Anybody with a knowledge of bank transfers S/O

Discussion in 'Off Topic' started by levets, 1 May 2014.

  1. levets

    levets

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    I have a tenant in a house I own.

    Only been in 3 months, but Last 2 months I'm chasing the rent. Got it eventually, so he's not actually in arrears.

    Told him I wanted it paying into my bank on 28th of each month, gave him all the details etc...

    Not been paid in!

    He say's it's gone out of his account, so doesn't understand... but will I give him the details again so he can check...

    Then gets back to me and say's "he got a digit wrong, and he can only pay a bit today and a bit in a few days; as it's gone out of his account and he needs to claim it back from the bank (CO-OP Bank)"

    Now my limited knowledge is if the Name/Sort code/Account No don't match.. the transaction doesn't happen: and you get an email accordingly.

    Am I right? Is he bullshitting me? I'd just like to know before I blast him...

    Anybody confirm?

    Thanks...
     
  2. GazC

    GazC

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    It can happen as the name of the account isn't checked when verifying the transfer, only the sort code and account number are unique identifiers under the faster payment service. If there isn't a match when the transfer happens the money still leaves their account and it can take several days before it's credited back in as the destination account doesn't match. If the wrongly entered account does exist there's no guarantees they'll be able to get their money back.
     
  3. Rocket-footed kolarov

    Rocket-footed kolarov

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    Not true, name isn't necessarily required. Banks dropped using the name to confirm to speed it up and the onus is then on the customer to get all the details right, so it is possible that he cocked up in this way.
     

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  4. Prestwich_Blue

    Prestwich_Blue

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    Account numbers have a check digit as the last character if I remember correctly from doing a migration project a couple of years ago. So as long as the check digit is OK then it will use the sort code/account number given.
     
  5. chris85mcfc

    chris85mcfc

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    Yea as above, I work in banking and send money everywhere on a daily basis.

    The beneficiary name is irrelevant, he could have put Osama Bin Laden and it still would have reached you

    But if he gets a digit wrong the chances are its in the beneficiary banks suspence account

    He should have it returned to him in a few days then he can transfer you the full balance

    Give the lad a break, either that or he knows all the above and he's come up with a decent story to bide him an extra few days :)
     
  6. levets

    levets

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    The reason I say in my limited knowledge is that in July 2012, the wife attempted to transfer some money to pay for a deposit on a holiday... she got something wrong and the transaction didn't happen and she got an email to state this.<br /><br />-- Thu May 01, 2014 3:57 pm --<br /><br />
    either that or he knows all the above and he's come up with a decent story to bide him an extra few days :)
    ========
    I'm inclined to think this... he's a 50yr old bloke... and he is a bullshitter.
     
  7. stony

    stony

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    Sounds to me like he's taking the piss.
     
  8. RP2

    RP2

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    Add interest to the fuckers outstanding balance.
     
  9. west didsblue

    west didsblue

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    A couple of years ago it might have been an old style BACS payment rather than the newer Faster Payment service. I think they were checked manually before the payment was cleared whereas with the Faster Payment service, as someone has already said, the account name is irrelevant.

    On the other hand, he's probably a bullshitter.
     

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