‘I lost my £193,000 inheritance – with one wrong digit on my sort code’ (4 minute read)
Peter Teich gave his solicitor the wrong sort code, and as a result, his £193,000 inheritance from his father was transferred to another Barclays customer. In the UK, banks are not required to check names along with account numbers for transfers. The banking industry had promised that it would start checking names from mid-2019, but this has been delayed and will not come into force until the end of March next year. Barclays refused to reverse the transfer as the bank had done nothing wrong with the processing on its end. Teich pursued the case through the court system, paying £46,000 upfront in legal costs. He was able to recover the money. Eventually, after contacting the media, Barclays agreed to refund the legal costs, including interest, with some compensation.