this is something I DID in my online banking, there are preset payees in a drop down list and I picked the wrong one.... so there was all the checks, putting in codes etc.... I did not say anywhere it was the banks fault or VMs anywhere.
this is not visa, not paypal, not direct debit - it's a "faster payment"... look it up... it's something I sent, not the bank.
no one is asking VM to not do any checking (forensic accounting!) on sending money back.., I made this clear... the only ask if to get them to do it sooner than later. it will be the same person that sorts it when the banks process it through - again made that clear.....
and you are WRONG... banks can not reverse a faster payment.... look it up and see. They can reverse a direct debit (direct debit guarantee) and they can do a chargeback when it's a card transaction. There IS NO REVERSE BUTTON ON FASTER PAYMENTS... it's push only.
And... VM can not take as long as they want.... even though my fault the law is clear... please read up on all those cases where people receive money in error which they are reasonably expected to know isn't theirs and they spend it... they end up in court !! fact !
sorry, but you need to read the comments and have a basic understanding of the banking system related to the specific events rather than general.
this seems simple to me. You made a mistake with your bank. You bank takes 1 month to correct it. you wait 1 month. Why would VM spend time and money doing the checks when the bank will do the work for them.
yet another person who has not read the comments and does not understand... despite clear and accurate information being provided as to how the "fix" process works and how it's the same outcome for both routes (bank led or VM led). If you don't understand these things, then why comment ?
So, here it is again.... even when the bank resolves - IT STILL INVOLVES VM.... there is NO OPTION HERE where the bank do it and VM do nothing. The bank process ends up with speaking to VM who when need to authorise it going back.. it ends up with the same team/people/person in VM irrespective.
hope truly that you're never in the same situation, or that if you are that you're clearly very happy to wait a month plus for £7000 to be returned to you and that you'd be happy to not even try anything to shorten the process.
the bank process is clear, they will recover, but that same process also says formally as part of their standard industry model - that the most expedient route is to get the payee to send it back..... think about this... If I was a virgin customer and had overpaid, then them sending it back would be the easiest, quickest and preferred route even for VM themselves... if you overpaid VM yourself would they tell you to sort it with your bank? no, they'd refund you.
I just don't understand why you have an issue with someone trying to just do something to shorten the process, especially when that shortened route ends in the exact same person/team as the bank route... there is no additional work here for VM.....