Can I recall or cancel a duplicate Faster Payment? (2024)

FAQs

Can I recall or cancel a duplicate Faster Payment? ›

Once a Faster Payment has been sent it cannot be recalled or cancelled.

Because payments sent use the Faster Payments Service happen in real-time, they cannot be canceled or recalled once they are sent.

Once you process Faster Payments, you can't reverse them. This makes it hard to recover funds if an error or fraudulent transaction occurs.

You cannot cancel or reverse instant payments. Be sure to enter the correct account name and number before you make the payment.

Faster Payments is a quick and secure system for transferring sums of money between bank accounts. It allows for near-immediate electronic payments, making sending money to others or paying bills faster and more convenient.

Normally, a Faster Payment arrives within minutes, although sometimes it can take up to two hours. A Faster Payment will always be credited by the end of the following business day, assuming you're making the payment to another bank or building society that's also a member of the Faster Payments scheme.

While individual banks may have fraud protection guarantees with their customers, there is no way to dispute a transaction with Faster Payments itself. If a consumer makes a payment through Faster Payments for something that turns out to be a scam, all they can do is report it to their bank and the police.

Making a Claim

If you notice an error on the same day a payment was made, you can call your bank and reverse the payment immediately.

Instant transfers cannot be cancelled after they've been initiated.

If you've overpaid your bill, you can either request a refund from your issuer or just let the negative balance roll over to your next credit card bill.

How long does someone have to reverse a payment? ›

First, the reversal must be sent to the bank within 24 hours of noticing the error and no later than 5 banking days after settlement. Then the payment originator must also reach out to the payment recipient to inform them a reversal is in progress.

If you want to dispute the second transaction you will usually need evidence that you've contacted the merchant and tried to resolve the issue before your banking provider will get involved. However, once you've done this your banking provider should then launch an investigation and be able to refund you the money.

Contacting the seller is usually the best way to resolve a problem. You can find their contact details by going to your Activity and selecting the payment. They may be able to issue a refund or help with a return. Otherwise, your can file a dispute within the correct dispute-filing timeframe.

You can contact your bank and place a stop payment order on the recurring transaction. Generally, a stop payment order is only good for six months. To stop payment, you will need to notify your bank at least three business days before the next payment is scheduled to be made. Notice may be made orally or in writing.

Sometimes you may want to cancel a pending transaction as quickly as possible. This can be the case if the hold is placed on your debit card and, thus, your bank account. Unfortunately, it's not very easy to do—your card issuer cannot cancel or otherwise alter the transaction until it's been finalized.

If either a consumer or a vendor notices something is wrong with the payment, they can contact the bank to stop the transaction going through. This is typically the payment reversal type which involves the least hassle for both customers and businesses.

Contact your bank and let them know about the accidental payment and it will arrange for the money to be returned. Can I reverse a bank transfer - or can my bank? Online payments, like Faster Payments, transfer money in real-time. Once a payment has been made, you can't stop or reverse it.

Yes, in some cases a bank can reverse a payment after it has been posted.