! Mystery solved.

I hope you get the money retuned quickly OP!

BarbaraofSeville · 26/04/2022 11:16

There's also the account name checking function these days, which means what he says he's done should be quite difficult to do accidentally.

Is he sure the money has gone into someone else's account rather than a holding account at the bank, which should be much quicker to return, as it's still under the bank's control.

Original poster
swimmer55 · 26/04/2022 11:23

Thanks for your replies, it a brand new account we opened, had an update from the bank and it seems all may not be lost, it looks like there's no such account as the number he used so hopefully will bounce back/ be returned, as I understand it the only time there would be issues is if it went into a persons account and they refuse to return it, honestly the most stressful morning!

OP posts:
SamphirethePogoingStickerist · 26/04/2022 11:24

Take a deep breath. As others have said this shouldn't be possible with the newer security. When you transfer to a new, never been sent money to before by you account the recipient's name has to match what you type in. It should have come up with an error message - I have done this very recently and was glad the name check was there.

All may not be quite as it seems!

RestingPandaFace · 26/04/2022 11:26

It’s a bit late now but if you are making a large transfer to a new recipient (one that you have just set up) it’s a good idea to send £1 first and check it gets there OK.

AnotherTroyforHertoBurn · 26/04/2022 11:27

When I paid my gardener the first time and I had transposed two figures, it went into banking la la land, I paid him correctly and the other sum eventually bounced back to me as the other account did not exist.

To this day on my banking app, it still say John Smith CORRECT. Grin

tangledzebra · 26/04/2022 11:27

This happened to my partner and the person refused to return the money, the bank were useless and just said ‘we have written to the customer and he hasn’t responded’, they couldn’t share the customers details and so we couldn’t take them to court etc. It was about £2k so a lot of money.

SandrasAnnoyingFriend · 26/04/2022 11:30

Are you sure he's telling you the truth?
When transferring ay significant amount of money you get asked over and over again if the details don't match.
Is there any way he could he be using it for gambling?

Original poster
swimmer55 · 26/04/2022 11:33

Wow how can someone do that to a person who has made a mistake I couldn't live with myself.

OP posts:
MurmuratingStarling · 26/04/2022 11:34

I hope you get your money back, but I don't think the person whose account it has gone into HAS to give it back.

I saw something similar on a BBC consumer rights programme once, (around 2013.) A woman had paid £1750 into what she thought was her new landlord's account, for 2 month's rent, and the deposit/bond. The woman put ONE digit wrong, so it went into a stranger's account.

If they had both been with the same bank, it could have been sorted/dealt with, but because she was with Nat West and he was with Lloyds, nothing could be done, and she lost the money, because the recipient refused to give it back...

Pretty awful really, as the recipient should have been done for theft! But as the money was technically given to them, it was not classed as theft. Personally I couldn't live with myself if I kept someone's money like that. But some people are pure scum.

Hope this doesn't happen to you! Hope it's sorted soon!

WhatATimeToBeAlive · 26/04/2022 11:36

If they keep it, isn't it theft as it wasn't intended for them?

MurmuratingStarling · 26/04/2022 11:36

tangledzebra · 26/04/2022 11:27

This happened to my partner and the person refused to return the money, the bank were useless and just said ‘we have written to the customer and he hasn’t responded’, they couldn’t share the customers details and so we couldn’t take them to court etc. It was about £2k so a lot of money.

Outrageous! Hmm How can anyone DO this?! How is it even allowed?

ParisHarris · 26/04/2022 11:37

swimmer55 · 26/04/2022 11:23

Thanks for your replies, it a brand new account we opened, had an update from the bank and it seems all may not be lost, it looks like there's no such account as the number he used so hopefully will bounce back/ be returned, as I understand it the only time there would be issues is if it went into a persons account and they refuse to return it, honestly the most stressful morning!

Oh thank goodness for that. What a fright. Hope you get it back quickly.

I always do a small transfer (£1 or something) before moving a large sum just to check I have the details right- too paranoid not to!

BarbaraofSeville · 26/04/2022 11:38

Surely it can't be a case of 'nothing' can be done if the money is in the wrong account?

For that amount of money I wouldn't give up making a nuisance of myself with the bank's complaints procedure, financial ombudsman, financial columns in the papers etc.

MurmuratingStarling · 26/04/2022 11:38

WhatATimeToBeAlive · 26/04/2022 11:36

If they keep it, isn't it theft as it wasn't intended for them?

It should be theft but apparently it isn't.

Like if someone scammed you over the phone (or internet,) and it was because you willingly gave them your bank or credit card details, there is a strong chance that you will lose everything, because you willingly GAVE it to them. Awful loophole in the law.

Coastalcreeksider · 26/04/2022 11:40

I recently transfered a huge sum from a house sale on behalf of my dad after selling his house.

I transferred £20 to start and then £1000 to make doubly sure it was going in correctly.

I was sweating over that new account but because it wasn't my money it was even worse.

I've still go to do another new account transfer soon for the rest of the money and I know I will be sweating on that too!

GingerFigs · 26/04/2022 11:40

I still don't understand how your husband can have transferred a large sum of money to an account that did not match. Bank transfers now have to match the name and account number to validate the payee plus there are limits on first time transactions.