Quick banking question

The MaDDeSTMaN · 01-09-2005, 11:18 AM

If anybody works in a bank or knows for sure, I would really appreciate your input on this matter.

What would happen if someone tries to pay money into a bank account, but they don't have the last 2 digits of the account number?

For example, if the bank account was this (fake numbers):
BSB: 075-465
Account: 69-352-3610

And they tried to pay it into this:
BSB: 075-465
Account: 69-352-36

What would happen to the money?

Thanks in advance.

Laminge · 01-09-2005, 11:21 AM

Depends if the payment was made electronically

It would reject overnight if the account was invalid and be redeposited back ino the senders account

If however that account number is valid, ie someone elses... bye bye

If made across counter, it could reject on the spot, or if the teller send for back office processing, then overnight

Why?

EA2BA · 01-09-2005, 11:23 AM

If it was an internet transfer, it floats around the bank system for a week or so, then gets back into your account.

If it was at a branch, well they wouldnt accept as the number are never that close to each other, otherwise its in the wrong account teller stuffed up, yell at bank.

If it was put in a cheque deposit quick express, call bank they will have it in a holding account waiting for you to get it in your account.

If none of these more details please.

I used to work in the bank for 5 years.

bailey04 · 01-09-2005, 11:26 AM

If you have done it over the net the money is returned after a little while and you most likely will get charged a fee for trying to deposit money into a non existing account..

The MaDDeSTMaN · 01-09-2005, 11:29 AM

Quote:

Originally Posted by Laminge

Depends if the payment was made electronically

It would reject overnight if the account was invalid and be redeposited back ino the senders account

If however that account number is valid, ie someone elses... bye bye

If made across counter, it could reject on the spot, or if the teller send for back office processing, then overnight

Why?

Last post in this thread: http://www.fordforums.com.au/showthread.php?t=19193

I would think that missing two numbers would automatically make it invalid, and anyway, the account has to match the account name, doesn't it?

Dellboy999, the money is supposed to be going into my account, however because of an oversight, the last two digits of my account number were left out.

bailey04 · 01-09-2005, 11:37 AM

I actually don't think the name of the account plays a major part in depositing money..

But i am speaking for a company's point of view... The company i work for has two different trading names. All the money deposited over the net is to one account number but the name the depositer puts with it could be any of the two trading names but funnily enough neither of the two are the account name.

EA2BA · 01-09-2005, 11:40 AM

Ah I see, yeah the money will bounce back to the buyer sooner then later.

The MaDDeSTMaN · 01-09-2005, 11:41 AM

Quote:

Originally Posted by bailey04

I actually don't think the name of the account plays a major part in depositing money..

But i am speaking for a company's point of view... The company i work for has two different trading names. All the money deposited over the net is to one account number but the name the depositer puts with it could be any of the two trading names but funnily enough neither of the two are the account name.

Oh. :(

Should I contact my bank and ask them? I REALLY need the money NOW...

01-09-2005, 11:42 AM

Quote:

Originally Posted by The MaDDeSTMaN

Oh. :(

Should I contact my bank and ask them? I REALLY need the money NOW...

You mean you haven't???

ASAP!!!

bailey04 · 01-09-2005, 11:48 AM

You should probably contact them and probably the buyer...

But if you left two digits off the number you can be pretty confident that the money will be returned to the buyer soon..

The MaDDeSTMaN · 01-09-2005, 11:55 AM

Quote:

Originally Posted by Asylum Seeker

You mean you haven't???

ASAP!!!

No, I only just noticed the problem, I'm just about to try calling them.

Quote:

Originally Posted by bailey04

You should probably contact them and probably the buyer...

But if you left two digits off the number you can be pretty confident that the money will be returned to the buyer soon..

I've tried contacting the buyer, I only have their email address, and I'm still waiting for a response from them.

I hope you're all right about the money being returned into his account... :(

bailey04 · 01-09-2005, 11:57 AM

It will be returned.. I have transferred money to a wrong account before (left digits off)... My best mate gave me the account number so i transferred him some money.... Wrong account number.. The money was returned to my bank account and then the bank charged me for returning the money....

EA2BA · 01-09-2005, 11:59 AM

If digits are missing frm the account number it will 99.9% be returned as it will not match any known bank account number with the bank in question.

Laminge · 01-09-2005, 12:03 PM

Quote:

Originally Posted by The MaDDeSTMaN

Oh. :(

Should I contact my bank and ask them? I REALLY need the money NOW...

Your not getting the money now, simple, and the bank wont care if you ring.

Its upto the person that sent you the cash.

20+ years in the bank has shown your wait to be at least 48 hours before the person gets funds back to transmit again.

If the account is valid (no name chacking) then the chase begins

Racecraft · 01-09-2005, 12:03 PM

Something sounds fishy here, everytime I had made an electronic funds transfer the template has the exact spaces for the BSB and account number.. You simply cannot make a transfer to a 'short' account number as the software prompts you to re-enter the bank account details..I've skipped a number before and the internet banking will not advance to the comfirmation of payment screen.

