When it comes to banking, one wrong move can be disastrous. A single mistake could greatly affect a small business or, worse—change the life of an individual.

That’s what happened to Queensland couple Phillip Larson and his wife when they sold an investment property at Bundaberg, north of Brisbane, and sent the funds to the wrong account.

The couple, who usually share an account with one another, had been expecting a windfall of $325,000 from the property sale.

Unfortunately, when the money didn’t show up after three days, they quickly found out why… The money had not been sent to their account.

The $325,000 windfall from a property sale that belonged to a Queensland couple went missing after being sent to the wrong bank account due to a single-digit mistake. Credit: Shutterstock.

It turns out that their solicitor had made a single-digit mistake in the account number, which meant the money went to the wrong account.

'She showed us the bank account number that she transferred the funds to, and we saw that it was wrong,' said Phillip, speaking to a news source.

'At first, we weren’t too worried, as we thought the money would bounce back.'

But when the money failed to turn up in any of their accounts, they began to worry.

Phillip ran to his local bank branch to inform them of the error. The teller confirmed that the mistake had been made and that the money was starting to make its way into the wrong bank account.

However, he was unsure whether the money would be recovered and returned to them.

The solicitor had sent the money through a platform called PEXA, commonly used to transfer payments from selling properties and real estate.

After the error was reported, PEXA and the relevant banking institutions swiftly traced, verified and resolved the issue with the funds recalled and thankfully returned to Mr Larson within ten days.

Nick Fernando, the Executive General Manager of Everyday Banking at Suncorp Bank, emphasised the importance of customers verifying account details before making payments. He explained that if a mistake happens during a transfer, Suncorp Bank collaborates with other financial institutions to resolve the issue through a dispute resolution process.

'It's important that a customer contacts their financial institution as soon as they are aware of a possible error to initiate this process as quickly as possible,’ he advised.

As per the ePayments code overseen by the Australian Securities and Investment Commission (ASIC), customers possess certain rights regarding online payments. These rights include the ability to report errors in online payments and reclaim funds sent in error to another recipient.

Online banking providers are also obligated to caution users to verify the accuracy of the recipient's account number before proceeding with any money transfers.

Key Takeaways

• A Queensland couple experienced a banking nightmare when the proceeds from his property sale, amounting to $325,000, were sent to the wrong account due to a single-digit error.
• Phillip Larson discovered the error three days after the supposed transfer when he noticed that the funds weren't reflected in his account; the error was made by his solicitor, who mistakenly omitted a single digit from the account number.
• Mr Larson's funds were transferred via PEXA, a conveyancing platform for property and real estate transactions. After the error was reported, PEXA and the relevant banking institutions swiftly traced, verified and resolved the issue with the funds recalled and returned to Mr Larson within ten days.
• According to the ePayments code administered by the Australian Securities and Investment Commission, Aussies can report erroneous online payments and recover funds mistakenly sent to other parties.

Members, when you're transferring money next time, be sure to carefully verify that you've entered the correct account number. While this might seem like an additional task, it's a small effort compared to the worry and uncertainty that can arise from not knowing where your money ended up.

Members, we hope you found this story informative! We'd love to hear from you; have you encountered a similar situation? Feel free to share your experiences in the comments section below.

 

[SGH]

Unless they gave the solicitor the wrong number, the onus is on the solicitor to retrieve the money, as it was their mistake.

 

[Gsr]

They didn’t really lose any money, it was recovered without any issues. I’m sure they would have had a comeback on the solicitors if it had been lost as they made the error with the account number.

 

[Thecheesequeen]

They didn’t really lose any money, it was recovered without any issues. I’m sure they would have had a comeback on the solicitors if it had been lost as they made the error with the account number.

It’s still very worrying until you know the money is in your bank account. That ten days would feel like forever.

 

[Bob Bish]

Sounds concerning , if theycan prove they gave the solicitor the correct account numbers , and it was a solicitors error the solicitir will be insured, sugget they look at ALL correspodence to and from the solicitor and also call the Queensland law institute and seek their advice also lodge a complaint immediatley. If this is a solicitor error then it is their problem.

 

[Barbara V]

That can be so easily done with just one misplaced digit . I check and double check every detail before pressing submit

When it comes to banking, one wrong move can be disastrous. A single mistake could greatly affect a small business or, worse—change the life of an individual.

That’s what happened to Queensland couple Phillip Larson and his wife when they sold an investment property at Bundaberg, north of Brisbane, and sent the funds to the wrong account.

The couple, who usually share an account with one another, had been expecting a windfall of $325,000 from the property sale.

Unfortunately, when the money didn’t show up after three days, they quickly found out why… The money had not been sent to their account.

View attachment 27770

The $325,000 windfall from a property sale that belonged to a Queensland couple went missing after being sent to the wrong bank account due to a single-digit mistake. Credit: Shutterstock.

It turns out that their solicitor had made a single-digit mistake in the account number, which meant the money went to the wrong account.

