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Student finance paid into wrong account. Pls advise! Watch

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    Basically I realised today, the day my student finance payment was sent, that the bank account information I entered was incorrect. I obviously just made a typo with the last digit wrong (stupid!)

    I phoned my bank who said there is nothing they can do, even though student finance told me my bank would be better equipped to help and I have the exact details of the account which is being incorrectly paid.

    Anyway, student finance are attempting to track my payment, but this can take over a month. I have no way of paying my next months rent and will probably have to drop out (again)!

    Does anyone have any advise / know anything I can do to speed this up? It's just very frustrating as I have the details of the account sitting right here but the bank said they cannot help and I'm having to wait over a month for student finance to trace it.
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    (Original post by fkfkj)
    Basically I realised today, the day my student finance payment was sent, that the bank account information I entered was incorrect. I obviously just made a typo with the last digit wrong (stupid!)

    I phoned my bank who said there is nothing they can do, even though student finance told me my bank would be better equipped to help and I have the exact details of the account which is being incorrectly paid.

    Anyway, student finance are attempting to track my payment, but this can take over a month. I have no way of paying my next months rent and will probably have to drop out (again)!

    Does anyone have any advise / know anything I can do to speed this up? It's just very frustrating as I have the details of the account sitting right here but the bank said they cannot help and I'm having to wait over a month for student finance to trace it.
    I m afraid since they can't reverse a payment there isnt anything else that can be done i m afraid.
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    (Original post by claireestelle)
    I m afraid since they can't reverse a payment there isnt anything else that can be done i m afraid.
    It just seems strange that there's nothing I can do about a payment made in error, even though both myself and student finance have the details of the account it has been paid into? I'm sure it hasn't even been received by the recipient yet and is still processing.

    I'm just a bit confused as I've been told by several people that I should let the bank know and they will be able to help, but they've offered no advise what so ever. Surely many payments are made in error every day and returned to whoever actually owns the money?

    No one is really telling me what the next step is - even though this tiny error could be the difference in me having to drop out. Feeling very frustrated!
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    If it's gone into a live account it's going to be a struggle to get it back (They can't just remove money from a live bank account ). If it hasn't you'll have to wait until it bounces back and then they can pay it
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    (Original post by fkfkj)
    ... I'm sure it hasn't even been received by the recipient yet and is still processing....
    Sorry how are you sure? Even the banks don't know this

    You hear about all sorts of scam in the news about how bank transfer is one of the least secure forms of payment - it is just very very hard to recover it from the 3rd party's account. I'm afraid there is very little, if anything, that can be done at the moment. You would do well to keep pestering the bank, studentfinance won't be able to help. At the end of the day it is a mistake that you have made.

    Edited to add: sorry even more bad news for you, even if studentfinance cannot recover the money, you are still responsible for repaying this amount in due course.
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    (Original post by fkfkj)
    It just seems strange that there's nothing I can do about a payment made in error, even though both myself and student finance have the details of the account it has been paid into? I'm sure it hasn't even been received by the recipient yet and is still processing.

    I'm just a bit confused as I've been told by several people that I should let the bank know and they will be able to help, but they've offered no advise what so ever. Surely many payments are made in error every day and returned to whoever actually owns the money?

    No one is really telling me what the next step is - even though this tiny error could be the difference in me having to drop out. Feeling very frustrated!
    As far as I know, if people do make payments in error it can take a month to fix. All you can do is keep contacting the bank in question and student finance but it's not a quick fix.
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    (Original post by fkfkj)
    ..........
    Have you read this as background

    https://www.moneysavingexpert.com/ba...-wrong-account
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    (Original post by claireestelle)
    As far as I know, if people do make payments in error it can take a month to fix. All you can do is keep contacting the bank in question and student finance but it's not a quick fix.
    Can they fix it?! If so these scams wouldn't work:

    http://www.bbc.co.uk/news/business-41897888

    http://www.bbc.co.uk/news/business-39924596

    http://www.bbc.co.uk/news/business-38339039

    You can only hope that either (1) that sort code + account combination does not exist (likely) or (2) the recipient is honest and returns the money after noticing that a lump has appeared randomly in their account (? how likely ?)...
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    Thanks for all your replies!

    Of course it is a mistake on my part (one digit wrong in the account number), but in this case it is obviously not intended for the person who receives it. I'm being told that the bank can help me but for some reason they said there's nothing I can do. Obviously I'm now stressing out as I know I'm still liable to pay this back, and if I don't receive it and there's nothing the bank can do (???), I'm gonna have to drop out of uni as I have no other source of income...

    Fingers crossed that the account number and sort code aren't taken by another account and I won't have to go through much hassle! I'm gonna give the bank another call tomorrow.
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    (Original post by fkfkj)
    Thanks for all your replies!

    Of course it is a mistake on my part (one digit wrong in the account number), but in this case it is obviously not intended for the person who receives it. I'm being told that the bank can help me but for some reason they said there's nothing I can do. Obviously I'm now stressing out as I know I'm still liable to pay this back, and if I don't receive it and there's nothing the bank can do (???), I'm gonna have to drop out of uni as I have no other source of income...

    Fingers crossed that the account number and sort code aren't taken by another account and I won't have to go through much hassle! I'm gonna give the bank another call tomorrow.
    Talk to the finance office at your uni - they may be able to help you out while this is sorted.
 
 
 
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