Banking Q

[cassa333]

Not sure where this goes so sorry if in the wrong place.

If the bank admits that a deposit made in a drop envelope was put into the wrong account because they misread a number how long would it normally take for them to put it right once they have been made aware and realise their mistake?

Thanks

[fiction-factory]

If it was clearly their error and they accept that then it should be almost immediate. If there is an argument that the handwriting was not as clear as it should have been and they paid it into the account number they thought you had written then maybe they will need to try to get recipient to agree to return it so it could take a while

[Peter Pedant]

well in the land of the free
I'll tell you whaaaat -[that is my trump impression]
it can take a surprisingly long time
I imagine the english banks take the same snail like time to do same

I would be Very Surprised if a mistake on their part depended on getting the money back from the mis-dispatched account - (I had a tenant try that but that of course is a very different story. )

How long can the bank take to correct an electronic funds transfer (EFT) error and credit the checking account?
Generally, a national bank can take up to 10 business days to determine if an EFT error has occurred. The bank should respond to you within three business days of completing its investigation.

If the bank cannot make a decision within 10 business days, it may take up to 45 days to determine if an error has occurred. In this case it must provisionally (temporarily) reimburse your account. (Note: Depending on the type of transaction, the 45-day limit can be extended.)

[ubasses]

Immediately, if they have admitted their fault. It should only take longer when it is customer error and they have to request an authority to debit the account that has been credited.
If necessary they have to debit a suspense account to refund you.

[Tait4785]

I'd presume 5 working days