When transfers go wrong

(Bruce Davies) #1

Hi - Curious to understand how Monzo would address a problem someone I know has just had with a legacy (business) Account.

We receive an account and sort code to transfer funds to (a significant 4 figure sum). We instruct Monzo correctly (though we might have input the number wrong); the transfer is performed. It becomes apparent that the transfer has not hit the right account; it is apparent the payee has provided an account number one digit different to the correct one.

What might a customer expect of Monzo in terms of being able to address this? In the real world example, the legacy bank has simply said ‘not our problem - we did what you told us to do (which is true). Bye’. Clearly, in the story above, short of being able to identify the banking organisation receiving the transfer from the sort code, they have no connection to what it turns out was a random account number.

Every time I input a bank transfer request (with any bank) it occurs to me that it will only be a matter of time before I wrongly input the account number.


Which? has the following advice on this I think Monzo will have Code of Best Practice to deal with these kind of instances;

(Ian Lyon) #3

Hey Bruce :wave:

Sounds like your friend has had a pretty poor experience :pensive:

As a bank offering Faster Payments, in situations like this we follow what’s known as a Credit Payment Recovery Process.

In the event a Faster Payment is set up and sent to the wrong account, the best thing to do is to get in touch with us and let us know right away. Provided we can find clear evidence that you’ve made a genuine mistake, we’ll make contact with the bank the funds have been sent to and ask them to stop the money you’ve sent from being spent by the recipient; as long as the recipient doesn’t dispute the claim, you’ll get a refund within 20 days of the date you first notified us of the error.

It’s worth noting that if you set up a Faster Payment to an account that doesn’t exist, the money will automatically bounce back into your account, with no action needed on your part or ours :slightly_smiling_face:

Hope this helps clear things up for you! You can find a lot more detail on this process over on the Faster Payments website.

Let me know if you have any other questions around this :+1:

(Bruce Davies) #4

Much appreciated, thank you. It sounds like the legacy bank should have done a lot more.

(Bruce Davies) #5

Thank you, I’ve passed that link on.

(Geoff) #6

Hi I hope you can help I transfered ( I think ) £10-00 from my debit a/c to My new Monzo a/ c before I had set it up with my bank , I sent it to my now defunct prepaid card ! What can I do ??
Regards Geoff.

(Peter Roberts) #7

Hi Geoff, the best thing to do would be to open the in app chat and let Monzo know. They should be able to get it sorted from there :grinning:

(Geoff) #8

How do I get to the in house app ??

Get Outlook for Androidhttps://aka.ms/ghei36

(If there's the wrong end of a stick, you'll find me holding it.) #9

It’s in the help section of the Monzo app

(Hugh Wells) #10

You can also email help@monzo.com

It’s not an issue, we can do a bridge transfer from your prepaid to your current account :+1: