The BBC shared a story over the weekend about a case where a pensioner gave his solicitor an incorrect bank sort code when he was due to receive a £193,000 inheritance payout.
The incorrect payee refused to return the money after the mistake, which led to a protracted court battle to return the funds. This overall process consumed £12,000 in legal and court fees to obtain the name of the recipient, followed by a further £34,000 for an injunction to force the recipient to return the money.
Barclays initially refused to pay these fees back to the client, but reversed its decision after the story was taken to The Guardian newspaper.
What precautions could prevent this from happening?
To combat such bone-chilling occurrences (which crop up more often than you would think), plans are underway to introduce a system where the operator sends an automated alert to those transferring money when a name doesn’t match an account’s details. This functionality is currently set to be put in place in the Spring of 2020.
In the meantime, when you need to provide your solicitor with your bank details you could consider the following:
What if I’m concerned about a family member making a mistake?
Where can I read more about Lasting Powers of Attorney?
To find out more about Lasting Powers of Attorney, visit our page within the Wills and Probate section.
WHAT TO DO NEXT
Article by Stuart Jones
Wills and Probate – The Digital World and You
ARTICLE BY CHARLOTTE BANDAWE In the ever-evolving digital world we live in, the majority of us have a social media presence and online accounts. So what hap…View
Medical Consent – Case Study
Consent is an important element of medical treatment for both patient and treating clinician. Participating in valid consent gives the patient access to the chosen medical tr…View
Self Care – A Guide to Mental Health
Self-care is a constant repetition of many habits which together soothe you and make sure you are at your optimum emotionally, physically and mentally. Mental Health.View
Here at Oakwood Solicitors, we’re not your average law firm – our team delivers a service which caters to you. From assessing your case through to completion, our staff have not only the knowledge and expertise, but also the compassion and understanding to put you at ease throughout the process.