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Transferring funds to closed accounts

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  • 16-12-2010 6:02pm
    #1
    thelongfellow
    Closed Accounts Posts: 450 ✭✭


    If you transfer funds to an account that has been closed how long does it take for the funds to be returned or does anyone know?

    I've been told that credit unions will hold onto funds transferred to accounts in their branch that have been closed until the person who had the account contacts them and asks for their money back!

    Is this legal? Surely if the account specified on the transfer has been closed then the funds should return to the sender as soon as possible?


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    #2
    GerardKeating
    Registered Users Posts: 7,652 ✭✭✭GerardKeating


    thelongfellow wrote: »
    If you transfer funds to an account that has been closed how long does it take for the funds to be returned or does anyone know?

    I've been told that credit unions will hold onto funds transferred to accounts in their branch that have been closed until the person who had the account contacts them and asks for their money back!

    Is this legal? Surely if the account specified on the transfer has been closed then the funds should return to the sender as soon as possible?

    Why?

    If person A transfers money to Person B, then the funds now belong to Person B, even if the account of Person B is closed.

    Should the bank give funds belonging to Person B back to Person A ???


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    #3
    thelongfellow
    Closed Accounts Posts: 450 ✭✭thelongfellow


    GerardKeating wrote: »
    Why?

    If person A transfers money to Person B, then the funds now belong to Person B, even if the account of Person B is closed.

    Should the bank give funds belonging to Person B back to Person A ???


    It's not a case of what belongs to who.

    If the account does not exist then person B as you put it would not be able to access the funds.

    So the bank/CU holds onto the funds indefinitely?


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