Money Talk
Ever made a mistake sending money online? Be careful when you’re popping in the sort code and account number as it’s all too easy to send your hard-earned cash straight to a stranger’s account. The money people at Payments UK – that’s the trade group for the payments industry – say if you get these wrong it’s like sending a letter to the wrong address and postcode. So here’s how to make sure payments end up in the right place.
Check both sort code and account number. Even if you’re paying a person or company you make regular payments to, it’s still worth a double check in case they’ve changed their account.
Check your online accounts. Do you have people on your payments list that you no longer pay? Delete their details to avoid confusion.
With big payments send a test payment of £1 first. This way you can check it’s arrived safely before sending the rest. I’d suggest doing the same with other big bills, like paying a builder or solicitor for a house purchase.
If you accidentally send money to the wrong place, new rules mean it can be returned in 20 days if it’s obvious it’s a simple mistake.
When it comes to loaning money to family and friends don’t be shy to ask for it back. One in five admit feeling awkward according to mobile payment service Paym, but with its new service, all they need is your mobile number to repay you by phone.