In that case, the payer has simply followed your instructions, so you must bear the loss if the funds can’t be retrieved. It is a different matter if you have given the payer the wrong account details. The person who made the mistake is responsible for trying to recover the money, and whether successful or not is still obliged to pay you. If someone owes you money but deposits the money by mistake into someone else’s account, it is not your responsibility to chase it up. Some people feel they should be allowed to keep money paid into their account, but in general they should return money that does not belong to them. And once you have been asked for your consent to reverse the payment to its rightful owner, you should agree. The same applies: you should contact your bank as soon as possible to advise it of the error. We recommend you seek legal advice if faced with taking such a step. You may wish to take court action if the recipient won’t return the money. However, the bank’s responsibility to protect the privacy of the recipient’s contact details may prove an initial stumbling block. If the recipient refuses, your only option is to take up the matter directly yourself. This usually involves the recipient’s bank contacting the account holder to ask his or her permission to reverse the transaction. Your bank and the recipient’s bank will need to co-operate to try to recover the payment. As a general rule, banks can reverse a payment made in error only with the consent of the person who received it. Retrieving a mistaken payment to a valid account can be more difficult. If your money went to an invalid account, it will usually bounce back into your account. The sooner you do this, the better your chance of recovering your money. Sending a payment to the wrong accountĬontact your bank as soon as possible after realising your mistake. Banks will often ask for an account name as well as account number, but their systems don’t check that they match. They are a crucial piece of information because transactions are processed by account number. It goes without saying that you need to take care when entering and giving out account numbers. The question is: what can you do to get your money back? Two transposed numbers on a deposit slip or a moment of inattention while doing internet banking and unwittingly your money has gone to the wrong person. Mistakes happen from time to time, no matter how much care we take.
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