Made a huge mistake
By Lena Kovadlo
@lovebuglena (51838)
Staten Island, New York
August 5, 2023 10:50pm CST
I wanted to pay my credit card bill but the bank account I pay from didn't have enough funds. I logged in to my bank account to transfer money from one account to another. It ended up being an instant transfer as is usually the case. The money didn't appear in the other account though, which was very weird. I went to look at the transfer activity and turns out that I accidentally transferred the money to my other bank. I thought I can just cancel the transfer but that option is not available. Only thing I can do is transfer the money back to my bank.
I logged in to my other bank to transfer the money back. First they had me do a verification thing where they do temporary small deposits to the external account and you have to tell them what those amounts are. I did that and was now allowed to do the bank to bank transfer. Thing is it will take three business days for that money to be in my account, which means I can't pay the credit card bill. (I was able to schedule it though for a later date.)
I wonder why the initial transfer was instant. That is usually not the case. Could it be because it is an online account?
I can't believe I made this mistake. I always double check before I do things. And yet I screwed up.
8 people like this
9 responses
@marguicha (230289)
• Chile
6 Aug 23
Sometimes I make mistakes in small things just because I think that I am an expert in doing them.
1 person likes this
@DaddyEvil (174010)
• United States
6 Aug 23
Pretty did that a couple of months ago. It took a week to get everything straightened out again. I don't know why banks will transfer one way instantly but things have to be verified to transfer the money back to the first bank again. And they charged for both transfers.
@lovebuglena (51838)
• Staten Island, New York
6 Aug 23
I think because I never did a transfer from bank 2 to bank 1 before. But I did transfers from bank 1 to bank 2 so why the need to verify?
1 person likes this
@DaddyEvil (174010)
• United States
6 Aug 23
@lovebuglena Maybe the bank employees thought you were trying to con someone out of money? I don't know, either.
@lovebuglena (51838)
• Staten Island, New York
6 Aug 23
I just remembered that when I was doing the initial transfer it asked me to choose either instant transfer or 1-3 day transfer. Transfers between accounts in the same bank are always instant. And from bank to bank it usually takes 3 business days and instant transfer options are not available. Maybe it's different when one of the accounts is an online account.
1 person likes this
@LadyDuck (500932)
• Italy
6 Aug 23
@lovebuglena All the Banks around the world are doing the same. We still have our accounts in a physical bank, but most operations have to be done online.
1 person likes this
@lovebuglena (51838)
• Staten Island, New York
7 Aug 23
@LadyDuck I don’t really like that. If an account is online only doesn’t that mean you can’t withdraw money from it unless you do a bank to bank transfer? And what if you want to deposit money? Deposit to another bank and then bank to bank transfer again?
1 person likes this
@lovebuglena (51838)
• Staten Island, New York
6 Aug 23
I opened an account a long time ago at a physical bank. At some point they changed their checking accounts to an online one and ours was changed to that. We had no say in it. Thankfully our savings still seems to be not an online account. Though their savings accounts are now online ones too.
1 person likes this
@LindaOHio (221263)
• United States
6 Aug 23
Our account to account transfers are immediate; but I've never done a bank to bank. I'm glad it's all straightened out now. Enjoy the rest of your weekend.
@lovebuglena (51838)
• Staten Island, New York
7 Aug 23
@LindaOHio just saw an email that transfer is complete. That was not 3 business days as I had expected.
1 person likes this
@lovebuglena (51838)
• Staten Island, New York
6 Aug 23
It’s interesting how from bank 1 to bank 2 it was instant but then the other way around it will take 3 business days.
1 person likes this
@MarieCoyle (58308)
•
7 Aug 23
Give yourself a break, we all do things like that sometimes. You are under a lot of stress with that big remodel and everything that goes with it.
@lovebuglena (51838)
• Staten Island, New York
7 Aug 23
The money has been transferred back to my original bank. Thought it would take three business days. Glad it didn’t. I’m relaxed now lol.
1 person likes this
@lovebuglena (51838)
• Staten Island, New York
7 Aug 23
@MarieCoyle I want to login to my bank to make sure but seems it's all good now.
1 person likes this
@MarieCoyle (58308)
•
7 Aug 23
@lovebuglena
Oh, good. Money errors can be so upsetting. I am glad it's fixed.
1 person likes this
@Anqaya (3031)
• United States
6 Aug 23
And that is why I use only one bank. One of my friend did a similar mistake. Also, she lost her card later on too.
The reason ur other bank is asking three days because u maybe did not have ur first bank as a beneficiary in the other bank. Meaning this is ur first transfer from there to first bank.
But still this is silly cz both r banks. They should just let people do these without any hassle.
@lovebuglena (51838)
• Staten Island, New York
6 Aug 23
I do online transfers for my mom from one bank to another. And it always takes 3 business days.
1 person likes this
@Anqaya (3031)
• United States
6 Aug 23
@lovebuglena I see. Yes, my mom does that too. Don't know why they take 3 lonnngg days instead of just one.
1 person likes this
@lovebuglena (51838)
• Staten Island, New York
6 Aug 23
@Anqaya that’s the rule I guess.
1 person likes this
@lovebuglena (51838)
• Staten Island, New York
6 Aug 23
I think had the transfer not been instant I may have been able to cancel it. Or at least edit the amount.
1 person likes this
@RebeccasFarm (91301)
• United States
9 Aug 23
There is so much to think of these days no wonder anyone would make a mistake Lena. Sorry this happened.
@lovebuglena (51838)
• Staten Island, New York
9 Aug 23
Good thing the transfer was to my other account and not to someone else's. Though I think I wouldn't be able to transfer to an account that wasn't mine. It wouldn't allow it.
1 person likes this
@Starmaiden (9308)
• Canada
6 Aug 23
I pay my bills directly from my banking app. I only have one account so I added all of my payees to my account and send the money directly to them.
