Around 96% of Australians use banking; it’s fast and it’s easy. But the do-it-yourself banking system that we have these days is bound to have its share of human error involved. Electronic payment systems are convenient but it can be easy for someone to simply click the wrong number in a long string of numbers and when that happens there can be consequences. Imagine that, you are just trying to clear up a bill or repay a small loan to a friend or family member but if there is a mistake in the administration side of the transaction then there is a chance that the money will get transferred to the wrong account.
The headache involved in chasing a mistake from an online money transfer can lead you to lose all faith in the electronic payment system all together. Luckily there are some helpful regulations in place and the banks and institutions should do their best to resolve any mistakes as soon as possible. The Epayment Code has been widely adopted by financial service providers and covers the problem of disputed funds arising from when a customer has entered the wrong account number or BSB number.
The first thing that the sender should do after a mistake in the money transfer is to contact the financial service provider and alert them to the mistake. In some cases if the mistake is caught fast enough that the money can be returned immediately. If the sender does not notice until the intended recipient receives the funds then it might cause some delays in returning the money. If the money transfer has gone through to the mistaken recipient’s account then it might take some time to sort out the problem. The person who received money by mistake could possibly argue that the money is theirs and that might take more time to find out the truth. The money must also still be available in the account it was mistakenly sent to otherwise it can be an even bigger headache.
Financial service providers are doing their best to make it harder and harder to make mistakes when someone is transferring money. However with the increasing amount of online banking these days there is bound to be some mistakes. So make sure to double and triple check all of those numbers and letters when it comes time to complete a money transfer.