Bank transfer sent to wrong account

[nick34785]

I sent a payment in error to the wrong recipient (one that I've paid before) on November 2nd 2022. I immediately contacted my bank (Tide) that said they would recall it but it could take up to 21 working days. I've asked them several times after that but they just replies that there is no update. I've tried to email the company also but with no reply. What else can I do to get the money back? How should I account for the money if I don't get it back, is that a reclaimable expense?

 

[JEREMY HAWKE]

Sadly as documented in this parish many times it is very difficult to retrieve the money and I would say well done to Tide for having a procedure in place to attempt to get the funds returned to your account.

You should really view this with the likely hood of the money not being returned
One thing I do especially when paying bigger payments is to have two of us check and double check before pushing the nuclear button

 

[WaveJumper]

Sound advice from above, I suspect your bank are contacting the customer you sent the payment too whether they play ball with the bank will be another matter altogether. Hopefully fingers crossed they come through for you.

Is this a business a on-going client that you do business with on a regular basis

 

[dotcomdude]

Providing you don't owe the recipient any money, I would politely ask them to return it. If they are not answering your emails then turn up the dial a bit.

There is an offence of 'theft by finding'. If you receive (or find) money that you are not entitled to and you don't take reasonable steps to return it, you can be guilty of an arrestable offence. I'm sure a civil court would also see it as an enforceable debt.

 

[JEREMY HAWKE]

Providing you don't owe the recipient any money, I would politely ask them to return it. If they are not answering your emails then turn up the dial a bit.

There is an offence of 'theft by finding'. If you receive (or find) money that you are not entitled to and you don't take reasonable steps to return it, you can be guilty of an arrestable offence. I'm sure a civil court would also see it as an enforceable debt.

but would the bank give you the details of the account that received it if you had no idea yourself?

 

[WaveJumper]

but would the bank give you the details of the account that received it if you had no idea yourself?

Fortunately I believe the OP has doubled paid a known customer

 

[fisicx]

@nick34785 - have you picked up the phone and spoken to the recipient?

If they are a large company with thousands of invoices it may be difficult for them to find your transaction. But a phone call can do a lot to get things fixed.

Note as well that the tide procedure will be totally automated. Someone may press a button but everything after that is done by a computer. Which means if they haven’t got the money back by now nothing more is likely to happen. It’s the limitations of using a bank like Tide. You can’t visit a branch or talk to someone.

 

[Lisa Thomas]

21 days is quick imo. I've had cases where it's taken months to recover the funds.

 

[Solvelaw]

Just remember that according to Attorney General Reference No.1 of of 1983, an over or erroneous payment received, if not returned can be considered theft. The money is a debt and if over £750 you can demand its return through statutory means. Otherwise it will be a money claim if they fail to pay it timely.

 

[fisicx]

Just remember that according to Attorney General Reference No.1 of of 1983, an over or erroneous payment received, if not returned can be considered theft. The money is a debt and if over £750 you can demand its return through statutory means. Otherwise it will be a money claim if they fail to pay it timely.

That may be so but statutory means can be expensive.

 

[nick34785]

Thanks for the replies. It is a rather large company, part of FPF shipping group that we've paid import duties to before.
Would their auditors eventually will notice this balance and try to figure out how to account for it, and realise that this money is not theirs?
I'll try chasing them up again, maybe send a physical letter.

 

[fisicx]

Would their auditors eventually will notice this balance and try to figure out how to account for it, and realise that this money is not theirs?

Probably not. It will just get bundled up with all the other discrepancies.

If they are as large as you suggest the Tide request will just get lost which is why nothing has happened.

Have you tried calling them on the phone?

 

[IanSuth]

Yes i would pick up the phone and ask for accounts receivable and just say "excuse me, if you look on your records you will find this transaction which was sent to you in error and is therefore likely confusing you- details are x y z, could you please return it asap"

 

[nick34785]

Hi guys. So i contacted them again Tuesday, by their contact form on their website this time, and requested this to be forwarded to the accounting department. And guess what, today the money was returned to my account! Very happy about that. Thanks for all the advice!

 

[WaveJumper]

Great result

 

[Lisa Thomas]

Congratulations!