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A guide to mistaken payment transfers

It’s so easy to make payments nowadays. We can use contactless, PayPal, Apple Pay, BACS, CHAPs and others. But there is always a nagging concern – what if a mistake is made? Can the money be recovered? A mistaken payment is usually an accidental transfer of money to someone who has no entitlement to it. This may happen because of a mistake made by the individual or business making or requesting a payment, or by their bank. It is also called a ‘misdirected payment’, or, in banking terminology, ‘misapplied funds’…

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