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If one has funds paid into one's account is that as good as cash or can the payee withdraw that money by any means?
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It appears in your account as uncleared funds for three days, and under certain circumstances can be recalled.
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>>And those circumstances?
Fraud
Theft
Bank Error
are three that spring to mind.
What he cannot do is just change his mind.
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>> It appears in your account as uncleared funds for three days, and under certain circumstances
>> can be recalled.
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If funds are transferred under the faster payments system they will be cleared in under two hours and it can be a matter of minutes. They cannot be recalled by the sender. They will receive a warning to that effect when making the payment.
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You're the payee.
The payer AFAIK can't get it back, IF it really was a direct transfer. If they have paid a cheque into your account that could be a different matter. The best known risk is of a forged bank draft, those funds can be recovered months later (is my recollection).
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Friend of mine received about £500 in to her bank account about 20 years ago. It only came with a long reference number.
She and her hubby had just had a baby and he was taken very ill (and never did recover).
It wasn't her money and her thoughts were to give it back as it might have been owed to someone in the same position as her.
She went straight to the bank to tell them and they investigated but it came to nought, so she wrote to the bank several times and nothing happened.
Save to put it in to a savings account, she never touched the money even though it would have come in very handy in the circumstances. In the end her kid went to uni and she finally took the money out to pay for some essentials for the kid's time at uni.
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Direct Bank Transfer - Zero
