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Be careful when transferring money from your bank!

It has been revealed that a number of people in the UK have experienced major difficulties reclaiming money which was sent to an anonymous bank account in error. It is vital that when sending money from your bank account to another account you ensure that all of the details are correct before pressing that "transfer button". What happens if you make an error?

A recent issue between a NatWest customer and a Lloyds bank customer perfectly illustrates how difficult it can be to reclaim money which was sent to an account in error. One particular customer, from NatWest, inadvertently sent money to a Lloyds bank account after entering the wrong account number. After advising NatWest of his mistake the bank then got in touch with Lloyds bank and attempted to reclaim the money only to be told that Lloyds was unable to give out the customers details and if the client would not agree to give the money back then there was little they could do.

After taking their complaint to the ombudsman the NatWest customer was told that his complaint could not be against Lloyds and had to be against NatWest. Even though NatWest did all they could to try and reclaim the money it was only when the Daily Mail became involved that the underlying customer agreed to return the funds. There would appear to be a significant and potentially expensive loop hole emerging in the UK banking system!

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