BACS payment errors and money recovery

[tbern123]

It's not for you nor the wrong recipient to resolve, it is for the sending bank and receiving bank to resolve between themselves.

 

All the sending bank can do in reality is attempt a BAC's recall. Which is asking the receiving bank for the money back. However, this is down to the receiving bank to agree. If they don't agree the sending bank, can't force them to return the money.

 

As previously mentioned if the cash has already been withdrawn, it is doubtful they will be interested. Sadly, I am not sure what the FOS will be able to do as both banks will be able to show that in relation to the payment they acted in good faith and without neglience as they were acting upon your written instruction.

 

I would not have thought that the FOS would instruct either Bank to refund you, when neither of them are technically responsible for the wrong account being credited.

 

Here is an article from the gaurdian

 

How can I retrieve cash from a wrong account? | Money | guardian.co.uk

 

Sorry if this post sounds down hearted and unsupportive but I think the only way you will get your money back is to go to the Police as if the funds have been spent and the account holder is unable to repay them they have committed an offence.

 

Theft (Amendment) Act 1996 (c. 62)

 

Dishonestly retaining a wrongful credit

(1) After section 24 of the Theft Act 1968 insert—

“24A Dishonestly retaining a wrongful credit

 

(1) A person is guilty of an offence if—

(a) a wrongful credit has been made to an account kept by him or in respect of which he has any right or interest;

(b) he knows or believes that the credit is wrongful; and

© he dishonestly fails to take such steps as are reasonable in the circumstances to secure that the credit is cancelled.

 

 

(6) A person guilty of an offence under this section shall be liable on conviction on indictment to imprisonment for a term not exceeding ten years.

Edited June 12, 2008 by tbern123