Entered wrong bank details on SFE website.

I was due to receive my student finance payment today however as the time they told me it will reach my bank account passed, I checked the student finance website and noticed that I had entered the wrong sort code.

My name and bank account number were both correct however the last two digits of my sort code were not.
I have contacted student finance and updated my details, they told me they don’t know how long the money will take to bounce back to them as I told them the bank account they sent the money likely doesn’t exist.

If anyone has been in this situation and made a similar mistake, could you please tell me if you were able to resolve this issue and also how long did it take for the money to go back to student finance and for them to reschedule the payment?

Thank you very much

Hi there, If the payment has been issued to an account other than the one belonging to yourself, this would be at the banks discretion to return this to us. Once returned, we would look to reissue this to the new updated bank details you have provided, after this has shown as a failed payment. If however this is not returned by the bank, then a payment trace request may be required, however the recovery of the funds is not guaranteed. And if the funds are not returned by the recipient, the student will be liable for the payment and any interest. No additional payments can be made for this. The Payment Trace process can take 30 working days (6 weeks) to complete. If the funds are not recovered by the end of the 30 working days, the Trace Process will be closed.Thanks, Stephen.

Reply 2

Anonymiseduser12

OP

3

Original post by Stephen SLC

Hi there, If the payment has been issued to an account other than the one belonging to yourself, this would be at the banks discretion to return this to us. Once returned, we would look to reissue this to the new updated bank details you have provided, after this has shown as a failed payment. If however this is not returned by the bank, then a payment trace request may be required, however the recovery of the funds is not guaranteed. And if the funds are not returned by the recipient, the student will be liable for the payment and any interest. No additional payments can be made for this. The Payment Trace process can take 30 working days (6 weeks) to complete. If the funds are not recovered by the end of the 30 working days, the Trace Process will be closed.Thanks, Stephen.

Hi and thank you for your answer. I was wondering how long it would take for the payment to bounce back to student finance and to be rescheduled. I noticed that the sort code I wrongly entered on the website was my mother’s, we both use the same bank providers and while we have different account numbers, our sort codes are really similar, the only difference being the last two digits. I often help her with bank transfers and other payments so I must’ve entered hers by mistake when I first registered for student finance and didn’t notice this mistake until yesterday when I was supposed to be paid.

Original post by Anonymiseduser12

Hi and thank you for your answer. I was wondering how long it would take for the payment to bounce back to student finance and to be rescheduled. I noticed that the sort code I wrongly entered on the website was my mother’s, we both use the same bank providers and while we have different account numbers, our sort codes are really similar, the only difference being the last two digits. I often help her with bank transfers and other payments so I must’ve entered hers by mistake when I first registered for student finance and didn’t notice this mistake until yesterday when I was supposed to be paid.

Hi there,

Have you asked your mum to check if she received the payment? If so can she not just give you this and then you make sure your payments are correct on your account moving forward for future payments.

If she hasn't received the payment, you would be best speaking the bank directly and advising what has happened so they can advise further.

Thanks,
Claire

(edited 1 month ago)

Reply 4

Anonymiseduser12

OP

3

Original post by Claire SFE

Hi there,
Have you asked your mum to check if she received the payment? If so can she not just give you this and then you make sure your payments are correct on your account moving forward for future payments.
If she hasn't received the payment, you would be best speaking the bank directly and advising what has happened so they can advise further.
Thanks,
Claire

Hi there,

Thank you for your reply, I’ve spoken to her and she did not receive any payment, we’ve called both her and my bank but they told us they didn’t receive any payment.

Following these calls I called SFE again and I was told that it’s highly unlikely that the funds were sent to an existing account since the wrong details I uploaded belong to me and my mom.

I was then told I will have to wait until the bank rejects the payment and sends it back to SFE so they can reschedule a new payment using my correct bank details.

Thanks

Original post by Anonymiseduser12

Hi there,
Thank you for your reply, I’ve spoken to her and she did not receive any payment, we’ve called both her and my bank but they told us they didn’t receive any payment.
Following these calls I called SFE again and I was told that it’s highly unlikely that the funds were sent to an existing account since the wrong details I uploaded belong to me and my mom.
I was then told I will have to wait until the bank rejects the payment and sends it back to SFE so they can reschedule a new payment using my correct bank details.
Thanks

Yes, we would need the bank to return this to us before we can then pay to the correct account.
If the bank don't return the payment, then we can do a payment trace request, but this isn't guaranteed to get the funds back.

Thanks,
Claire

Reply 6

Anonymiseduser12

OP

3

Original post by Claire SFE

Yes, we would need the bank to return this to us before we can then pay to the correct account.
If the bank don't return the payment, then we can do a payment trace request, but this isn't guaranteed to get the funds back.
Thanks,
Claire

Ok thank you for the clarification

In the short term if you are in financial hardship then speak to your university. They may be able to support you with hardship funding to help cover your costs.

Also if you don’t already have the maximum interest free overdraft then consider moving banks or asking your bank to extend your interest free overdraft to help deal with the delay in funding

Original post by Anonymiseduser12

Ok thank you for the clarification

You're welcome. Any further questions then do let us know. Thanks, Jason

Reply 9

oluwaffle

1

Original post by Anonymiseduser12

Ok thank you for the clarification

I’ve had a similar situation, have you had any updates yet on the payment trace?

Hi there. If you have any questions for us could you ask this on a new post? Thanks, SFE.

Reply 11

Anonymiseduser12

OP

3

Original post by oluwaffle

I’ve had a similar situation, have you had any updates yet on the payment trace?

Hi, sorry for the late reply but unfortunately I haven’t received any feedback. Every time I call they keep telling me that they are processing it. Have you had any luck with your situation?

Entered wrong bank details on SFE website.

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