Payment trace
Can anyone tell me if payment traces work..If the bank has accepted that the payment belongs to SFE will they return payment
Reply 1
Hi Shams#81,
Yes, payment traces usually locate the funds however, it is not always guaranteed dependent on the bank and the account it went to.
Thanks, Clare
Yes, payment traces usually locate the funds however, it is not always guaranteed dependent on the bank and the account it went to.
Thanks, Clare
Reply 2
Shams#81
OP
5
Original post
by SFE ClareHi Shams#81,
Yes, payment traces usually locate the funds however, it is not always guaranteed dependent on the bank and the account it went to.
Thanks, Clare
Yes, payment traces usually locate the funds however, it is not always guaranteed dependent on the bank and the account it went to.
Thanks, Clare
If the funds are still present with the bank and haven't been spent by the recipient then how likely it'll be retrieved by SFE from bank
Reply 3
Shams#81
OP
5
Original post
by Shams#81If the funds are still present with the bank and haven't been spent by the recipient then how likely it'll be retrieved by SFE from bank
And given the recipient isn't disputing the funds don't belong to them won't that make it easier for SFE to recover the funds
Reply 4
Original post
by Shams#81If the funds are still present with the bank and haven't been spent by the recipient then how likely it'll be retrieved by SFE from bank
Hi there,
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.
The student can monitor this via their bank account while still within the 30 working day window. If during this process the payment status online changes to 'failed', this means the bank have returned the payment to us and will automatically be resubmitted to the student.
Thanks,
Claire
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