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Bank transfer - to non existant account?

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  • 29-03-2007 11:58pm
    #1
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭


    If I'm transferring money to someone and I make a mistake with the sort code or account number and the account doesn't exist - what happens the money? Is it lost in limbo? Is there a long complex process to get it back? Does it just not send via online banking?

    Thanks.


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    #2
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    It would probably send via online banking, and eventually be returned (probably to your branch first, and then they'd have to find the account it came from etc and reconcile it).


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    #3
    themole
    Closed Accounts Posts: 888 ✭✭✭themole


    If the account doesn't exist it will not be transferred at all. It could appear as gone from your account, but it will not have actually gone anywhere. Should appear back when the receiving account is shown to not exist.


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    #4
    RuggieBear
    Registered Users Posts: 17,958 ✭✭✭✭RuggieBear


    chase it up.

    happened to me and the bank just left the money in limbo until the recipient told me he hadn't received it 10 days later and i had to ring the bank!


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    #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    It goes into a sundry credit a/c (like a bank's bank a/c) and 9 times out of 10 it will be refunded. Mistakes do happen but it can always be traced and refunded.


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    #6
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    RuggieBear wrote:
    chase it up.

    happened to me and the bank just left the money in limbo until the recipient told me he hadn't received it 10 days later and i had to ring the bank!
    I've not lost any money or done that, it's just a thought that's occured to me as I've been transferring money much more recently.

    Cheers for the feedback lads.


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