I forgot to cancel a standing order, which was originally being paid into my brothers account. When he closed it, I meant to stop the standing order -but I forgot. My online banking today shows the standing order coming out, with his name by it.
What will happen? Has my money just been sent into limbo!!?
2007-02-01 09:44:23 · 13 answers · asked by -=Matt=- 2 in Business & Finance ➔ Personal Finance
If that was the only account your Brother had with his bank then the money will be sent back to your account.
It will take 6 working days to get back into your account from the date it was sent.
If your Brother holds other accounts at that Bank then the money may be paid into one of his other accounts that is not closed.
2007-02-02 01:18:11 · answer #1 · answered by angie 5 · 0⤊ 0⤋
If you have signed a standard Standing Order or Direct Debit mandate then the account will stop paying anything when you close it. Lovefilm will send you letters saying that you haven't paid their subscription and will stop doing business with you. If you have set up a Continuous Charge Authority against your bank debit card (easy done over the phone, you just read out all the numbers on the card) then it will continue to be paid even if you close the account. If that happens you will be running up a large overdraft with the bank that could have an interest rate of about 30%. A lot of people make this mistake, they think that setting up a charge using their bank card (or credit card) is the same as setting up a conventional direct debot against their account. It isn't. The money will be paid forever by the card issuer until you have told the company who are bing paid to stop taking it. You should record all the details of that letter or call too. Check what sort of payment authority that you have set up before doing anything. If you decide that you don't want Lovefilm it's probably safer if you cancel it directly with them rather than just close the bank account and hope for the best. Read these two short articles from the BBC. They explain it very well. You should also talk to your bank to check the implications.
2016-03-29 00:28:19 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Your bank should advise you, probably by letter, that the account has been closed and the sum will be returned to you by them.
But as banks are sometimes not very efficient, if you do not receive any such notification ring up your bank or else call into your branch, and tell them about your mistake, and ask them to kindly arrange the sum is paid back to you. They must act on any such instruction.If they fail to, just keep pestering them until they do. Your money can not go into limbo, as that would be criminal fraud by the bank against yourself!
2007-02-01 10:05:57 · answer #3 · answered by cimex 5 · 0⤊ 0⤋
Any bank of substantial size will return the payment to your account, likely with comments stating the account you're sending to is closed. We send wire payments here at work all the time to bad account numbers, and it usually takes 3 work days to show up back in our account. If by chance your brother's account is in another country, you'll likely be assessed a small fee.
2007-02-01 09:56:07 · answer #4 · answered by Rank Roo 4 · 0⤊ 0⤋
Ignore the nonsense at the top, if you have set up a Continuous Charge Authority your money will NOT continue to be paid into the account and you will not lose it. It will be returned unpaid. They would have to prove who it had been paid to when challenged if the money continued to leave (or be charged to) your account. However, your bank/card issuer WILL continue to try to pay it each month unless you cancel it.
2016-10-29 12:52:03 · answer #5 · answered by Gary 1 · 0⤊ 0⤋
If your brother opened another account in place of that one it should post to that account. If he has not, his bank will return it your yours as "unable to locate account". You should receive credit back with-in a weeks time if it was an electronic transfer.
2007-02-01 10:54:29 · answer #6 · answered by cala 3 · 0⤊ 0⤋
contact the bank and tell them what happened. You will also need to contact the company the order is with and cancel it.
2007-02-01 10:17:20 · answer #7 · answered by Jen G 5 · 0⤊ 0⤋
Your payment will be returned unpaid. You might incur a charge....much like you would for an return check due to insufficient funds or something.
2007-02-01 09:52:48 · answer #8 · answered by First Lady 7 · 0⤊ 0⤋
the money will be sent bank to the sender
2007-02-01 09:53:14 · answer #9 · answered by connie_martinon 1 · 0⤊ 0⤋
Check with your bank. They'll unravel it.
2007-02-01 09:47:08 · answer #10 · answered by smiling_freds_biz_info 6 · 0⤊ 0⤋