Bank transfer enquiry

[YellowRibbon]

Hi bros, wonder if anyone can help me..

If A owes B money and transfer eg. $500 to B, then few days later A lodge a dispute claim with the bank and said he transfer wrongly. Bank called up B but B is able to provide the particulars of A (proof that B knows A) and counter claim that the $500 is A owed to him.

What is the bank policy ?

1) Will the bank insist on returning the $500 and go ahead to deduct the amount from B's account ?

2) Will the bank stand one side do nothing and ask both party to solve the dispute themselves ?

3) Will the bank bring in the police to solve the dispute ?

4) Will the bank took legal action against B if B refuse to return the money ?

5) Will the bank blacklist A or B or both and suspend their accounts ?

Please kindly advise

 

[Narong Wongwan]

option 2. without your okay bank cannot deduct the money even if A dispute the tt.

 

[kingrant]

It appears to me from yr summary that A has authorised the transfer and bank will recognise it as legit. That is sufficient for bank as it is only concerned with security and that the transfer was not illegal or unlawful. The bank fuck cares whether you have deep regrets or other personal reasons.

So B keeps the money.

A has to go to court if he wants to try to recover but he'll lose.

 

[streetsmart73]

hi there


1. plain and simple.
2. the a character is some loser.
3. after all, he is the one to approve the fund transfer.

 

[wikiphile]

2

the bank won't take legal action against B unless B have stolen money directly from the bank. Tough luck for A

 

[wikiphile]

Hi bros, wonder if anyone can help me..

If A owes B money and transfer eg. $500 to B, then few days later A lodge a dispute claim with the bank and said he transfer wrongly. Bank called up B but B is able to provide the particulars of A (proof that B knows A) and counter claim that the $500 is A owed to him.

What is the bank policy ?

1) Will the bank insist on returning the $500 and go ahead to deduct the amount from B's account ?

2) Will the bank stand one side do nothing and ask both party to solve the dispute themselves ?

3) Will the bank bring in the police to solve the dispute ?

4) Will the bank took legal action against B if B refuse to return the money ?

5) Will the bank blacklist A or B or both and suspend their accounts ?

Please kindly advise

On another note bro YR, i find it interesting that you would contemplate the above scenarios other than no. 2 when it comes to banks in Singapore. I find that trust in banks is overrated in Singapore or is this happening everywhere?

Banks are just another business whose mission is profits for its shareholders, somehow banks have been very good with their PR in building up their confidence and image. It almost appears that the banks will take the morally right actions for its account holders when in reality they already have made the account holder waive off all obligations from the bank by a tight terms and conditions agreement.

 

[SIFU]

ehh.. what about is Ah Kow key in bank account wrongly and transfer to a stranger B. Can Ah Kow request bank to get the $ back from stranger B?

 

[Forvendet]

ehh.. what about is Ah Kow key in bank account wrongly and transfer to a stranger B. Can Ah Kow request bank to get the $ back from stranger B?

I don't think so. I don't even think the bank would provided the contact number for him to sort it out with that stranger and mistaken recipient. It'd be a case of, just too bad, your own mistake. I think you can't even make a police report and seek police assistance to help you find that stranger. There's no law covering such mistakes.

 

[Cestbon]

Bank cannot take out the money from B to return to A. If like that all will claim miss transfer. That will be nighmare.
A have to ask B to transfer back/give back. Even go to court B will still get to keep the money.
How to prove that A is mistransfer the money. B can said that A repay back personal loan.

 

[kingrant]

That is why the ATM asks you to double confirm or not. If use Internet, they ask you to key in token displayed number to confirm twice. So no excuse lah unless can prove fraud or you did it with gun at yr head.

ehh.. what about is Ah Kow key in bank account wrongly and transfer to a stranger B. Can Ah Kow request bank to get the $ back from stranger B?

 

[Narong Wongwan]

ehh.. what about is Ah Kow key in bank account wrongly and transfer to a stranger B. Can Ah Kow request bank to get the $ back from stranger B?

Bank will call B to inform him that there is such a claim from A.
If B bank give permission then bank will deduct from B to give back to A.
If B insist then bank LL will notify A but will not reveal any details or take further action.

Note that unless you key a whole string of wrong numbers for that certain account, if not its unlikely you will get the account of another person even if wrongly keyed the last 1-2 digits of an account . More likely there is no such corresponding account. bank account numbers dun run in sequence.

 

[SIFU]

Bank will call B to inform him that there is such a claim from A.
If B bank give permission then bank will deduct from B to give back to A.
If B insist then bank LL will notify A but will not reveal any details or take further action.

.

thanks for the info. when doing transfer then better check and check again then, especially for big amts.