'She showed us the bank account number that she transferred the funds to, and we saw that it was wrong,' said Phillip, speaking to a news source.

'At first, we weren’t too worried, as we thought the money would bounce back.'

But when the money failed to turn up in any of their accounts, they began to worry.

Phillip ran to his local bank branch to inform them of the error. The teller confirmed that the mistake had been made and that the money was starting to make its way into the wrong bank account.

However, he was unsure whether the money would be recovered and returned to them.

The solicitor had sent the money through a platform called PEXA, commonly used to transfer payments from selling properties and real estate.

After the error was reported, PEXA and the relevant banking institutions swiftly traced, verified and resolved the issue with the funds recalled and thankfully returned to Mr Larson within ten days.

Nick Fernando, the Executive General Manager of Everyday Banking at Suncorp Bank, emphasised the importance of customers verifying account details before making payments. He explained that if a mistake happens during a transfer, Suncorp Bank collaborates with other financial institutions to resolve the issue through a dispute resolution process.

'It's important that a customer contacts their financial institution as soon as they are aware of a possible error to initiate this process as quickly as possible,’ he advised.

As per the ePayments code overseen by the Australian Securities and Investment Commission (ASIC), customers possess certain rights regarding online payments. These rights include the ability to report errors in online payments and reclaim funds sent in error to another recipient.

Online banking providers are also obligated to caution users to verify the accuracy of the recipient's account number before proceeding with any money transfers.

Key Takeaways

• A Queensland couple experienced a banking nightmare when the proceeds from his property sale, amounting to $325,000, were sent to the wrong account due to a single-digit error.
• Phillip Larson discovered the error three days after the supposed transfer when he noticed that the funds weren't reflected in his account; the error was made by his solicitor, who mistakenly omitted a single digit from the account number.
• Mr Larson's funds were transferred via PEXA, a conveyancing platform for property and real estate transactions. After the error was reported, PEXA and the relevant banking institutions swiftly traced, verified and resolved the issue with the funds recalled and returned to Mr Larson within ten days.
• According to the ePayments code administered by the Australian Securities and Investment Commission, Aussies can report erroneous online payments and recover funds mistakenly sent to other parties.

Members, when you're transferring money next time, be sure to carefully verify that you've entered the correct account number. While this might seem like an additional task, it's a small effort compared to the worry and uncertainty that can arise from not knowing where your money ended up.

Members, we hope you found this story informative! We'd love to hear from you; have you encountered a similar situation? Feel free to share your experiences in the comments section below.

 

[Ashmenou]

Unless they gave the solicitor the wrong number, the onus is on the solicitor to retrieve the money, as it was their mistake.

Total agree

 

[Ricki]

When it comes to banking, one wrong move can be disastrous. A single mistake could greatly affect a small business or, worse—change the life of an individual.

That’s what happened to Queensland couple Phillip Larson and his wife when they sold an investment property at Bundaberg, north of Brisbane, and sent the funds to the wrong account.

The couple, who usually share an account with one another, had been expecting a windfall of $325,000 from the property sale.

Unfortunately, when the money didn’t show up after three days, they quickly found out why… The money had not been sent to their account.

View attachment 27770

The $325,000 windfall from a property sale that belonged to a Queensland couple went missing after being sent to the wrong bank account due to a single-digit mistake. Credit: Shutterstock.

It turns out that their solicitor had made a single-digit mistake in the account number, which meant the money went to the wrong account.

'She showed us the bank account number that she transferred the funds to, and we saw that it was wrong,' said Phillip, speaking to a news source.

'At first, we weren’t too worried, as we thought the money would bounce back.'

But when the money failed to turn up in any of their accounts, they began to worry.

Phillip ran to his local bank branch to inform them of the error. The teller confirmed that the mistake had been made and that the money was starting to make its way into the wrong bank account.

However, he was unsure whether the money would be recovered and returned to them.

The solicitor had sent the money through a platform called PEXA, commonly used to transfer payments from selling properties and real estate.

After the error was reported, PEXA and the relevant banking institutions swiftly traced, verified and resolved the issue with the funds recalled and thankfully returned to Mr Larson within ten days.

Nick Fernando, the Executive General Manager of Everyday Banking at Suncorp Bank, emphasised the importance of customers verifying account details before making payments. He explained that if a mistake happens during a transfer, Suncorp Bank collaborates with other financial institutions to resolve the issue through a dispute resolution process.

'It's important that a customer contacts their financial institution as soon as they are aware of a possible error to initiate this process as quickly as possible,’ he advised.

As per the ePayments code overseen by the Australian Securities and Investment Commission (ASIC), customers possess certain rights regarding online payments. These rights include the ability to report errors in online payments and reclaim funds sent in error to another recipient.

Online banking providers are also obligated to caution users to verify the accuracy of the recipient's account number before proceeding with any money transfers.

