money flopsEveryone sometimes makes a mistake that has small or sometimes large financial consequences. In this series, people talk about their money blunder. This week Heidi Vos, who deposited 5000 guilders into the wrong account.
Who was the 5000 guilders intended for?
“For the tax authorities. I had just started as a self-employed person and then you suddenly have to pay a lot more tax because you do not have wage tax as a self-employed person.”
How did you get over it?
,,Internet banking was just in vogue back then, in 1998. This was the very first time I went online banking. And then immediately transfer something! And then also a huge amount of 5000 guilders! Nothing first practice with 10 guilders. Don’t ask me what came over me because I have no idea. I generally consider myself a sane person. But then I wasn’t.”
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I had entered the number of the tax office. I thought
Did you have so much confidence in this new way of doing banking?
“I was convinced that this could not go wrong. Until it went wrong.”
What did you do wrong?
“I had entered the number of the tax authorities. I thought. And this number was one digit different from someone’s personal bank account number.”
How did you find out you had transferred it to the wrong person?
“Not long after that I saw on my statement the name of a person I did not know with the debit of 5000 guilders. And not the name of the tax authorities.”
Also committed a money flop? A mistake with small or sometimes major financial consequences and do you want to protect others from this with your story? Send an email to [email protected].
What did you do?
“I was very shocked. I contacted my bank and they first contacted the gentleman who had received the money. But he did not respond to their letters.”
And then?
“Then the bank asked me if I wanted to ask that gentleman myself if he wanted to pay it back. Oh dear, I thought. But it was my mistake. So I called him.”
How did he react?
“He honestly admitted that he had received the money, but when I asked him if he wanted to return it, he refused. Look, it was my fault, so I understand a man like that. He thinks: own fault, big bump. But that money was simply not intended as a gift to this man unknown to me.”
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The bank advised me to come across as a little more menacing than I did on the phone. And it helped!
In the end everything turned out fine. How did you manage that?
“I contacted the bank again. Fortunately, they thought along well. On their advice I sent him a letter. In this I indicated that if he did not refund the amount before a certain date, I was forced to engage a bailiff and take further legal action against him. I also wrote that I would rather not do this, but that he left me no choice.”
Hard language!
“The bank advised me to come across as more threatening than I did on the phone. And it helped! He transferred it before the said date and I was able to pay my taxes.”
Did you still dare to use internet banking after this blunder?
“Not long after that, the online banking system was adjusted: as an extra check, you also had to add a correct name to the account number when you wanted to transfer.”
What did you learn from this blunder?
“I triple check everything before transferring money. It was not at all self-evident that I would get that 5000 guilders back from that gentleman. Not even if I would take legal action against him because it is and remains my fault. A mistake that I don’t want to make again and that fortunately ended with a fizzle.”
What are your rights if you transfer money to the wrong account number?
If you transfer money to the wrong number, because it is an outdated account number, or due to a typing error, you are dependent on the cooperation of the recipient. The general terms and conditions of banks state that banks do not have to check this.
If you have entered an incorrect number, it is advisable to contact the bank. They then contact the recipient. If the recipient does not return it, you must take action yourself. For example, by taking legal measures. You will receive the contact details of the recipient on request.
Many banks have now introduced an IBAN Name Check. This reduces the chance that you transfer money to the wrong account number. Source: Consumer Association.
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