Transfered Money into Incorrect Persons Account. Bank Can't Help!

I owed a bloke $250 or thereabout.

I transferred the money but missed a last digit in the account number.
He never got the money and hence I retransferred.

In that time I made an enquiry thru Comm Bank and asked them to get the money back.
They made a case and opened an enquiry etc. Up to today, nothing. Then I got this letter this morning.
St George has contacted the account owner and told them the situation. The customer has not responded and now cannot recover the money.

What are my options?

Comments

  • +3 votes

    Here's some information that you can review regarding mistaken transfers.

    Seems pretty straight forward.

    How long ago did you make this mistaken transfer?

    •  

      since the day approx. 4 weeks

      • +5 votes

        With regards to the document I linked, you should contact the bank an advise them to freeze funds and give the recipient 10 business days to show they are entitled to the funds. If they cannot, the funds should be returned.

        What exactly did the bank say in their notice back to you?

        Also noted in the document:

        "If your bank or credit union does not help you to fix the mistaken internet payment, you
        can lodge a dispute with the Financial Ombudsman Service Australia".

        Their contact information is listed there.

      •  

        If the money is no longer in the recipients account then I don't think you have any recourse.

        • +1 vote

          why ppl get jail time for taking out the money that bank incorrectly deposited into their account ?

  • +6 votes

    Just out of interest, do you mean you missed a digit, or you put in a different digit.

    While I don't know how bank back end systems works with transfers, my understanding is all account numbers will be the same number of digits within a bank.

    For example, all Westpac numbers are 6 digits, whereas all NAB numbers are 9 digits. I could be wrong, thought, and once again, I don't know bank systems, whether they'll automatically add a zero to fill it out.

    •  

      I think they mean they put in a incorrect digit. So it’s gone into someone else’s account. Otherwise the money would go no where. I’ve made a mistake with the number before (didn’t put enough digits) and was able to have it refunded instantly.

      Unfortunately op has to learn from their mistake

    • +1 vote

      I agree, the post is confusing. If you have simply left off the last digit, it should have automatically returned as there will be no matching account at the other end.

    • +4 votes

      The details in this post are so confusing as to be almost unbelievable.
      For example, it is almost impossible to miss a last digit in an account number and have the funds go to an account with that (incorrect) number. Whilst banks do have account numbering with different numbers of digits (e.g. ANZ has accounts with 7 digits and with 9 digits), all account numbers include an integer to make it unique (not sequential) from other account numbers. Added to that is most Australian banks have a different set of account numbers allocated for each BSB (branch / location), though there may be some duplication across the country.
      At worst the bank systems would add a zero to the front of the account number field.
      The original transfer should have failed and be handled as an exception / rejection by the bank until resolved (usually by returning to the payer).

  • +5 votes

    Banks cant' help you. What the hell you want us to do?

    • +4 votes

      Don't ya just love folks that make a post asking for help but do not even have the courtesy to respond to posts asking for further info.
      Why bother!

      • -4 votes

        so if we don't reply,does this mean that we are not interested or does it mean that we are following the comments?
        Sorry but did u want some acknowkedgment of comment or maybe even a voucher to wash your car perhaps?

        • +4 votes

          Nope, just the common courtesy to acknowledge the effort people make in trying to assist. Is that too much to ask?

    •  

      Coz we're pros in some ways.

  • -2 votes

    Looks like you typed in the wrong URL also.

    Did you mean to post this at….

    http://www.ozbankin.com.au

  • +1 vote

    Post checks out with Ops other posts

  • +5 votes

    So when the banks accidentally transfer a few mill to Miss Spendy who promptly goes on a spending spree, that's obtaining funds by deception and she's on the hook for the whole lot regardless of what's left in her account. And when you accidentally transfer a few bob to a random stranger who pockets it, that's stiff shit no recourse?

    •  

      When its the banks money is one thing, when its your money they couldnt give a toss. Banks only care about their money not yours, thats how its always been.

    •  

      Not really. If the bank makes the mistake then it is the bank that takes legal action to recoup the money. If an individual makes the mistake then they have the same course of legal action open to them to recover the money.

      •  

        Legal action can only be possible if the bank provides the details of the unintended recipient. Is there anything to compel them to do so? If yes then yes the individual can send a letter of demand etc. Either way, the banks co-operation is required.

        •  

          Not really, your lawyer can subpoena the banks involved to provide the required information to retrieve a payment made in error for the purpose of legal proceedings

  •  

    If the name that was entered didn't match the name of the recipient sufficiently, you'd think the transfer wouldn't have gone through?

    •  

      They don't necessarily check the name, and use just the numbers. Pretty sure I have seen warnings to this effect during the transfer, but cannot remember which bank now.

    • +2 votes

      Names are not checked at all - it is only a computerised check of the BSB and the account number - it is either valid or not. The receiving banks (BSB) system will automatically accept the payment, but if the account number is invalid the payment will be returned. With our antiquated inter-bank payment system this may take 24-48 hours

    •  

      Ocker is correct, name doesn't matter. It's only BSB and Account number.

      •  

        Why do they bother having that field for you to fill in then?

        •  

          With my app, it saves the 'name' for future payments.

          I could write in the name field: 'Mary Poppins Tinkle Berry' but the persons name is Sarah. But for future payments to 'sarah', app saves it as 'Mary Poppins Tinkle Berry'.

  • +2 votes

    Try getting the account owners attention by making additional transfers to their account in $0.01 amounts.

    With each transfer, use the 'payment description' section to put in a message and your contact info etc.

    Not guaranteed to work but it will only cost you a few cents.

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