Bank error in my favour

[ASB]

On Friday I transferred a fairly large sum from a personal account to my investors account. This was done via debit card and was immediately credited. It has subsequently been invested.

I noticed this morning that my personal account has not been debited. Obviously the money isn't mine and I have emailed my bank saying "hey what's going on". This has elicited the customer response - i.e. none.

When they finally figure it out if they debit my current account i'm happy. My concern is that they might, somehow, simply try to claw the amount back from my investment account by reversing it. This would of course cause a shedload of problems. Anybody any ideas if they would be able to do this?

[northernladuk]

I would say yes. I did a transfer from one bank to another a few years ago and the right figure left my bank but a completely different figure (again in my favour) appear in the receiving. I rang up and mentioned it, they said they would look in to it and lo and behold the whole transaction was debited and the correct amout replaced. This is bank to bank so don't know about investment accounts. I was a bit miffed they were able to do this without coming back to me and asking my consent to remove it. Something to do with this being actioned by the clearing companies not the banks directly but don't quote me on that.

I would expect them to reverse it rather than take it out of your debit card again to be honest. If the wrong money has gone from the intermediatary I expect there is a hole for them to fix rather than pay another amount in. If the money is no longer there then I don't know sorry. You could apply some common sense but that is probably far from what the bank will do

[DonkeyRhubarb]

On Friday I transferred a fairly large sum from a personal account to my investors account. This was done via debit card and was immediately credited. It has subsequently been invested.

I noticed this morning that my personal account has not been debited. Obviously the money isn't mine and I have emailed my bank saying "hey what's going on". This has elicited the customer response - i.e. none.

When they finally figure it out if they debit my current account i'm happy. My concern is that they might, somehow, simply try to claw the amount back from my investment account by reversing it. This would of course cause a shedload of problems. Anybody any ideas if they would be able to do this?

I assume the investment account is with a different institution? In which case, I can't see any way the bank would be able to withdraw money from it.

I had a similar experience a few years ago and it turned out that someone else's account had been debited by mistake.

[ASB]

And the answer is:-

The investing institution had simply done an authorisation (and reserved the funds). It's down to them when they actually submit the transaction at which point the debit occurs. This has now happened.