Transferred money - mistake in sort code -Yes Im stupid

[DaveB]

Are you sure the same account number can never exist against multiple sort codes? I've got one account which has two sort codes, since the bank was taken over... now the old bank' sort-code still works but the new bank have their own sort code.
A special case admittedly...

I also worry about typing the wrong number, it would be so easy to do!

My bad, I didn't put it very clearly. The account number and sort code *combination* are unique, the uniqueness is generated by the use of Modulus-11, as Mal said, with weightings assigned to different sort codes to generate a unique value for each combination.

So although the account number *may* be the same, the combination with the sort code won't be because the Modulus-11 weightings will be different and generate different checksums.

I'm losing track of it myself now. You can read all the gory details here.

Validating account numbers: UK modulus checking

Bacground info here : http://www.vocalink.com/payments/pay...-checking.aspx

[psychocandy]

My bad, I didn't put it very clearly. The account number and sort code *combination* are unique, the uniqueness is generated by the use of Modulus-11, as Mal said, with weightings assigned to different sort codes to generate a unique value for each combination.

So although the account number *may* be the same, the combination with the sort code won't be because the Modulus-11 weightings will be different and generate different checksums.

I'm losing track of it myself now. You can read all the gory details here.

Validating account numbers: UK modulus checking

Bacground info here : Modulus Checking

Thx for explaining..... Since found that all the 72-xx-xx codes belong to alliance and leicester (my bank) but the one I used 72-50-10 is not used. So I'm about to contact them to see if its sitting in an account somewhere at A&L.

[northernladuk]

Thx for explaining..... Since found that all the 72-xx-xx codes belong to alliance and leicester (my bank) but the one I used 72-50-10 is not used. So I'm about to contact them to see if its sitting in an account somewhere at A&L.

When you transfer money it leaves your bank and sits with the clearing house that is identified in the sort code. If the clearing house can't place it in another account it holds it. The bank just has it transfered back. The problem is most of the people on the call center don't understand this process and are likely to tell you it is not up to them to get it back etc as it left the bank. Push them hard and tell them that is bollocks. They can pull it back from the clearing house as it is not in anyones account. Getting your money back out of someone elses account is a different issue.

If they continue to deny it speak to a manager.

This happened to a friend of mine for 5K's worth. Tearing her hair out. A friend of mine in banking explained this to me so she rang back, mentioned clearing houses, forced the issue with a manager and it was back in a matter of hours.

[psychocandy]

When you transfer money it leaves your bank and sits with the clearing house that is identified in the sort code. If the clearing house can't place it in another account it holds it. The bank just has it transfered back. The problem is most of the people on the call center don't understand this process and are likely to tell you it is not up to them to get it back etc as it left the bank. Push them hard and tell them that is bollocks. They can pull it back from the clearing house as it is not in anyones account. Getting your money back out of someone elses account is a different issue.

If they continue to deny it speak to a manager.

This happened to a friend of mine for 5K's worth. Tearing her hair out. A friend of mine in banking explained this to me so she rang back, mentioned clearing houses, forced the issue with a manager and it was back in a matter of hours.

Yep. Luckily it looks like its not gone to someone elses account...

[northernladuk]

Yep. Luckily it looks like its not gone to someone elses account...

I thought we had already proved this was nigh on impossible but yeah.

[SneakySimon]

Missing Payments

I did a contract at a well known bank.

Customers who made payments to their credit cards / loans but got the account details wrong, it sat in a holding account, with every six months this being moved to the banks P&L. Every month at least £100,000 went straight to profit. Even worse for the customer, the payments appeared to be missing their credit card payments so they ended up with a bad credit rating.

Interestingly, in the US the bank has to do a lot more chasing to get the monies returned to the customer and if they are unable to, the money goes to that state into a charitable pot of money.

[psychocandy]

I did a contract at a well known bank.

Customers who made payments to their credit cards / loans but got the account details wrong, it sat in a holding account, with every six months this being moved to the banks P&L. Every month at least £100,000 went straight to profit. Even worse for the customer, the payments appeared to be missing their credit card payments so they ended up with a bad credit rating.

Interestingly, in the US the bank has to do a lot more chasing to get the monies returned to the customer and if they are unable to, the money goes to that state into a charitable pot of money.

Dont worry - will be chasing this one down!

[SueEllen]

Interestingly, in the US the bank has to do a lot more chasing to get the monies returned to the customer and if they are unable to, the money goes to that state into a charitable pot of money.

That's much nicer as it means the banks can't have the money so they have no incentive not to chase people.

There was a time when HSBC specifically put xxxx instead of HMRC account numbers on their business banking accounts lists. I complained as I didn't want my money to go astray but in the end I just paid on HMRC's site.

[xoggoth]

I believe it can be quite difficult to get it back when you transfer to wrong account. When setting up a new payment I always test it with small amount first no matter how many times I've checked the details.

[NotAllThere]

I could point the same out and suggest this went in General or on Mumsnet.

I agree. Now moved to General.