A: The process for recovering mistaken internet payments is regulated by the ePayments Code, where that Code applies to the payment. The process will differ depending on whether we are the sending or receiving institution, how promptly the mistake has been reported to the bank and if there are enough funds in the unintended recipient's account to enable the receiving bank to recover the mistaken payment.
If we’re satisfied a mistaken internet payment has occurred, we’ll send the receiving financial institution a request to recover the funds. Within 10 business days the receiving financial institution will acknowledge our request and let us know if there are enough funds in the account of the unintended recipient to cover the mistaken internet payment.
Depending on when you reported the mistaken internet payment to us, and whether the funds are available or unavailable, will determine what happens next.
Please note that where a financial institution other than us is the receiving institution for mistaken internet payment, we cannot guarantee that it will follow the processes prescribed in the ePayments Code.
We will let you know the outcome of any reported mistaken internet payment in writing, within 21 days of the date you reported it to us.
More information on mistaken internet payments, including details on the process and timeframes is found in our Account and Access Facilities Terms and Conditions.