Bank transfer payment

Posted 9th Jan 2010
Am I able to cancel a bank transfer once I have paid someone?
Community Updates
in short no
No, you cant.
do one to me for £100 and try it :-D

do one to me for £100 and try it :-D

Lol, thats a good one :thumbsup:!

No, you definately can't!
why do you want to cancel? suspect fraud? ring the bank
There was a case a few moths ago where a woman paid a BT to the wrong person and the bank would not return the money and wouldnt even tell her who the money had gone to,All they could do was ask the person who received the money if they would return it but they never answered the banks letters ,
I can if its done the weekend and it doesnt go thru as fast payment because payment wouldnt leave me till the Monday
I think you CAN reverse a Bank transfer payment within a certain period of time but you may have to bear the admin costs. Contact your bank immediately if its not too late already. (When the payment is made to a wrong person within the same bank)

Edit: If its a different bank then you need to get in touch with the other bank and request them to reverse the payment. (Thats all you can do. No guarantee that you will get your money back)
Simple answer...

If its gone through already your screwed. Talk to the bank ASAP. The other person has no right to refund you the money so if it has gone through, you've lost your money (unless the other person is extremely kind)
If you add someone via online - Then set up a transaction that says "pay ASAP" or "2-3 days" - You can send the money and it will be gone from your account, but if the money is not sent immediately and it states the money will be paid within 2-3 days then you can cancel and your money will be returned.
it may be possible just depends how the payment was done, if it was bacs (old style 3 day transfer) then yes it could be poss if it is new faster payment i dont think you can. i used to work at a bank and we would not tell customers you could do this but if a payment went out by bacs on a weekday you would have until5pm the same day to pull it back by using a mainframe system and stopping the payment manually and returning it. the system was used mostly for stopping & returning direct debits and bacs etc from accounts were people didnt have the money to cover it but the computer system would allow the bank to manually decide which items would be paid and which stopped..

if you sedt up the payment today by bacs call your bank asap monday morning at the latest and they may be able to still stop it for you but you wont be able to do it yourself.
Thanks everyone.
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