Correcting errors on bank transfers

The directive shifts responsibility for mistakes from banks to consumers when paying by credit transfer. Previously, the onus was on banks to make sure the person named on credit transfers received the payment, even if you entered the wrong account details. The directive has turned the tables. “Banks can now post payments to the account number without looking at the name of the payee,” said Conlon. “You have no redress if you entered the wrong account on a credit transfer.” Customers need to be especially careful with cross-border payments because of the large number of digits in international bank accounts

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