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Doh! Money transferred to wrong account

I recently transferred slightly over a thousand pounds to the wrong account using my banks online service (I know...). I'd double checked the account number with the intended recipient but forgot to check the sort code, which was one digit out.

I phoned my bank within a couple of hours of the transfer, having sent a copy of the on-screen receipt to the recipient and them noticing the error. My bank (Abbey) said I'd have to wait a week then ring again to ask for a 'Bill Payment Trace' to be put on the payment so it could be recalled.

I can't find much about this online. Any idea why it has to wait a week before the process can even be started? Is there any danger of the actual recipient cashing it in and disappearing with my money?

Reply to
PCPaul
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PCPaul wrote in news:2KkTk.87771$ snipped-for-privacy@text.news.virginmedia.com:

IANAL, but I would expect it to be fraud or somesuch if the receipient unfairly retains the monies.

Reply to
Anonymous Remailer (austria)

I'm not so sure. If someone you don't know approaches you in the street, puts a £20 note in your hands and walks away, would you be guilty of fraud if you went into a shop and spent it?

Chris

Reply to
Chris Blunt

I guess not in this case, because the person deliberately came up to you and gave you the money. But in the OP's case he made a mistake and has informed all concerned.

Rob Graham

Reply to
robgraham

While that's true .... the bit about waiting a week seems spurious, as you wouldn't expect everybody to check the balance of every account on a weekly basis. ISTM it's just part of the old-fashioned banking process where nothing gets done fast. It's also completely possible the the employee (or call centre drone) who gave this advice either misunderstood, was wrong or simply didn't bother to find out what should _really_ be done. I'd be inclined to phone up again and get a second opinion.

Reply to
pete

The transaction isn't a direct personal one, it is done via a third party system and the recipient in this case is unknown. There really should be checks and balances within the system for such errors which have happened many times I'd guess.

Reply to
JohnR

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