Payments Question

(Dan) #1


Quick question. I’ve wanted to know this for ages and when I closed my legacy bank account I asked them but they had no clue…

If you send a payment to the wrong sort code or account number what happens? :thinking:


(Terry) #2

If the sort code does not exist I believe it just bounces back. As for the account number, I think if its a valid account your a bit stuck, I think they can ask for the money back but I don’t think there is a straightforward procedure, just from what I have read previously around the web.


You can ask your bank to start an idemnifying procedure.

They would ask the others bank to return the funds to you.

(Ian Lyon) #4


It’ll bounce back if you send it to an account that doesn’t exist; if it goes to the wrong account, we can start a recovery process but it can take a while since we’d be relying on the other bank.


Unfortunately there is no guarantee that you will get the money back

(Jamie 🏳️‍🌈) #6

Not surprising, when:


Not a clue because it causes a lot of paperwork

(Jack Donovan) #8

The other person has to agree to the money being taken out. If they have spent the money and have no funds to cover it, you sadly don’t get the money back… Or even if they simply refuse, you don’t get it back

(at least that’s how it was when I worked in banking)

This is not at all a Monzo issue though, it’s standard banking practice


I recently sent a large payment to a credit card, using the reference number of a different card. It took Amex about two weeks to work it out, but they paid it back in the end. The payment “worked”, because the sort code and account were correct, but clearly they wouldn’t have known what to do with the money, so it would have been just stuck in their account, and they did eventually find it.