Author: Dennis Chapman
Published: May 12, 2014
Reading time: 1 minute
This article is 8 years old.
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If you pay money to a wrong account there is no guarantee you will get it back. It is a travesty of justice but it’s the way it is.
The situation is improving from May 2014 because many banks are signing up to a new Code of Best Practice published by the Payments Council. The Code sets down a clear process for the bank to follow and give what assistance it can in retrieving the money. If the service is not up to scratch then a complaint can be made to the Financial Ombudsman Service.