 

[Narong Wongwan]

thanks for the info. when doing transfer then better check and check again then, especially for big amts.

Max amount you stand to lose $5k. That's the daily limit. If got special arrangement then its $25k. This is for DBS, other banks lower limit.

 

[halsey02]

2

the bank won't take legal action against B unless B have stolen money directly from the bank. Tough luck for A

All the transaction are legally covered under the Bill of Exchange Act & The Banking Act, the banker as in A acted correctly, carried out the intruction to pay funds from A account to another banker, in which B maintains the account. Bank B accepted the transfer in good faith and deposited the money into B account. Bank A will not be able to call Bank B with regards to their customer, this is covered under the Bank Secrecy Act. Any recovery of the money in the case of tort will be covered under the law, unless B rejects receipt of the funds immediately and instruct at his own expense return the funds from his banker B to Banker A.

 

[wikiphile]

All the transaction are legally covered under the Bill of Exchange Act & The Banking Act, the banker as in A acted correctly, carried out the intruction to pay funds from A account to another banker, in which B maintains the account. Bank B accepted the transfer in good faith and deposited the money into B account. Bank A will not be able to call Bank B with regards to their customer, this is covered under the Bank Secrecy Act. Any recovery of the money in the case of tort will be covered under the law, unless B rejects receipt of the funds immediately and instruct at his own expense return the funds from his banker B to Banker A.

I see the loophole here and the protection too, would B do the right thing to reject reciept of the funds and at his own expenses return A his funds if he can take the money and not be prosecuted for it? This will be a moral question and not a legal one for B.

 

[Cestbon]

I see the loophole here and the protection too, would B do the right thing to reject reciept of the funds and at his own expenses return A his funds if he can take the money and not be prosecuted for it? This will be a moral question and not a legal one for B.

B can donate the money and sent the receipt to A. Tell him money donated to charity.
And Thank you card.

 

[Muthukali]

Hi bros, wonder if anyone can help me..

If A owes B money and transfer eg. $500 to B, then few days later A lodge a dispute claim with the bank and said he transfer wrongly. Bank called up B but B is able to provide the particulars of A (proof that B knows A) and counter claim that the $500 is A owed to him.

What is the bank policy ?

1) Will the bank insist on returning the $500 and go ahead to deduct the amount from B's account ?

2) Will the bank stand one side do nothing and ask both party to solve the dispute themselves ?

3) Will the bank bring in the police to solve the dispute ?

4) Will the bank took legal action against B if B refuse to return the money ?

5) Will the bank blacklist A or B or both and suspend their accounts ?

Please kindly advise

Personally I think this will happen first cos is the customer instruction. Any other dispute I dun think the bank will wanna get invloved.

B can donate the money and sent the receipt to A. Tell him money donated to charity.
And Thank you card.

Yes, and sign off WITH LOVE...

 

[Papsmearer]

I see the loophole here and the protection too, would B do the right thing to reject reciept of the funds and at his own expenses return A his funds if he can take the money and not be prosecuted for it? This will be a moral question and not a legal one for B.

There is no loophole in what halsey said, he is correct. The only way that B will be prosecuted if he took the money transferred into the account would be if he knows that this money is not his or owing to him. i.e. if the bank accidentally deposited this money (and it has happened before where banjs accidentally deposited $millions into some guy's acct). In this case, B has an expectation that the money is his because A owes him money, and A had communicated his intention to pay the money to B. And since there was no banking error on behalf of the bank, this B is under no obligation to return it, and hence there is no loophole. If B woke up one morning and found $5million in his acct that he knew was a mistake on the bank's part, and he took out all the money and spend it. Than he is legally liable to the bank to repay it or face criminal prosecution by simple virtue the money is not his.

 

[cowbellc]

U shld call up the bank.

 

[Soul_Reaper]

Bank cannot take out the money from B to return to A. If like that all will claim miss transfer. That will be nighmare.
A have to ask B to transfer back/give back. Even go to court B will still get to keep the money.
How to prove that A is mistransfer the money. B can said that A repay back personal loan.

You sure onot?
Something similar happened to me some years back...... I was expecting some money coming to me from Australia and there was @ Sgd $1K credited into my account..... I assumed this was the refund I was expecting as the shop had sent me an email saying they will deposit the money into my Singapore account.

A couple of days later when I updated my bankbook..... I discovered Sgd $1.1K had been deducted...... when I queried the bank about this matter...... they said the amount was wrongly credited into my account...... so they took back the money and DEDUCTED EXTRA TO PAY FOR THE BANK CHARGES AND EXCHANGE RATE from my account I immediately cancelled all my accounts with this bank.