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Wrong account in transferring money

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  • 15-10-2010 3:03pm
    #1
    pobs1
    Registered Users Posts: 9 ✭


    Hi,

    I made a mistake and transferred money form my account into another. Unfortunately i entered an account with a wrong digit in it. I have checked with permanent tsb and they say that the branch has no bank account that matches that number.

    Do you need the bank account number to match the sort code to transfer money correctly. Im hoping that the fact they dont means that it hasnt gone to someone else.

    Does anyone know if this money is automatically bounced back if there is no where for it to go and and how long it will take.

    A stupid mistake,
    ANY INFO APPRECIATED.
    Tagged:


Comments

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    #2
    Jarren
    Closed Accounts Posts: 4,692 ✭✭✭Jarren


    ring your bank now,they will follow from there


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    #3
    Xavi6
    Registered Users Posts: 40,861 ✭✭✭✭Xavi6


    pobs1 wrote: »
    Do you need the bank account number to match the sort code to transfer money correctly.

    Short answer - yes.

    If you're a digit out with the account but the sort code is right then the bank will attempt to allocate the money to the details you entered. If the account doesn't exist then the money will simply bounce back as a returned amount. If the transaction hasn't been processed fully by your bank then you may be able to stop it. You can also do a recall but that usually costs and it would take the same amount of time, if not longer, than if you just let the money bounce by itself.

    If your mistake meant you entered an account that does exist then you would need to file a dispute to get the money back, and even then that account holder wouldn't have to give it back.

    Call your bank and ask them for the specifics from their end but the money should just return to you in a few days.


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    #4
    Jet Black
    Registered Users Posts: 3,843 ✭✭✭Jet Black


    It will usually bounce back if there is no account with the number you sent it to. Contact the bank now and ask them. They may need to put a trace on the funds if it gets stuck in limbo.


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    #5
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    In the old days (1990s) bank branches would get a daily printout of rejected debits and credits. Account numbers that were incorrect, usually a digit wrong. Usually each transaction had a name or reference on it.

    They would go through the list manually and put them through to the correct account. It meant that the payment was delayed by one day but at least it reached the account.

    Nowadays such transactions are automatically rejected. You get the funds back via the clearing system within seven working days.

    Progress.:rolleyes:


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    #6
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    nlgbbbblth wrote: »
    In the old days (1990s) bank branches would get a daily printout of rejected debits and credits. Account numbers that were incorrect, usually a digit wrong. Usually each transaction had a name or reference on it.

    They would go through the list manually and put them through to the correct account. It meant that the payment was delayed by one day but at least it reached the account.

    Nowadays such transactions are automatically rejected. You get the funds back via the clearing system within seven working days.

    Progress.:rolleyes:

    Or try the one where Vodafone made seven attempts to take the price of my bill from my Visa debit. Even though only one went through on their end, all seven went through on mine. It took the same seven days for that to be reconciled.


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