Money paid into closed account

[OneDandyOpalCrow]

hello, has anyone else had this problem?
I got great news that I was entitled to £800 refund from Student Loan Company. Straight away they said it was on its way to me which gave me a panic as it’s been over 10 years & id changed banks. Turns out they’ve sent it to a bank account that’s been closed over 5 years.
they advised me to wait a period of time for it to bounce back. Which it didn’t. And now they’ve requested a recall of funds but advised there’s no guarantee they will be able to recall the funds. I’ve got a few more days to wait, but I don’t have much hope.
im gutted though, surely the money has to be somewhere? The bank have advised all responsibility lies with SLC/ their back to try and get the funds… has anyone been through similar/ any advice please? Thank you in advance!

I had this. The account had been closed by the new bank using the switching service. The money forwarded to the new account. It was a much shorter time period though.

@OneDandyOpalCrow SM is probably your way to go.

DM them on twitter

www.facebook.com/SLCRepayment/

or call them on 0300 100 0607.

My brother paid £400 into an account of mine that was closed and he got it back within a month. Just call the student loan company and the bank in question it should bounce back eventually. You just have to be on their case unfortunately. Good luck

If all else fails financial ombudsman

It might have gone into a holding account at the bank. Try contacting them and asking what will happen and how to speed up getting the money transferred to the right account, but I suspect that it has to be returned to the SLC and then resent to the right account.

Ombudsman won't do anything until you've exhausted the bank's standard processes and complaints procedure and given them at least 8 weeks to sort it out.

Keep on at them and then go to the ombudsman. The SLC aren’t known for their customer service- Don’t let them just give up on it!! X

Thanks so much for the responses everyone! The bank have said normally they refund straight back within 24-48 hours but SLC are saying they definitely haven’t received anything… this has been going on since 12th September now! I think I’ll try & press SLC on it further/ go through their complaints process as well as the banks… and then through the financial ombudsman. Will keep you posted on any success!

Hey I’m in the same situation have you had any luck with them

DH had this - compensation for the bank’s crap service for closing an account. Guess where they paid it into? The closed account. Four months on there’s still no sign of it.

Hi there did you get your refund back from SLC. I am in the same boat, they paid into my account which was closed 20 years ago and have told me they are tracing it and to wait until end Aug 2025 but there’s no guarantee they will pay me the money.

Hi there did you get your refund back from SLC. I am in the same boat, they paid into my account which was closed 20 years ago and have told me they are tracing it and to wait until end Aug 2025 but there’s no guarantee they will pay me the money.