New rules for payments to wrong accounts – but don’t hold your breath!

legal updates

If you pay money to a wrong account there is no guarantee you will get it back.

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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.

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