Student Finance payment bounced
Hi i was supposed to receive my student finance payment today but after waiting the whole day i still haven’t received anything.
I decided to urgently call my bank but they told me they hadn’t received anything so i then called student finance england.
The man told me that i put the wrong account details in and so it had either been sent to another account or would potentially bounce back.
He told me i wouldn’t hear back about the situation and i had to keep checking my account for updates. I’m really worried that i won’t get this money back as i really need it for bills and i genuinely can’t afford to go without.
Please someone help me.
I decided to urgently call my bank but they told me they hadn’t received anything so i then called student finance england.
The man told me that i put the wrong account details in and so it had either been sent to another account or would potentially bounce back.
He told me i wouldn’t hear back about the situation and i had to keep checking my account for updates. I’m really worried that i won’t get this money back as i really need it for bills and i genuinely can’t afford to go without.
Please someone help me.
Reply 1
Hi jessy1189,
If the wrong bank details were entered, the payment would either fail and bounce back to SFE or would need to send a payment trace to the bank to try to retrieve the funds. Please allow approximately 3 working days and if you don't see the payment status change, you can call to have a payment trace to locate the money.
Thanks, Clare
If the wrong bank details were entered, the payment would either fail and bounce back to SFE or would need to send a payment trace to the bank to try to retrieve the funds. Please allow approximately 3 working days and if you don't see the payment status change, you can call to have a payment trace to locate the money.
Thanks, Clare
Reply 2
4
Original post
by SFE ClareHi jessy1189,
If the wrong bank details were entered, the payment would either fail and bounce back to SFE or would need to send a payment trace to the bank to try to retrieve the funds. Please allow approximately 3 working days and if you don't see the payment status change, you can call to have a payment trace to locate the money.
Thanks, Clare
If the wrong bank details were entered, the payment would either fail and bounce back to SFE or would need to send a payment trace to the bank to try to retrieve the funds. Please allow approximately 3 working days and if you don't see the payment status change, you can call to have a payment trace to locate the money.
Thanks, Clare
Okay thank you. How would i know if the payment has failed and bounced back or if it’s in need of a trace. The man on the phone said he’s sending a trace so i assume he already knows the bank it has gone to? Sorry im just a bit confused.
Reply 3
Original post
by jessy1189Okay thank you. How would i know if the payment has failed and bounced back or if it’s in need of a trace. The man on the phone said he’s sending a trace so i assume he already knows the bank it has gone to? Sorry im just a bit confused.
The moment you see that the payment is 'failed' let us know: that means that the payment has been returned to us, and we can resubmit it.
We'd suggest checking your account over the next few days. As soon as you see it's failed please call us on 0300 100 0607.
Thanks, Graeme
Reply 4
4
Original post
by Graeme SFEThe moment you see that the payment is 'failed' let us know: that means that the payment has been returned to us, and we can resubmit it.
We'd suggest checking your account over the next few days. As soon as you see it's failed please call us on 0300 100 0607.
Thanks, Graeme
We'd suggest checking your account over the next few days. As soon as you see it's failed please call us on 0300 100 0607.
Thanks, Graeme
Hi i’ve came to the conclusion that the sort code is incorrect.
On my student finance it says Paid and that they have made a payment to my bank account. Does this mean that it has been successfully sent to someone else in another branch.
Or may it still be an invalid account and bounce back?
Reply 5
Original post
by jessy1189Hi i’ve came to the conclusion that the sort code is incorrect.
On my student finance it says Paid and that they have made a payment to my bank account. Does this mean that it has been successfully sent to someone else in another branch.
Or may it still be an invalid account and bounce back?
On my student finance it says Paid and that they have made a payment to my bank account. Does this mean that it has been successfully sent to someone else in another branch.
Or may it still be an invalid account and bounce back?
Hi Jessy,
It could still potentially come back and may be going through the banking system. When the advisor explained he was doing a trace, did he give you timescale?
Thanks,
Claire
Reply 6
4
Hi Claire,
Thank you for your reply.
The advisor told me that it could take up to 30 days but wasn’t clear on what was going on. He didn’t tell me whether it had successfully been sent to another account or if it was going to bounce back.
Thank you for your reply.
The advisor told me that it could take up to 30 days but wasn’t clear on what was going on. He didn’t tell me whether it had successfully been sent to another account or if it was going to bounce back.
Reply 7
Hi there, as the payment would still be withing the transition process this would still show as paid, if this changes after 3 working days since the payment submission to failed, this would indicate that it has been returned from the bank. If however it still shows as paid, then this would be where the trace request would be required.
A 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.
Stephen
A 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.
Stephen
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