Those transacting online for bank payments and bills may want to triple check the account they send the funds to as well as the reference number for their own account.
Apparently the TBTF banks have started refusing to return client funds accidentally deposited into the wrong account, as well as vaporizing payments made without specifying the reference number.
‘Sorry, your funds have already been rehypothecated.’
‘My £7,000 just vanished’: How a slip of a finger could cost your life savings
Banks and building societies are routinely fobbing off customers who make a mistake transferring money online — leaving many people thousands of pounds out of pocket.
A Money Mail investigation has found how bank customers who accidentally transfer funds into the wrong bank account are being denied the right to have their money back.
They are left powerless as their bank, and that of the recipient, often refuse to help rectify the error.
Julia Gallaway spent weeks hunting for a £7,000 payment that went missing because of an online banking error.
Miss Gallaway, 55, was trying to pay off the remainder of her mortgage and had transferred the cash from Santander to Nationwide in January.
However, she did not realise that as well as typing in the correct account number she also had to provide a reference for the payment to be accepted by Nationwide.
The money failed to appear in her account and instead disappeared into Nationwide’s systems.
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It’s no surprise they have found a new way to pillage the village. Their day of reckoning is coming.
A couple of large online presences (won’t name names) look for and find any excuse to “hold” your money under the guise of the Patriot Act. Ten to 14 days is normal. A sickening, modern method of extortion that leaves all parties injured except these online companies. A win/win for them: they get to pretend like they are on GOV’s side helping to fight terrorism, while enriching themselves from the interest on their “held” funds.
Getting caught in the system in any way will get you “punished” these days. From unexpected fees, costs, taxes, permits, fines, changes in rules, or whatever else they invent, consumers are running out of money fast, but the FIRE industry and government is run by thieves. So, count on more and more money grabs, corruption, and surprising revelations until the people run out of money and middle class dies in America.
Think of the Greek tragedy. The American tragedy will be the last and way worse, but no one will be around by then to see it or care about us.