I thought all account and BSB numbers were the same length, (Laminge will know he is on the case with this stuff it seems

... I assumed the template was a fail safe way of making sure people entered the correct number of digits..

Laminge · 01-09-2005, 12:05 PM

Quote:

Originally Posted by Dellboy999

If digits are missing frm the account number it will 99.9% be returned as it will not match any known bank account number with the bank in question.

Incorrect

there is a chance that it will match a valid account number, have seen it over the last 20odd years

EA2BA · 01-09-2005, 12:06 PM

Quote:

Originally Posted by Laminge

Incorrect

there is a chance that it will match a valid account number, have seen it over the last 20odd years

hence I said 99.9% as some really old passbook accounts might still match it, but for it to be at the same branch, etc, etc is rare.

bailey04 · 01-09-2005, 12:06 PM

No not all bank account numbers are the same length at all.. The BSB is the same lenght, it is always 6 digits but the actual account number is not always the same length.

Racecraft · 01-09-2005, 12:07 PM

so their is no set length for BSB and accounts numbers then Laminge?

My banking simply would not progress until I realised I'd left a number out when copying it into the details.

Laminge · 01-09-2005, 12:07 PM

Quote:

Originally Posted by Racecraft

Something sounds fishy here, everytime I had made an electronic funds transfer the template has the exact spaces for the BSB and account number.. You simply cannot make a transfer to a 'short' account number as the software prompts you to re-enter the bank account details..I've skipped a number before and the internet banking will not advance to the comfirmation of payment screen.

I thought all account and BSB numbers were the same length, (Laminge will know he is on the case with this stuff it seems

... I assumed the template was a fail safe way of making sure people entered the correct number of digits..

for agruement sake., cba accounts must have a 6 digit bsb, with account numbers ranging from 2 upto 8, more so for specialised deposit accounts.

Racecraft · 01-09-2005, 12:09 PM

ahh ok i must of goofed up on the BSB side of it

EA2BA · 01-09-2005, 12:41 PM

BSB is short for Bank, State, Branch. Every branch of each bank in Australia has its own BSB number that identifies it from other branches. All BSB numbers are 6 digits in length and work simultaneously with account numbers. The BSB number ensures that your overall account number ( BSB + account number ) is unique.

Although Australian BSB numbers are always 6 digits in length, account numbers can vary from 6 digits up to 9 digits.

If you are unsure about a BSB number, the following information may help

Westpac BSB numbers start with either 03 or 73
Commonwealth BSB numbers start with 06
National BSB numbers start with 08
ANZ BSB numbers start with 01
Bankwest BSB numbers start with 30
St George BSB numbers start with 112
Bank of SA BSB numbers start with 105

The MaDDeSTMaN · 01-09-2005, 12:57 PM

Quote:

Originally Posted by Laminge

Your not getting the money now, simple, and the bank wont care if you ring.

Its upto the person that sent you the cash.

20+ years in the bank has shown your wait to be at least 48 hours before the person gets funds back to transmit again.

If the account is valid (no name chacking) then the chase begins

Ahh, ok, I was just thinking of asking them what the policy would be if the account name and the account number didn't match, as well as if an account number the same as mine only without the last two digits would work if somebody tried to send money to it, basically find out what they have to say about this situation.

Quote:

Originally Posted by Racecraft

Something sounds fishy here, everytime I had made an electronic funds transfer the template has the exact spaces for the BSB and account number.. You simply cannot make a transfer to a 'short' account number as the software prompts you to re-enter the bank account details..I've skipped a number before and the internet banking will not advance to the comfirmation of payment screen.

I thought all account and BSB numbers were the same length, (Laminge will know he is on the case with this stuff it seems ... I assumed the template was a fail safe way of making sure people entered the correct number of digits..

I assume he just used the eBay "click here to send payment" thing, in which case I guess there was no failsafe that way... :(

All this could have been avoided if eBay accepted dashes in the account number so people could just copy and paste from their internet banking account...

The MaDDeSTMaN · 01-09-2005, 02:07 PM

I just got a response from the buyer, looks like it will all be sorted out soon:

Quote:

ok, i spoke my bank and they trying to find my money. when i get my money back hopefully today or early 2moro i'll come collect the car and pay IN FULL the amount owed in cash. hopefully i can come 2moro. i'll give ya a buzz when i work out where my money is.

Cheers

So it looks like it won't be too much of an issue after all, and he seems to be taking it well and not getting upset because of the delays, so alls well that ends well I guess.

Oh yeah, I have also contacted eBay about this, suggesting they improve that particular part of eBay to be more tolerant of people adding dashes.

Moral of the story, double check forms before submitting them, particularly when they include important details such as your bank details. I know I've learnt my lesson... :(

Thanks for everybodys help