Key Takeaways

• A Queensland couple experienced a banking nightmare when the proceeds from his property sale, amounting to $325,000, were sent to the wrong account due to a single-digit error.
• Phillip Larson discovered the error three days after the supposed transfer when he noticed that the funds weren't reflected in his account; the error was made by his solicitor, who mistakenly omitted a single digit from the account number.
• Mr Larson's funds were transferred via PEXA, a conveyancing platform for property and real estate transactions. After the error was reported, PEXA and the relevant banking institutions swiftly traced, verified and resolved the issue with the funds recalled and returned to Mr Larson within ten days.
• According to the ePayments code administered by the Australian Securities and Investment Commission, Aussies can report erroneous online payments and recover funds mistakenly sent to other parties.

Members, when you're transferring money next time, be sure to carefully verify that you've entered the correct account number. While this might seem like an additional task, it's a small effort compared to the worry and uncertainty that can arise from not knowing where your money ended up.

Members, we hope you found this story informative! We'd love to hear from you; have you encountered a similar situation? Feel free to share your experiences in the comments section below.

We had the opposite happen to us. Checked our bank statements and found we had a deposit of $120,000 . We called the bank and they said yes it's right. I went into the bank and asked where it came from. They checked into it and sure enough it belonged to another customer. I asked what would have happened if I didn't mention it. She said we would have been richer. This was before computers.

 

[ElleJay]

Strange that the incorrect account number matched up with the BSB number. Usually they don't match, so the transfer doesn't go through.

 

[Sej]

When it comes to banking, one wrong move can be disastrous. A single mistake could greatly affect a small business or, worse—change the life of an individual.

That’s what happened to Queensland couple Phillip Larson and his wife when they sold an investment property at Bundaberg, north of Brisbane, and sent the funds to the wrong account.

The couple, who usually share an account with one another, had been expecting a windfall of $325,000 from the property sale.

Unfortunately, when the money didn’t show up after three days, they quickly found out why… The money had not been sent to their account.

View attachment 27770

The $325,000 windfall from a property sale that belonged to a Queensland couple went missing after being sent to the wrong bank account due to a single-digit mistake. Credit: Shutterstock.

It turns out that their solicitor had made a single-digit mistake in the account number, which meant the money went to the wrong account.

'She showed us the bank account number that she transferred the funds to, and we saw that it was wrong,' said Phillip, speaking to a news source.

'At first, we weren’t too worried, as we thought the money would bounce back.'

But when the money failed to turn up in any of their accounts, they began to worry.

Phillip ran to his local bank branch to inform them of the error. The teller confirmed that the mistake had been made and that the money was starting to make its way into the wrong bank account.

However, he was unsure whether the money would be recovered and returned to them.

The solicitor had sent the money through a platform called PEXA, commonly used to transfer payments from selling properties and real estate.

After the error was reported, PEXA and the relevant banking institutions swiftly traced, verified and resolved the issue with the funds recalled and thankfully returned to Mr Larson within ten days.

Nick Fernando, the Executive General Manager of Everyday Banking at Suncorp Bank, emphasised the importance of customers verifying account details before making payments. He explained that if a mistake happens during a transfer, Suncorp Bank collaborates with other financial institutions to resolve the issue through a dispute resolution process.

'It's important that a customer contacts their financial institution as soon as they are aware of a possible error to initiate this process as quickly as possible,’ he advised.

As per the ePayments code overseen by the Australian Securities and Investment Commission (ASIC), customers possess certain rights regarding online payments. These rights include the ability to report errors in online payments and reclaim funds sent in error to another recipient.

Online banking providers are also obligated to caution users to verify the accuracy of the recipient's account number before proceeding with any money transfers.

Key Takeaways

• A Queensland couple experienced a banking nightmare when the proceeds from his property sale, amounting to $325,000, were sent to the wrong account due to a single-digit error.
• Phillip Larson discovered the error three days after the supposed transfer when he noticed that the funds weren't reflected in his account; the error was made by his solicitor, who mistakenly omitted a single digit from the account number.
• Mr Larson's funds were transferred via PEXA, a conveyancing platform for property and real estate transactions. After the error was reported, PEXA and the relevant banking institutions swiftly traced, verified and resolved the issue with the funds recalled and returned to Mr Larson within ten days.
• According to the ePayments code administered by the Australian Securities and Investment Commission, Aussies can report erroneous online payments and recover funds mistakenly sent to other parties.

Members, when you're transferring money next time, be sure to carefully verify that you've entered the correct account number. While this might seem like an additional task, it's a small effort compared to the worry and uncertainty that can arise from not knowing where your money ended up.

Members, we hope you found this story informative! We'd love to hear from you; have you encountered a similar situation? Feel free to share your experiences in the comments section below.

Everybody makes mistakes occasionally, but of course in a situation such as this the money is, or should be immediately retrievable. I think it is irresponsible of you, SDC, to whip hysteria up into a long story for no reason at all.