How long does it take for a sfe payment to bounce back from a closed account.

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Desiree3
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I recently closed a bank account in February however my student finance details weren’t updated with my new bank details. So the student finance money went into my old account and on the sfe website it says I was paid.
I’ve called my old bank and they said my account is definitely closed so the money would bounce back automatically, however I haven’t been given a time scale. On when this would happen. My details are now updated on the sfe site.
I have rent and bills to pay so I’m worried about how long it would take to come through. I’ve read a few people had a similar situation and was wondering how long does it take to update as a failed payment on the sfe site and when I’ll be able to receive my payment to my actual account so I can pay rent.
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SFE Isaac
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(Original post by Desiree3)
I recently closed a bank account in February however my student finance details weren’t updated with my new bank details. So the student finance money went into my old account and on the sfe website it says I was paid.
I’ve called my old bank and they said my account is definitely closed so the money would bounce back automatically, however I haven’t been given a time scale. On when this would happen. My details are now updated on the sfe site.
I have rent and bills to pay so I’m worried about how long it would take to come through. I’ve read a few people had a similar situation and was wondering how long does it take to update as a failed payment on the sfe site and when I’ll be able to receive my payment to my actual account so I can pay rent.
Hi there, our guidance states:

If the student is then able to identify the bank account they should speak to the bank account holder to ask them to have their bank return this payment to us or transfer the funds directly to them. If the account holders bank returns the payment to us this process can take up to 7 working days from date of request, once the payment is back with us we can then resubmit this to the correct bank details.

So if your old bank has confirmed that they have returned the payment then it should come back to us after around 7 working days, if we have your new bank details then the money will be automatically sent to the new account.
If the bank does not return the money then the last option can be a payment trace which can take up to 6 weeks, there is no guarantee we can recover the funds. If we can't recover the funds then because you didn't update your bank details in time, you will be held responsible and another payment will not be sent to you.

Thanks, Isaac
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Desiree3
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(Original post by SFE Isaac)
Hi there, our guidance states:

If the student is then able to identify the bank account they should speak to the bank account holder to ask them to have their bank return this payment to us or transfer the funds directly to them. If the account holders bank returns the payment to us this process can take up to 7 working days from date of request, once the payment is back with us we can then resubmit this to the correct bank details.

So if your old bank has confirmed that they have returned the payment then it should come back to us after around 7 working days, if we have your new bank details then the money will be automatically sent to the new account.
If the bank does not return the money then the last option can be a payment trace which can take up to 6 weeks, there is no guarantee we can recover the funds. If we can't recover the funds then because you didn't update your bank details in time, you will be held responsible and another payment will not be sent to you.

Thanks, Isaac
Thank you so does that mean it takes 7 days to show up on the sfe site as a failed payment as well then?

I changed my bank details before I was meant to get the payment also the bank said it should automatically bounce bank and that there is no sign of the money entering my closed account to begin with does that mean it’s already on its way back to sfe?
Last edited by Desiree3; 2 weeks ago
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SFE Isaac
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(Original post by Desiree3)
Thank you so does that mean it takes 7 days to show up on the sfe site as a failed payment as well then?

I changed my bank details before I was meant to get the payment also the bank said it should automatically bounce bank and that there is no sign of the money entering my closed account to begin with does that mean it’s already on its way back to sfe?
Yes we estimate 7 working days. If I was you, I would speak to the bank as they can advise if it has bounced.
Thanks, Isaac
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