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What if you pay money to the wrong bank account?

The ePayments Code regulates consumer electronic payment transactions, including ATM, EFTPOS and credit card transactions, online payments, internet and mobile banking, and BPAY. It was formerly known as the Electronic Funds Transfer Code of Conduct (EFT Code). Almost all banks are voluntary members of the Code and are governed by it.

One of the important matters covered by the Code is incorrect payments, or online payments to an incorrect account. The Code provides that banks must give sufficient instructions to avoid payments to wrong accounts, but it does happen, even with the greatest care of the customer. As per the Code, a customer need only deal with their bank, and not the bank who received the funds. Clause 32 of the Code imposes an obligation on the receiving bank to make reasonable endeavours to retrieve funds paid by mistake.

With legal assistance, it is often possible to recover some or all of the mistaken funds.

By | 2018-09-06T07:46:18+00:00 September 6th, 2018|Springdale News|Comments Off on What if you pay money to the wrong bank account?